China's insurance market exit mechanism for protecting the building

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1、 Chinas insurance market exit mechanism for protecting the buildingKey Words insurance market exit mechanism for industrial policy to protect First, Chinas insurance market to withdraw protection mechanism targeting the construction of In the open market conditions, the establishment and implementat

2、ion of market exit mechanism is to maintain the healthy operation of the insurance market, a necessary condition for exiting the market we are referred to here mainly refers to insurance companies when the market exit bankruptcy, not including the normal mergers and discrete, as bankruptcies market

3、exit when the big shocks of the market, in order to reduce this huge shock, which inevitably calls to withdraw protection of establishing a market mechanism. Chinas insurance market exit can only do what the security mechanism should take into account the countrys lack of financial resources and lon

4、g-term insurance industry in the early stages of development status, can only partially insured person to a certain extent, be guaranteed and compensation, it is impossible Nor should fundamentally undermine the right to avoid the risk of the insured persons self-protection awareness and the resulti

5、ng main body of the insurance market, the restraint mechanism. Second, Chinas insurance market exit mechanism for protecting the building 1. Insurance protection fund to be established. Insurance protection fund company has been mainly targeted assistance to commercial insurers, the statutory re-ins

6、urers and former insurance broker, and for commercial re-insurance companies, captive insurance companies, Insurance Assessor and re-insurance brokerage company, not aid. The reasons are: commercial reinsurance companies and reinsurance brokers are fully insured to the bargaining power of insurance

7、companies; of captive insurance companies insured person most fundamentally with the companys interests are fully consistent with and is a legal person insured persons, but also difficult to monitor the captive insurance companies; and Insurance Assessor can not be a party to the contract of insuran

8、ce caused substantial harm (because the public dissatisfied with the outcome can be assessed proceedings). Insurance protection fund company advised by the China Insurance Regulatory Commission, the statutory re-insurance companies, the commercial reinsurance, commercial insurance companies, nominee

9、 companies, brokers and loss adjusters who constitute the company funded. Although the insurance protection fund does not adjuster companies, nominee companies and reinsurance companies in aid of people, but without the insurance market, they will lose the basis for survival, it is the relationship

10、between honor and disgrace, so they should also be access to the Funds The Governing Council, and bear the funding obligations. Insurance protection fund should be used as a national non-profit institutions, to accept the supervision of the GEF Council. Taking into account the differences between ob

11、jects of different aid and vulnerability, in order to prevent cross-infection, the insurance protection fund company may consists of an independent legal entitys property and casualty and life insurance protection fund company, the governing unit of the insurance protection fund shall be paid by pro

12、duction, life insurance protection fund companies were unified management for independent use. 2. Insurance protection fund companys sources of funding. As the present solvency of Chinas insurance industry is fairly severe, so a one-time charges by the governing unit in back fund unrealistic, may fi

13、rst fund to guarantee the right to charge the Fund fees lent a certain start-up capital, the remaining units in each year by the governing turned over to the fund fee settlement; also by the Government in realization of state-owned shares in the solution, and so grow the fund and then repay the Stat

14、e. In order to prevent moral hazard caused by the governing unit of the radical behavior led to the fund can not be assessed fees, fund fees can be collected once every six months. Production life insurance companies can be retained by the net difference between the two indicators of premiums and so

15、lvency Extraction of security charges, this can more fully take into account the new and old companies, large and small companies, asset quality, good or bad the company to pay the fund fees fairness, security funds should be able to ensure that the current number of dozens of insurance companies he

16、re in a way to extract the event of winding up the fund fees and premiums according to provision for sufficient fund fees. On the solvency of insurance companies, reinsurance companies according to criteria and provision for security charges, to the nominee companies, brokerage firms and public comp

17、anies may be assessed a certain percentage of their revenue accrual. 3. The Funds compensation limits and ratios. (1) insurance guarantee fund. Statutory re-insurance company, when it occurs, when the financial situation facing bankruptcy, preliminary arrangements can be made temporarily assume some

18、 of the state, such as 10% of the debt to show support from the state, the proportion of the remaining 90% by the insurance industry in a variety of security funds with a common compensation, in the the insurance industry reached a certain stage, the state will no longer take responsibility for the

19、guarantee, while the full commitment by the commercial insurance industry; the proportion of compensation for compulsory insurance is actually a commission business. As long as the operation and reasonable, in theory, whether a loss should be borne by the state, it should be full compensation; for o

20、rdinary commercial insurance, which protect the proportion of individuals should be relatively higher, a legal entity to be low, corporate clients again in the general should be higher than the number of insurance companies and reinsurance companies; to ensure that insurance and long-tail liability

21、insurance and indirect loss of insurance, in the early stages of the fund smaller, should not be paid to prevent the artificial transfer of profits of insurance companies, but the growth in the fund may be appropriate to give some after proportion of the payment; business, especially for long-term s

22、avings or investment-related business connectivity products business, compensation should be set to a lower ratio to prevent the risk of an infinite aggregate, to prevent the collapse of Japans insurance industry tide repeat of the tragedy; Insurance Law insurance policies issued prior to the ratio

23、should be higher than after the introduction, because the Insurance Law expressly provides insurance companies could collapse. (2) life insurance guarantee fund. For the life insurance long term business, Insurance Law ability to close down prior to the enactment of the insurance company does not re

24、quire, the product also scheduled to interest rates, then the insurance awareness of the common people is still relatively weak, life insurance industry has just development; in 1995 introduced the Insurance Law, the operator is a life insurance business to its insurance contract when the collapse o

25、f insurance companies shall be transferred to the new insurance company, and for the transfer of whether to be discounts on the net value of the policy did not express, is still scheduled at this time the basic interest rate policy and interest rates with banks inverted The non-investment link produ

26、cts; 2000 insurance funds to enter the stock market, life insurance investments in connectivity products have also been introduced and become the life insurance markets flagship product. Therefore, Insurance Law promulgated before than after the introduction of the level of protection, the China Ins

27、urance Regulatory Commission to intervene after the policy interest rate is lower than before the intervention, while on life in general should be set higher than the protection of property and casualty insurance standards, and on a regular basis based on the Fund Set the size of different standards

28、 of compensation. Compensation for short-term insurance business should be fundamentally the same as the proportion of production insurance. 3. Insurance products. Insurance companies to sell non-insurance products (this case mixed operation in financial integration and the case is very vulnerable,

29、even in Group Holdings sub-industry business case, may also occur), in principle, should not the insurance protection fund within the scope of protection, but by other provisions of law revision, otherwise not only to other non-financial group of insurance companies is unfair, but also make the fund

30、 trapped in a bottomless pit in the. 4. Insurance protection fund. (1) should be entrusted to professional fund management companys operations in order to obtain a good return on investment, the insurance industry to reduce the pressure to pay fund fees. (2) when the conditions are ripe to buy open-

31、end funds, with both higher returns, cash is also very convenient. (3) The larger the amount of the Fund in order to sound for the purpose of proliferation, it can take precedence over insurance companies, insurance, securities investment funds. 5. The insurance protection fund responsibilities. (1)

32、 authorize the trouble of being assisted in the object-related matters and has considerable discretion; authority to interfere with the insurance regulatory solvency problems with the life insurance companys restructuring / consolidation / re-opened; in insurance company went bankrupt or failed With

33、in the limits of policy holders to provide financial compensation, but also cooperative efforts with the liquidator to make policy holders in cash from the bankrupt companys assets to get cash compensation; authorized to act as the representative of an insolvent company to defend in court, and in co

34、nsultation with the Tribunal, the judicial handling procedures, behalf of the industry to deal with the media and the relationship between the insured person, in dealing with business plans of bankrupt companies play a central role. (2) authorize the insurance protection fund of each member unit of

35、the fund to pay the inspection and processing power. (3) The protection of the fund companies should be allowed to borrow each other, in special circumstances by the CIRC and the GEF Council agreed that the fund after the fee can be charged as security to the power of banks. (4) expressly authorize

36、assistance to the object being to protect policy holders after the bankruptcy approach and redevelopment plan provides. Especially in the insurance protection fund was first built during the period, due to limited financial resources accumulated in order for the smooth establishment of the system as

37、 quickly as possible, should be given the insurance protection fund companies that do not participate in the reconstruction program of the insured person to reduce the proportion of surrender the power of gold, while the insurance can be the industry average profit margin level and the bank deposit

38、rates over the same period was higher among the two is limited to set the maximum interest rate long-term business, to exceed this level of interest rates part of the compensations. Third, Chinas insurance market exit mechanisms to protect a few complementary measures 1. The statutory re-collapse of

39、 insurance companies should not be expressly provided, this is the basis for the development of the entire insurance industry. 2. Set up the Insurance Protection Fund Act, makes the insurance market to withdraw to protect the legitimate operation of the mechanism. Re-collapse of insurance companies,

40、 shall require an insurer to give priority to general creditors and the mortgagee to obtain compensation in order to achieve the social security function of the insurance industry. For the brokerage company arranged business-to-clearly a problem of insurance and reinsurance companies, and if the ins

41、ured person did not receive written approval of the brokerage company must bear the full economic loss, or should be criminal penalties. Short-term foreign investment in the bankrupt, or foreign-controlled insurance institutions, their holding company and a subsidiary of the Group shall not be a per

42、manent re-entry into the countrys insurance market, as a punishment. Than Hong Kong Insurance Companies Regulations provisions of the insurance company must be in liabilities and solvency margin equal to 80% of assets in Hong Kong the provisions more effective. 3. In order to prevent insurance compa

43、nies from bankruptcy, the insurance should be encouraged between industry acquisitions and mergers. In order to prevent the new companys solvency after the acquisition and operation of the capacity problem, or post-merger the new company is too large a monopoly, and in order to effectively control t

44、he countrys insurance market, should set up a financial institution mergers and acquisitions law. 4. Adjust the tax structure, effectively according to the characteristics and status of the insurance industry and social security on the insurance industry to revise the insurance industry, tax policy,

45、 tax revenue as the financial means to play the leverage of high taxes is tantamount to blind Banded, and the government finally but also to provide security to the insurance industry. The first part of the tax relief for the payment of the insurance guarantee fund. Bankruptcy or financial difficult

46、ies for the proposed acquisition of the company to implement preferential taxation policies, to pay the cost of insurance protection fund should be allowed to enter the cost. 5. The strict separation of the insurance industry operating systems, even if the direction of the industry to the mix, we sh

47、ould also maintain an independent financial independent mechanism to prevent the contagion effect of bankruptcy. 6. To achieve the socialization of insurance supervision, open, and transparent, in order to exit the insurance market and create conditions for the building of security mechanisms. Acces

48、sion to WTO, a black box can only be caused by the consumer, doubts and concerns, the result is handing the insurance market, foreign capital. For the insurance agencys annual report and mid-year report must be appointed in the expertise of the actuaries and accounting firms audit of cheating actuaries and accountants should be criminal and financial penalties. Disciplinary mechanisms in the establishment of market exit at the same time or before, should be set up insurance agencies and rescue mechanisms for early warning mechanism.12