| Since property insurance and life insurance were managed by China People Insurance Company in 1996, the life insurance has gained its rapid development. But up to the end of 2006, life insurance penetration in China is 1.95%, while the highest year is only 2.58% which is not up to the average level 4% of developing countries. In other words, the affection of life insurance development on domestic economy is limited, so is the affection of life insurance functions on people's life. From the view of life insurance nature, life insurance is a kind of contract as well as a system. The achievement of life insurance security and investment function depends on the complete design of system. Otherwise the two functions of life insurance are possible to be substituted by other system. Therefore the life insurance research will find the key points of life insurance industry development from the point view of system.System Economics is one of subjects that are rapidly developed. Existing documents of theories about system, contract, property right, transaction and transaction cost have fully evidenced that the related System Economics theories have great significance on studying transformation and changes of Chinese economic systems. Under the changes of these systems, the life insurance develops and innovates itself. The development of life insurance is closely connected with Chinese economic system. So what relationships are there on earth between the Chinese life insurance development and Chinese economic systems? How many factors can we use the Chinese economic system to explain the development of life insurance industry? How to innovate and perfect system in order to further develop China's life insurance industry? Theoretical thinking and studying frame building for these questions is the core of my doctor thesis.The thesis consists of six chapters. Starting from introduction of system origin and system formation, this thesis traced back to state theory and property rights theory and carded the transformation process of Chinese property right system under the property right condition to develop life insurance industry. The key of thesis is to study the functions of system economics in the development of life insurance. Therefore, on the thread of transformation of Chinese economic system, with the core of affection of the Chinese economic system transformation on the development of life insurance industry, the thesis deeply clarifies the development features of Chinese life insurance industry. The sustainable development of Chinese life insurance industry will innovate and improve the system on the basis of past historical accumulation and future system changes.Chapter one: basic theories of life insurance system. The life insurance product appears in forms of contract. So it implies contract thoughts and the contract itself is developing. At last the repeated acts in contract transaction will form the system in order to minimize the transaction cost. To stabilize the contract behavior and repeat it widely, the life insurance contract will certainly be connected with the life insurance system.System can be regarded as rules of behavior, which restrains behaviors among people. In the new system economics, whether the system is regarded as a frame of human social activities or a social game; in the Marxism economic theory, whether it is understood to be the summation of production relation or the property system, the function of the system is how to define the behavior regulation on the condition of resources scarcity in order to make the various economic exchange activities process smoothly, motivate and restraint various behaviors during transactions, reduce the transaction cost. The final function of the system is to solve problems of efficiency. For solving efficiency, the adjustment on people's behavior during evolvement appears into two types: formal system and informal system. These are the choosing results and reasons for further choosing by people. The system produce is the equilibrium between people design and self-evolving. The old equilibrium is broken to form a new equilibrium. So the system also can be regards as people's game, how to change, suit, adjust, and re-built a self-maintaining system during the equilibrium.Life insurance is an individual transaction behavior. The contract is the final legal result of the individual transaction and the expression forms of life insurance product. Life insurance system is the regulation of life insurance transaction behavior. The extensions are formal and informal life insurance system. Because life insurance contract deals with life value injuries including birth, oldness, illness, death and disabled, those risks are of great uncertainty. For information asymmetry, it is easy to form moral risks and adverse selection. So the contract transaction of life insurance should be defined the right by laws so as to guarantee the reliability of promises and to increase efficiency of transaction. Firstly, the life insurance system includes rules of life insurance transaction and legal norms of these transaction rules. Secondly, in order to protect the insured weak group. The government supervises the insurance industry. So the formal system should include the government's life insurance supervision system. The life insurance contracts transact the demand of both sides, and it means the transaction happened in minimizing cost, but it can not eliminate the unfair transaction position of both sides. With the development of contract theory the contract develops from individual to social and eliminates the unfair transaction position. Accordingly, the life insurance system consists of three forms: micro-contract transaction, medium-life insurance supervision and macro-social security as a complementary.Chapter two: the condition and background of life insurance system. Some conditions are needed for the life insurance as a system producing. For instance, if the whole society is in a system environment; if the people's behavior suit to be ruled by transaction and transaction rules; if there is an environment of market economics, and if marketing, competition are common economic behavior; if the thoughts and opinions of people recognize and accept the contract and contract transaction; if the life value injury of people's born, old, ill, dead, disable can be transferred in transaction form and so on. In all these conditions, the core is the property system. Without confirmation and realization of property right system there will no protection of private property. Whether there is a complete property right system is a prerequisite of defining the private property and individual life from property right point of view. If there are no property right of private property and individual life he will not be the bearer of the final property loss even there are various risks and losses. If the loss is not equal to the private property right, there will be no motivation to protect it on individual behavior. Therefore, the private property right is the important condition in life insurance producing.Traced back to the producing conditions of life insurance, there would be no life insurance system embedded in our traditional feudal economic society. Because in traditional feudal economic society, the production base of Small-scale Peasant Economy provide weak economic level. With the fact of small-scale peasant non-resistance against natural risks, people's production and reproduction is attached to the weak small-scale peasant economy, the feudal emperor implement relief policy with"social security"characteristic. Relief policy is the result of weak economic and the condition of feudal ruling. From the point of political system, feudal monarchy system expands from family to country and negative the private property and personal right. From the point of state, system confirms the family status and secures to realize in internal family from pure conscience to self-responsibility with the population production, reproduction and related security of born, old, ill, dead, disable and so on. Then the family system of the informal life insurance system forms the embryo of formal life insurance system in feudal monarchy system. But the early form of Chinese life insurance is not"family"but commercial life insurance system with transaction. Because its appearance with imported form do not match with Chinese soft environments such as systems of property right, market, transaction. It can not exist for a long time. In planned-economic time, the imported system is completely changed. On the basis of dual economic system the forms of employment security institute the commercial life insurance system completely.Chapter three: the development, evolution and design of Chinese life insurance system (reviews about recent 50 years). The commercial life insurance system produces on the condition of building up of property right and protection of private property. The property right closely connects with the built-up of national property right and protection system. The production of property right produce balances between complete market transaction and state building up because both sides have institutional barriers. The life insurance system is the system of protecting private property right. Therefore the production of Chinese life insurance system is transferred into establishment and transformation of property right during Chinese economic changes. The transformation of Chinese economic system is enforced by government compulsively. So it is correlated with Chinese life insurance system. In initial of transformation period, the life insurance system is in the stage of system design. That life insurance business develops rapidly mainly depends on the organization system. The life insurance supervision clearly takes responsibility for design life insurance system. In medium period of transformation, the life insurance system exists in forms of design and evolution. The foundation of Chinese Insurance Regulatory Committee symbols that the building of life insurance system has entered into the process of reforming finance system. At present period of transformation, the life insurance system includes not only the results of market reform but also the direction of further market reform. From point of policy decision-making, there are some conflicts in positioning commerciality and sociality of life insurance system.Chapter four: institutional changes of Chinese life insurance system: analysis on system economics theories. The production and development of life insurance system, especially the development, not only involve in itself but also relate closely with the background of Chinese economic institution changes. The forms of Chinese economic institution changes include strong high class and weak lower class in property right structure. In order to initiate the reform of economic system, the central government cultivates middle class property right structure with the forms of local government. The detailed process is that economic decentralization starts the Chinese economic reform. With the economic decentralization and high interferences on economy of local government, the economic development imbalances among different provinces. The main reasons are that local province governments differ from industrialized and urbanized ways, approaches, and interferences after economic decentralization, which leads to different results of industrialization and urbanization among different provinces. Because the core factor of life insurance requirement is that, after non-agriculturalization, individual and his family can not afford complete life loss of born, old, ill, dead and disable in the social production chain of population production and reproduction. It needs to be provided by social life insurance. Because the degree and forms of industrialization and urbanization differ in province, gaps between provinces certainly are the results of economic decentralization.Chapter five: institution changes of Chinese life insurance system: system economic reality. What relations are there between provincial gap of life insurance development and provincial gap of Chinese economic institution changes? Because provincial economic development gap accumulates with systems, imbalanced developing strategies in initial stage are not only the results of initial conditions of open policy but the conditions of further reform. In this case, the economic developing gap between provinces can not be eliminated in short period. Life insurance development can not match with Chinese economic development. So province's economic development level differs from province's life insurance development gap. At present, provinces'life insurance gap leads to theoretical thoughts: in the present development of life insurance, wastes and excessive exploitation of life insurance resources will threaten its sustainable development. Therefore the improvement of the life insurance system is an unavoidable question.Chapter six: system innovation and improvement of Chinese life insurance development. The development of life insurance system need innovating and improving system. The core question is that who will be the bearer of life insurance system innovation and improvement. During the process of institution changes, the local governments as middle class are the actual bearers of system innovation and economic development. But the local governments are not the bearers of system innovation in developing life insurance because life insurance industry developed from monopoly enterprises. The central government have the control right and residual claim right. The local governments not only have the motivations but also stresses of system innovation. Even if one of them innovates the system, other local governments will imitate and be free-riders because of its externality. The local governments that provide the system innovation will also bear the cost of life insurance innovation. Therefore in the process of transformation of life insurance we only know that the local governments are involved in the incremental transformation of life insurance system but not in the stock transformation innovation. Thus in such system transformation the supervising department of life insurance industry is the bearer of its innovation and compensate for the life insurance system transformation that the middle class lead. In the progress of transformation our life insurance system makes good achievement as well as some weaknesses. Under the environment of the China's entering into WTO, RMB appreciation, residents'consumption patterns change, China's further economic development has been evolved into the confirmation of financial economy, service economy and promotion as a whole. In this case, CIRC will be the bearer of the life insurance system innovation and improvement. The function of life insurance system is to improve efficiency of life insurance resource allocation. This is why we need to innovate and improve the existing life insurance system. On the basis of the results of transformation in history and managing environments changes, China's life insurance development need supervision in system innovation. The improvements need clear its social property and commercial property and establish special province's life insurance development system and rural life insurance system. The development of Chinese life insurance system need us to find the best balance point in history, reality and future.
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