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The Provancial Insurance Regulatory System Study of China

Author: WangYi
Tutor: ZhuoZhi
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: China Provincial Insurance Regulation System
CLC: F842
Type: PhD thesis
Year: 2011
Downloads: 76
Quote: 0
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Abstract

In the future, China insurance industry will develop rapidly still, as a lot of problems will be exposed, leading that the regulation is challenged since it is vital to solve the problems to ensure the rapid and sound development of the industry. Compared with U.S.A and EU, which have strengthened macro-regulation on financial industry in case of systematic risk after the latest global financial crisis, China need to enhance the macro-regulation on insurance industry as well, and more importantly, China must strengthen the medium-level regulation and micro-regulation, that is to reinforce the provincial regulation while strengthening national level supervision, since China insurance industry is being in a primary developing period.Provincial insurance regulation plays an important role on against provincial market risk, the maintenance of provincial market order and the protection of legitimate interests of provincial insurance consumers and so on; with the rapid of the industry, the provincial supervision will burden more liabilities. Nowadays, there are many problems with the provincial supervision, such as the lack of regulatory force, the inconsistencies of regulatory philosophy, the ambiguous task orientation, the imperfection of regulatory rules and the poor ways and means of supervision. At this stage, provincial insurance regulatory system has not been finalized, while the insurance regulatory research in China until now focus on macro-view and micro-view and neglects the medium-view, not to mention the foundation of the sound theoretical system of provincial insurance regulation which includes the study on the connection between macro-regulation and micro-regulation through the medium-level supervision. Consequently, the medium-view regulatory research is beneficial for the industry practice and the innovation of insurance theories as well.Looking from the medium-view and making use of many research methods, this dissertation focused on the following three problems:firstly, who to regulate from the medium-level, that is to set up provincial regulatory institutions and allocate related resource soundly; secondly, what to regulate from the medium-level, that is to clarify the aim and liabilities of provincial regulatory institutions; finally, how to regulate from the medium-level, that is to study on the improvement of supervision means and ways and also the perfection of regulatory rules.This dissertation takes the following thought:to collect and sort out the information on diversified global insurance regulatory system and theories, and also the theories of regional economies and regional regulation, especially the insurance regulatory system of USA and European countries, and to get the tips for China; then to analyze the situation of China provincial insurance regulation, and to conclude lessons and study related problems; further to study on the organizational system, operational mechanism, function orientation, regulatory scope and principles, regulatory ways and means of China provincial insurance regulation; finally to propose some suggestions for the perfection of provincial insurance supervision system. The main contents of the whole ten chapters of the dissertation are as follows:The first chapter is the exordium, in which research background is introduced, research goal and meaning clarified, main concepts and scopes defined, framework and main contents of the dissertation proposed, research methods concluded, and the innovation and shortcomings given.The second chapter is the literature review on insurance regulation, in which the main viewpoints of most western economic schools of thought are concluded, the latest development of western insurance regulatory theories and system briefed and China insurance regulatory research introduced.The third one is the analysis on insurance regulatory system and the development trend of foreign countries, in which the coordination of centre government and provinces, wholly and regionally are focused, and with the summary of the characteristics and developing trend of foreign insurance regulatory system such U.S.A and EU, the conclusion is made that it is necessary to perfect the regional insurance supervision system, to enhance the macro prudential regulation of regional insurance industry and the supervision of market conduct, and to strengthen the protection of legitimate interests of insurance consumers.The forth one is the study on the situation of China provincial insurance regulation, which benefits on against provincial market risk, the provincial market order and the sound development of the industry, but owns disadvantages on forces, conducts, efficiency, principles and the protection of consumer interests.The fifth one is about the framework design of China provincial insurance supervision system, in which the six principles, such as consistency, systematic and efficiency, are proposed, then the goal of medium-level regulation determined, the elements of system clarified-as the outline of the following chapters.The sixth one focuses on the regulatory bodies, and proposes the design on the organizational system and operational mechanism of medium-level regulatory institutions. Particularly, this chapter studies form the nowadays hierarchy, administrative level and the inside divisions set-up of regulatory bodies, points out the disadvantages, and suggests to set up the sub-provincial branch of China Insurance Regulatory Commission and to unify the administrative level of provincial branch and to adjust the inside divisions.The seventh one researches on the function orientation of medium-level insurance regulation, which includes guarding against and defusing the market risk, maintaining the market order, protecting the interests of insurance consumers and creating a sound development surrounding. The primary thoughts and means to fulfill the function are discussed in this chapter.The eighth one focuses on the scope and elements of current China provincial insurance regulatory system, especially on the problems of regulation on branches, executives officers, sales conduct and settlement of claims of insurance companies which engage in business mainly provincially, as well as proposes some suggestions on the perfection of current regulatory system. Besides, this chapter introduces current efficient regulation systems and innovation of China provincial branches of China Insurance Regulatory commission with cases.The ninth one emphasizes on the enhancement of provincial insurance regulation ways and means:off-site supervision, institutional construction, window guidance, education and training, modern information technology and application.The tenth one, the final chapter, discusses the integration and resource allocation of regulatory system with the goal of improving the efficiency of regulation. Specially, with focus on the four aspects of industrial culture construction, industrial self-discipline, pubic opinions supervision and regulation coordination, it is proposed to found a strong mixture forces of regulation by innovating the system and mechanism of different levels.The main innovation of the dissertation are as follows:Firstly, provincial insurance regulation system and related mechanism are comprehensively designed. Obviously, this dissertation broadens China insurance regulation research field, enriches provincial insurance regulatory elements, fills the missing blank of provincial insurance regulation research to some extent.Secondly, the position and task of provincial insurance regulation are oriented by reflection and exploration. The main four tasks are to guard against provincial market risk, to maintain the provincial insurance market order, to protect the legitimate interests of provincial insurance consumers and found a sound environment for the development of the industry.Finally, the provincial regulation efficiency and the market risk of provincial insurance industry are thoroughly analyzed. Focusing on the phenomenon in China medium-level regulation that micro-view, cases and punishment are attached importance to while macro-view, system and education are ignored, the dissertation suggests some measures to enhance the regulatory efficiency, the tips of which are given by the action of the enhancement of macro prudential regulation in European and American countries. Besides, the trend international insurance regulation and some successful cases study of provincial supervision provide relatively new scope and thoughts for China provincial insurance regulation.

The Provancial Insurance Regulatory System Study of China

Abstract

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