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A Study on Corporate Govenrance Evaluation and Governance Supervision of Insurance Companies

Author: LuoSheng
Tutor: LiWeiAn
School: Nankai University
Course: Corporate Governance
Keywords: Insurance Companies Corporate Governance GovernanceEvaluation Governance Supervision
CLC: F842.3
Type: PhD thesis
Year: 2012
Downloads: 73
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Abstract


In recent years, how to improve and enhance corporate governance standards isundoubtedly the hot content in both academia and practice, becoming the focus of thecapital market and financies industry. The insurance industry is the fastest growingsectors of our national economy, and one of the responsibilities of insurance system isprotecting stability of the entire economic and social stability. Corporate governancestructure is the core of the corporate system, and the key to improve the quality andcore competitiveness of the company. The center of insurance corporate governancereform will be building construction. In2006, the China Insurance RegulatoryCommission learnt the core regulatory principles of International Association ofInsurance Supervisors, introducing of the insurance regulatory structure, corporategovernance, and constructed the three pillars of corporate governance regulation,including the establishment of a market conduct regulation, solvency regulation andsupervision. Risk management activities an important aspect of insurance companiescorporate governance in the course of many risks faced in, which is different from thefinancial indicators oriented financial risk, market risk, etc.. There are basic, sourcecharacteristics. It determines the research analysis of the insurance regulatory issuesof corporate governance has important practical and theoretical significance.This thesis starting from evaluation of governance, based on the specificity andregulation industry specific areas, studyies many problems involved in insuranceregulation in corporate governance comprehensively and systematically. Insurancecompanies is a more specific financial enterprises, compared with the generalindustrial enterprises, the profit model and management are quite different. From thedetails and process of observation, its corporate governance showed some specificity,and therefore can not be directly applied to general corporate governance ratingsystem. It need special treatment in the analysis of insurance companies based oncorporate governance with China’s insurance policy evaluation of all aspects ofcorporate governance research, design, consisting of seven dimensions of corporate governance evaluation of the insurance system is the insurance regulatory authoritieson the current corporate governance self-evaluation index system of development andimprovement.The governance evaluation and governance supervision is a parallel system. Weuse data from corporate governance report, according to complete index information,the sample does not contain abnormal data filtering principle, and ultimatelydetermine the effective sample of82. Combined with the sample nature of company,this thesis describes statistics the controlling shareholder, regional distributionfinancial performance indicators and corporate governance evaluation results.Empirical study has been done about insurance company corporate governance andprofitability and solvency of the relationship. Among them, there are38insurancecompanies,44life insurance companies;53state-controlled insurance companies,16private insurance companies and13foreign insurance companies; Shanghai and28regional insurance companies, insurance companies,46east and west insurancecompany8. Descriptive statistics and empirical studies have found that China’sinsurance compliance of corporate governance has reached a certain level, but theeffectiveness needs to be improved, many corporate governance mechanisms do notfunction as expected.China Insurance Regulatory Commission is the government regulatory agencies.It put in the course of insurance corporate governance regulation, and has beengradually introduced in practice, has formed a preliminary institutional system andmonitoring framework. Based on the problems have found in empirical studies, thisthesis focuses on the corporate governance of China’s insurance regulatoryframework and content of a systematic study. Specific issues include: the specialnature of insurance companies, its impact on corporate governance, governance ofChina’s current insurance company, history and problems of the formation,governance of insurance companies for regulatory reasons and legitimacy,governance, regulatory framework for insurance regulation in the in the position, roleand functions of the insurance nature of corporate governance regulation, objectives,principles, actions can be taken, the object of the insurance regulatory and corporategovernance focus, policies and measures already taken and regulatory effects observed, how to improve policies and measures and other issues. This thesis can beseen as ongoing theoretical summary of practices, and attempt to build a theory ofinsurance governance regulatory framework clearly.In response to these researches content, research methods used in this paperinclude the standard analytical methods, and empirical research methods of largesamples. Standard research methods are mainly reflected in the analysis of researchbackground and significance, the sort of theoretical basis, research status of thereview, insurance corporate governance development, regulation of corporategovernance, the evolution of the insurance, the insurance company managementevaluation system for design research, insurance corporate governance regulationinternational comparison, the insurance regulatory framework for corporategovernance, building insurance corporate governance regulatory analysis of thecontent, the relevant policy proposals. Empirical research methods in this paper ismainly reflected in the evaluation of corporate governance based on the governanceof the insurance company to carry out a general description of statistical analysis, thenature of the insurance company shareholders and management sub-branch type ofcomparative study of governance and solvency of insurance companies, empiricalstudy of financial performance.This paper is divided into eight chapters; Chapter1introduction sectiondescribes the meaning of article topics and contents. Chapter2is basis theory andliterature review, specificity to do the basic set theory of restructuring management oncorporate governance, evaluation of corporate governance theory, insurance theory ofcorporate governance and corporate governance regulatory. While the insurancecompany management, governance, evaluation and regulatory aspects of governancesort out and analyze the theoretical literature. Chapter3analyzes the corporategovernance of China’s insurance regulatory evolution and the history of thedevelopment process of trying to control the insurance company into the overallsupervision of the insurance industry and insurance regulators in the process ofhistorical development observed. Chapter4described governance of insurancecompanies to conduct a comprehensive evaluation, focusing on analysis andevaluation indicators and evaluation criteria designed to build the system. Chapter5 is based on the indicators in the evaluation of the data extracted, the governance ofthe insurance industry to do empirical analysis, while sorting out the problemsidentified by the evaluation. Chapter6is the governance framework of the theory ofinsurance companies to build, focusing on corporate governance regulation of theinsurance nature, objectives, principles and behavior of legal analysis. Chapter7isthe use of standard research methods. China Insurance Regulatory Commission’sregulatory policy has been the logic of induction and analyzed, regulatory andgovernance structures are divided into two parts, regulatory mechanisms, systematicobservation of the regulatory bodies for the insurance company’s equity, board ofdirectors, management and risk management mechanisms, incentives, transparency,accountability mechanisms and oversight mechanisms for regulatory policy. Chapter8is a summary of conclusions and policy recommendations.Since the financial crisis, global financial risks are more concerned about controlthrough government regulation of financial market risks have high hopes. China’seconomic system is still in the transition process, even if China’s insurance regulatorsto play a more effective role, but also norms and constraints of regulatory actions,reducing government regulation and market economy, the improper interference, togive full play and enhance the autonomy of economic agents and corporategovernance self-regulation, the regulatory agencies in the implementation ofregulatory actions that need particular attention. This article is for this purpose, theevaluation of corporate governance on the basis of reasonable regulation of corporategovernance and effectiveness of systematic study of the contents of a certaininnovation, while research findings for the promotion of the level of insurance toimprove corporate governance practices to promote the optimization of the evaluationsystem of corporate governance and regulatory system innovation and so have urgentand important significance.

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CLC: > Economic > Fiscal, monetary > Insurance > China's insurance industry > Insurance organizations
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