With the development of insurance industry in China, the insurance supervision system and mechanism have also changed several times. 1950 1, the insurance industry is clearly managed by the People's Bank of China. 1952, the insurance industry was placed under the management of the Ministry of Finance. From 65438 to 0959, the insurance industry was once again placed under the leadership of the People's Bank of China. From 65438 to 0965, the People's Bank of China and the Ministry of Finance made it clear that domestic insurance business was managed by the Ministry of Finance and international insurance business was managed by the People's Bank of China. After the reform and opening up, the People's Bank of China is in charge of insurance supervision. 1998165438+10. According to the policies of the CPC Central Committee and the State Council on "separate operation and separate supervision" of the financial industry, China Insurance Regulatory Commission was formally established to supervise and manage the national insurance market in a unified way according to law, which indicates that China's insurance supervision has entered a new stage of specialization and standardization, and China's insurance supervision system has been continuously developed and improved.

(1) The regulatory laws and regulations have been continuously improved. China has initially formed a four-level insurance supervision system with relevant laws as the core, administrative regulations as the support, departmental regulations as the main body and normative documents as the supplement. The first is the legal level. 1995 "insurance law" was formally promulgated and revised twice in 2002 and 2009 respectively, which improved the basic norms of insurance business behavior and the main framework of insurance supervision. "Maritime Law" and "Criminal Law" also respectively on the sea

On insurance and insurance crime. The second is the level of administrative regulations. The State Council promulgated the Regulations on Property Insurance Contracts on 1983 and the Interim Regulations on the Administration of Insurance Enterprises on 1985. After China's entry into WTO, the State Council promulgated the Regulations on the Administration of Foreign-funded Insurance Companies in 200 1 year, the Regulations on Compulsory Liability Insurance for Motor Vehicle Traffic Accidents in 2006 and the Regulations on Agricultural Insurance in 20 12, which specifically regulated some key areas of insurance management. Third, the departmental rules and regulations. There are currently 50 effective departmental regulations of the CIRC, which are roughly divided into six aspects: business entities, product rates, capital utilization, professionals, solvency, and administration according to law, laying a solid institutional foundation for insurance supervision. The fourth is the level of normative documents. According to the actual supervision, CIRC and its dispatched offices have formulated a large number of normative documents, which have played an important role in strengthening and improving supervision.

(2) The supervision system was initially formed. Earnestly implement the deployment of national financial supervision, and make positive progress in the construction of insurance supervision system. First, the regulatory framework has been gradually improved. In the early days of reform and opening up, insurance supervision was mainly based on market behavior supervision. The concept of solvency was first put forward in the Insurance Law promulgated by 1995. 1998 after the establishment of the China insurance regulatory commission, it was proposed that both market behavior supervision and solvency supervision should be paid equal attention. With the implementation of the shareholding system reform of state-owned insurance companies, in 2003, the China Insurance Regulatory Commission issued index regulations, and the solvency supervision was substantially started. With the establishment of modern enterprise system and the listing of insurance companies, in 2006, the CIRC issued guidance, formally introduced corporate governance supervision, and explored the establishment of a regulatory framework based on solvency, corporate governance and market behavior. In 2009, the solvency supervision committee and the corporate governance supervision committee were established. Under the new situation, China Insurance Regulatory Commission (CIRC) started the construction of the second generation solvency supervision system on 20 12. According to the trend of regulatory reform after the international financial crisis, strengthen corporate governance supervision. Second, the regulatory organization has been gradually improved. China CIRC currently has 16 functional departments and 2 institutions. Since 2000, China Insurance Regulatory Commission has set up 36 insurance regulatory bureaus in parallel in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning. In order to strengthen the supervision of the grass-roots market, the CIRC set up regional insurance supervision branches in Suzhou, Yantai, Shantou, Wenzhou and Tangshan on 20 10. Third, the regulatory framework has been gradually established. Strengthen communication and cooperation with the party and government departments, judicial organs and other financial regulatory agencies, promote mass organizations to play the role of self-discipline, rights protection and coordination, and support the news media, accounting and auditing, rating agencies and consumers to play a supervisory role, initially forming a regulatory pattern of professional supervision, departmental work, industry norms and social supervision.

(3) The means of supervision are increasingly abundant. Constantly innovate and enrich the methods of supervision, and the execution and effectiveness of supervision have been improved. The first is classified supervision. Classified supervision of insurance companies from the aspects of solvency, corporate governance, internal control and compliance, finance, capital utilization and business operation has improved the supervision efficiency. The second is off-site supervision. Establish a statistical system of insurance supervision, accumulate insurance data assets, strengthen the monitoring, analysis and early warning of market operation and insurance risks, and improve the effectiveness of off-site supervision. Promote the informatization construction of insurance industry and insurance supervision, establish "three networks and one database", infrastructure, develop 25 application systems such as insurance statistical information system, set up insurance information platform companies, and promote the construction of supervision e-government. The third is on-site inspection. Formulate on-site inspection procedures and manuals, and standardize inspection procedures and standards. Using information technology to improve the efficiency of on-site inspection. Organize comprehensive, systematic and special inspections to improve the pertinence of on-site inspections. Increase penalties for violations of laws and regulations, implement "double penalties" for insurance institutions and senior executives, and improve regulatory deterrence. The fourth is information disclosure. Establish an insurance information disclosure system, give play to the role of official website, press conference, Weibo WeChat and industry websites of the CIRC, and timely release insurance news, statistical data, administrative licenses and penalties. Fifth, other means. Gradually establish insurance protection funds and other systems, and take the lead in creating a market-oriented risk self-help mechanism in China's financial industry to provide a solid barrier for protecting consumers' rights and interests.

First, promote the modernization of the insurance supervision system and supervision capacity.

The modernization of insurance supervision system and supervision ability is a complex systematic project. We must base ourselves on China's national conditions, learn from international experience, deepen the reform concept and strengthen the top level.

(1) guiding ideology. Hold high the great banner of Socialism with Chinese characteristics, under the guidance of Deng Xiaoping Theory, Theory of Three Represents and Scientific Outlook on Development, thoroughly implement the spirit of the 18th National Congress of the Communist Party of China and the Third Plenary Session of the 18th Central Committee, conform to the development trend of the insurance industry, follow the regulatory laws, base on the reality of China, learn from international experience, implement "paying attention to services, strictly supervising, preventing risks and promoting development", deepen the reform of insurance supervision, and build a systematic, scientific, standardized and effective insurance supervision system. Become an important part of the national governance system and the modernization system of governance capacity, make the market play a decisive role in the allocation of insurance resources and better play a regulatory role, promote the insurance industry to play its risk management and wealth management functions, build a modern insurance industry with China characteristics and characteristics of the times, and serve the grand goal of building a well-off society in an all-round way and socialist modernization.

(2) General requirements. First, follow the basic laws. To promote the modernization of insurance supervision system and supervision ability, the most basic requirement is to learn from the historical experience and effective practices of insurance supervision at home and abroad and profoundly grasp the laws of insurance development and supervision. Adhere to the adaptation of the insurance industry to economic and social development, insurance supervision to the development of the insurance industry, and the supervision system to the needs of insurance supervision. It is necessary to give play to the decisive role of the market in allocating insurance resources, improve the market incentive and restraint mechanism, stimulate market vitality and improve market operation efficiency. It is necessary to improve laws and regulations, strictly supervise according to law, maintain market order, guard against insurance risks, make up for market deficiencies and solve market failures. It is necessary to proceed from the reality of the insurance market, grasp the stage characteristics, and scientifically determine the regulatory objectives, principles and pillars.

The second is to reflect the characteristics of China. To promote the modernization of insurance supervision system and supervision ability, the core requirement is to be based on the national conditions and conform to the development and supervision reality of China's insurance industry. It is necessary to comprehensively deepen the national reform strategy and overall objectives and promote the modernization of the insurance supervision system. It is necessary to grasp the characteristics that China's insurance industry is in the primary development stage, the depth and density of insurance are lower than the world average level, and the insurance service ability is not strong. We must persist in strengthening supervision to promote the development of the industry and promote the insurance industry to serve the economy and society. We should grasp the characteristics of irrational insurance consumers, immature business entities and imperfect market mechanism in China, improve market rules, strengthen corporate governance and market behavior supervision, and create a good market environment. It is necessary to grasp the characteristics of China's insurance industry, such as weak foundation, rapid development, transformation and upgrading, and becoming a major insurance market in the world, give consideration to prudence and economy, and reasonably determine the standards of regulatory constraints, especially solvency and capital constraints.

The third is to conform to the trend of the times. To promote the modernization of insurance supervision system and supervision ability, the most obvious requirement is to grasp the latest trend of international financial reform and conform to the changing trend of international insurance supervision today. We should grasp the trend that international insurance supervision tends to be unified, pay more attention to the protection of consumers' rights and interests, pay attention to the combination of macro-prudential supervision and micro-prudential supervision, and pay attention to corporate governance, insurance groups, solvency and capital constraint supervision in the process of forming regulatory framework, formulating regulatory system and perfecting regulatory rules. It is necessary to grasp the trend that international insurance supervision emphasizes autonomy, combine the influence of the international financial crisis, the actual situation of China and its own interests, pool various forces, actively promote the reform of China's insurance supervision, and strive for a greater say in the international insurance market and insurance supervision reform.

(3) the main frame. To promote the modernization of insurance supervision system and supervision ability, we should base ourselves on the reality of China's economic, social and insurance development, sum up the practice of insurance supervision, learn from international advanced experience, and strive to build a "3-4-3" insurance supervision subject framework with China characteristics, namely, three supervision objectives, four supervision principles and three supervision pillars.

1. Regulatory objectives. The first is to protect consumer rights. Insurance products and services are relatively complex, and information asymmetry exists widely in the insurance market. It is necessary to strengthen the restraint on the behavior of insurance suppliers through insurance supervision to prevent the rights and interests of insurance consumers from being maliciously violated. The protection of consumers' rights and interests is an important guarantee for rational consumption behavior. Through insurance supervision, we will strengthen the protection of consumers' rights such as safety, knowledge, choice, claims, fair trade and supervision, promote rational consumption, optimize the allocation of insurance resources, and improve the operating efficiency of the insurance market. The breadth and depth of insurance services in China are still very limited. It is necessary to promote the insurance industry to provide consumers with diversified and multi-level insurance products and services through insurance supervision.

The second is to guard against market risks. The sustained, healthy and stable operation of the insurance market is closely related to consumers' rights and interests, and directly related to national financial security and social stability. It is necessary to strengthen comprehensive risk management, establish and improve an all-round risk management system covering risks such as underwriting, credit, market, operation, liquidity and reputation, and establish and improve a risk prevention mechanism covering the whole process of risk identification, evaluation, measurement, monitoring, control and disposal. It is necessary to strengthen the self-discipline and risk control of insurance market participants, strengthen the external constraints and risk prevention of insurance supervision, and build a bottom line for preventing and resolving systemic regional risks.

The third is to promote market prosperity. Only a prosperous insurance industry can provide more comprehensive and rich risk protection for consumers and the economy and society. It is necessary to improve market rules, maintain market order, create a fair and just market environment, and allow various market players to compete in an orderly manner. It is necessary to improve the market system, optimize the market structure, and promote market players to improve their management level and enhance their comprehensive competitiveness. Strive for the support of policies and regulations, promote the insurance industry to play a functional role, and play a pillar role in the construction of the five major systems of modern finance, social security, disaster relief, social management and agricultural security.

2. Regulatory principles. First, maintaining fairness and promoting efficiency are unified. Correctly handle the relationship between the market and the government, insist that the market plays a decisive role in the allocation of insurance resources, and promote insurance resources to maximize benefits and optimize efficiency in accordance with market rules, market prices and market competition. Adhere to give full play to the regulatory role, give consideration to efficiency and fairness, create a competitive environment, standardize market behavior, and maintain the stable operation of the insurance market.

Second, functional supervision and institutional supervision are unified. Establish an effective insurance supervision and governance mechanism, and coordinate functional supervision and institutional supervision. Comply with the trend of insurance innovation, strengthen functional supervision and whole process supervision, strengthen the coordination of cross-product, cross-institution and cross-market supervision, promote the unity and continuity of supervision, and avoid the "vacuum" and overlap of supervision. Pay attention to overall risk prevention, improve institutional supervision, and strengthen supervision of insurance groups and legal institutions.

Third, macro-prudential and micro-prudential are unified. While paying attention to preventing the risks of individual insurance institutions, this paper analyzes the overall impact of macro-economy and financial markets on the insurance industry. Pay attention to the risk status of systemically important insurance institutions, pay attention to the cross-border and cross-industry transmission of financial risks, pay attention to countercyclical supervision, and prevent procyclicality from amplifying systemic regional risks.

Fourth, principle supervision and rule supervision are unified. Improve insurance supervision laws and regulations, formulate specific rules with clear standards and standardized procedures, and improve the consistency and operability of supervision. Pay attention to the application of principle supervision, improve the guidance, flexibility and adaptability of supervision, and create space for encouraging innovation and enhancing market vitality.

3. Regulatory pillar. The first is corporate governance supervision. Good corporate governance is the core content of modern insurance enterprise system, the endogenous mechanism to strengthen the self-restraint of market participants, and the micro-foundation to strengthen insurance supervision. It is necessary to strengthen the concept of corporate governance supervision, improve the system and mechanism, deepen equity supervision, and highlight the core position of the board of directors in corporate governance. It is necessary to strengthen the articles of association, improve the professional level of directors, supervisors and management, improve the checks and balances mechanism, and strengthen the rigid constraints of corporate governance. It is necessary to promote the transformation of corporate governance from "formal regulation" to "effective governance", guard against risks such as governance deadlock, poor management and control, asset safety and dereliction of duty of executives, and protect consumers' rights and interests from the source of the insurance market.

The second is solvency supervision. Solvency supervision is an important part of insurance supervision, the main means of risk supervision and the ultimate line of defense to protect consumers' rights and interests. We should learn from the latest achievements of international solvency supervision, combine the reality of China's insurance market, and accelerate the construction of the second-generation solvency supervision system in China according to the principles of risk orientation, China characteristics and international comparability. It is necessary to strengthen the requirements of quantitative capital, qualitative supervision and market restraint, and improve the overall structure and specific rules of the second-generation solvency supervision system. It is necessary to strictly implement the solvency supervision system and strengthen the rigid constraints of solvency supervision.

The third is the supervision of market behavior. Market behavior supervision is an important guarantee to ensure the healthy and orderly operation of the market and a direct way to protect consumers' rights and interests. It is necessary to clarify the boundaries and contents of market behavior supervision and give full play to the role of market mechanism and government supervision. It is necessary to strengthen the overall planning and systematic management of market behavior supervision, establish the linkage and trigger mechanism of market behavior supervision, corporate governance supervision and solvency supervision, and form an effective and coordinated market risk prevention system.

Third, focus on modernizing the insurance regulatory system and regulatory capacity.

At present, China's insurance regulatory reform faces both rare historical opportunities and major historical tests. The task of modernizing the insurance regulatory system and regulatory capacity is very heavy, and breakthroughs must be made in some key areas and links.

(1) Strengthening the governance and internal control supervision of insurance companies. Effective corporate governance and internal control are the important cornerstones to maintain financial stability and the first line of defense to prevent and resolve insurance risks. It is necessary to comprehensively improve the level of corporate governance supervision, strengthen the endogenous mechanism of self-motivation and restraint of market players, and consolidate the basic institutional guarantee for the sustained and healthy development of the insurance industry. The first is to strengthen the core position of the board of directors in corporate governance. Implement the comprehensive and primary duties and performance requirements of the board of directors, strengthen the qualification examination of directors, improve the training mechanism of directors, establish and improve the performance evaluation and accountability mechanism of the board of directors and members, enhance the ability of directors to perform their duties seriously, and improve the professional, efficient and diligent level of the board of directors. The second is to strengthen the basic position of internal control in corporate governance. Formulate evaluation methods for internal control of insurance companies, guide insurance companies to strengthen the construction of internal control system, improve internal control mechanism and improve internal control execution. Strengthen the management and control responsibility of the insurance head office to the branches. The third is to strengthen the prominent position of group supervision in corporate governance. Improve the firewall system of insurance groups and standardize the internal resource integration and related transactions of insurance groups. Formulate consolidated supervision measures for insurance groups. Establish risk control standards for insurance groups. Strengthen the supervision of systemically important insurance institutions. The fourth is to strengthen the key position of senior executives and key personnel in corporate governance. Improve the qualification management system for senior executives of insurance institutions and professionals in key positions. Strengthen the management of the secretary of the board of directors, strengthen the responsibilities of key positions such as chief actuary, compliance officer and audit officer, and enhance the executive power of management. Strengthen the supervision of the company's senior management personnel's steady salary and practice behavior.

(2) Improve the supervision of market behavior. Market behavior supervision is an important part of the whole process supervision of insurance business and a direct means to protect consumers' rights and interests. It is necessary to treat both the symptoms and root causes, formulate scientific rules, clarify the key points of supervision, do a good job in system implementation, and improve the effectiveness of market behavior supervision. First, strengthen market monitoring and inspection. Adhere to the combination of off-site supervision and on-site inspection, and constantly enrich the insurance supervision toolbox. Build a risk model and supervision index system covering all kinds of risks, and strengthen risk identification, evaluation, early warning, control and disposal. Improve on-site inspection methods, standardize inspection procedures and standards, and improve the pertinence and effectiveness of on-site inspection. The second is to improve the supervision of insurance products, actively promote the market-oriented reform of rates and the standardization and popularization of terms, explore the establishment of product innovation protection mechanisms, and encourage product innovation and structural adjustment in the industry. Improve the regulatory rules, improve the standards for the approval and filing of insurance products, and establish a scientific regulatory mechanism for the whole process, such as rate formation, clause implementation, post-evaluation and product revision. The third is to strengthen the supervision of insurance intermediaries. Improve the quasi-withdrawal system of insurance professional intermediaries and strengthen corporate governance and internal control. Steadily promote the reform of insurance marketing system and mechanism. Innovate the supervision system of part-time insurance agency and explore the centralized management mode of part-time insurance agency legal person institutions. Strengthen the qualification management of insurance intermediary practitioners. The fourth is to establish and improve the Internet insurance supervision system. Formulate supervision measures for Internet insurance. Establish technical standards for business behavior, data information and information security of Internet insurance, improve laws and regulations on data collection, electronic signature and privacy protection, and promote the standardized operation of Internet insurance. Fifth, strengthen the anti-insurance fraud work. Construct a four-in-one anti-insurance fraud work system with government leading, law enforcement linkage, company leading and industry cooperation.

(3) Improve the solvency supervision system. It is an important task to strengthen and improve insurance supervision to build a second-generation solvency supervision system that is risk-oriented, in line with the reality of China and internationally comparable, and to enhance the risk management ability of the insurance industry. The first is to improve the capital restraint mechanism. Scientifically grasp the actual risk situation of China's insurance companies, and establish capital requirements closely linked to risks according to the principle of * * * similarity but difference. Establish a comprehensive rating mechanism combining quantitative risk and qualitative risk, scientifically evaluate operational risk, strategic risk, reputation risk and liquidity risk, and fully reflect the company's risk status. Improve the countercyclical capital supervision system. The second is to strengthen risk supervision in the whole process. Make full use of quantitative supervision, qualitative supervision and market constraints to form the whole process of risk supervision before, during and after the event. Establish and improve the liquidity risk supervision system of insurance companies. Improve the solvency stress testing system and improve the solvency J prediction analysis and risk early warning system. The third is to improve the capital replenishment mechanism. Establish and improve a multi-level and diversified capital replenishment mechanism, support insurance companies to innovate and enrich capital replenishment tools, broaden capital replenishment channels, and use domestic and foreign financial markets and various social capitals to enhance the capital strength of the insurance industry.

(4) Improve the system of insurance laws and regulations. Laws and regulations have long-term and fundamental characteristics. To improve the insurance supervision system, we should do a good job in three aspects. First, do a good job in the related work of "one law and two regulations". Actively promote the revision of the Insurance Law and the Regulations on Compulsory Liability Insurance for Motor Vehicle Traffic Accidents, and accelerate the study and formulation of the Regulations on Catastrophe Insurance. The second is to speed up the "abolition" of the system. In line with the principle of urgent need before construction, we will speed up the establishment and improvement of rules and regulations on key regulatory links such as quasi-withdrawal from the market, misleading claims and sales, online insurance and capital utilization. Explore the regulatory model under the negative list model and draw up a further opening plan for the insurance industry. The third is to promote insurance legislation in related fields. Strengthen insurance publicity, communication and coordination, promote relevant legislative work, further clarify the position and role of commercial insurance in the modernization process of national governance system and governance capacity, and improve the institutional arrangements for commercial insurance to participate in the construction of five major systems: modern finance, social security, agricultural security, disaster prevention and mitigation, and social management.

(5) Actively promote the construction of regulatory informatization. Increase investment in information construction and accelerate the construction of a data management framework of "two places and three centers". Improve the standard system of informatization construction and build a comprehensive application platform for insurance information supervision. Promote the corporatization and professional operation of the insurance information sharing platform, deepen the development and utilization of insurance data, build a national unified and standardized industry operation and risk data collection and research center, and build a "one-stop, intelligent" insurance regulatory information.

Public service system. Research and explore the service fields such as policy registration, general compensation and general payment, third-party payment, data custody, and constantly explore the application fields of data derivation. Explore the insurance chief information officer system. Strengthen regulatory policy guidance and institutional constraints, enhance the awareness of information security in the whole industry from the strategic height of maintaining financial security and stability, seize key areas such as information equipment purchase, software application, maintenance and repair, and daily security, and comprehensively strengthen network and information security management.

(six) give full play to the role of insurance industry associations and other self-regulatory organizations. Industry self-discipline is an important force to achieve financial stability. It is necessary to strengthen the construction of insurance industry associations at all levels, give play to the functions of self-discipline, rights protection, coordination, exchange and publicity, prevent and resolve insurance risks, and improve service, coordination and professional capabilities. Establish a self-discipline system covering the whole industry, enhance the public binding force of self-discipline, safeguard the legitimate rights and interests of the industry according to law, maintain the openness, fairness and justice of the market, and promote the scientific development of the industry.

(VII) Making full use of the resources of insurance regulatory agencies, strengthening the grass-roots insurance supervision work and strengthening the self-construction of supervision are the inherent requirements for improving the scientificity and effectiveness of supervision. It is necessary to further strengthen the supervision organization, mechanism and team building, improve the supervision ability, and improve the quality and efficiency of supervision. Revise the regulations on the supervisory responsibilities of dispatched institutions, further clarify the supervisory responsibilities of dispatched institutions, and improve the establishment of internal departments of dispatched institutions. Adhere to the unity of institutional supervision and functional supervision, improve the internal cooperation mechanism of the CIRC organs, and promote overall coordination, communication and consultation and information sharing of supervision. Improve the vertical linkage mechanism between the CIRC and its dispatched offices, and promote unified and standardized supervision and strong cooperation. Gradually expand the pilot of territorial supervision of legal person institutions and promote the normalization of territorial supervision in an orderly manner. Establish and improve the supervision performance evaluation mechanism. Actively explore differentiated supervision according to local conditions.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.