It is responsible for overseeing the financial sector (including banking and insurance) in China, except securities.

The NFRA was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission (CBIRC), also taking over some roles from the People's Bank of China (PBC) and the China Securities Regulatory Commission (CSRC).

On May 10, 2023, Li Yunze was appointed as the Chinese Communist Party committee secretary of the NFRA.

[2] The NFRA oversees regulatory supervision, including the enforcement of financial laws and regulations, of nearly all parts of the financial industry except securities, which are instead managed by the CSRC.

[3] In total, it will oversee US$58 trillion of banking and insurance assets.