Research On The Legal Regulation Of Insurance Company Penetrating Supervision

On April 12,2016,in order to cope with the problems of Internet financial regulation brought about by the rise of Internet finance,the General Office of the State Council issued the “Notice on Printing and Distributing the Implementation Plan of Special Rectification Work on Internet Financial Risks”.The concept of becoming China's financial regulation policy was determined.In 2017,in response to the country's "strictly regulated" regulatory policy adjustments to the financial industry,"penetrating regulation" became a "hot concept" and was frequently used in the revision of insurance regulatory agency rules.The "strict regulation" of insurance has become an indisputable fact and has become the current trend of insurance regulation in China.It is impossible to know whether the regulation rules formulated by China 's insurance supervisory authority after the extensive demonstration of “penetrating regulation”,but only from the current number of legislation on penetrating regulation by the insurance supervisory authority seems to have clearly violated.The original intention of the General Office of the State Council—to rectify the chaos of Internet finance—has also expanded the interpretation and concept abuse of “penetrating regulation”,and in practice has clearly impacted China 's existing insurance industry governance model.Therefore,this article studies the regulation and improvement of penetrating regulation,with a view to finding the boundary between insurance company regulation and effective governance,and discusses it based on the above issues.The first chapter of this article sorts out the theoretical basis of penetrating regulation.The theoretical basis of insurance regulation mainly summarizes the government's regulation of the insurance industry,including public interest theory,sectoral interest theory and capture theory,and information asymmetry theory;behavioral assumptions in regulatory theory,which mainly sort out finance andeconomics The rational choice theory,expected utility theory,and illegal behavior decision theory are used as the basis for the analysis of insurance regulatory behavior and regulated behavior in this paper.In the insurance regulatory deterrence theory,an overview of insurance regulatory deterrence is given,and the theory of regulatory deterrence is rationalized.Develop the context and analyze the deterrence of monetary punishment.Because of the marginal effect of monetary punishment,the optimal intensity of monetary punishment is analyzed.It also analyzes the legal basis of applying non-pecuniary punishment in insurance deterrence theory,specifically referring to the restrictions on labor rights,property rights,and freedom of business;combing the development of penetrating regulation theory in the second section;First,the theory of behavior regulation is sorted out,mainly including "limited rationality hypothesis" and "information asymmetry theory".Introduce the development of behavior regulation from theory to practice.Due to the different basis of behavior regulation,there are mainly three types in current practice: the subject-oriented Australian model,the goal-oriented British model,and the data-oriented American model.According to the UK's FCA Financial regulation Bureau,which has developed more mature behavior regulation,the relevant legislation on behavior regulation was introduced.Second,the theoretical basis of functional regulation was combed,and the main financial function theory and regulatory arbitrage theory were introduced.The fourth section reviews the development of functional regulation theory to practice.For the framework of functional regulation,according to the current international practice,its framework is the division of labor,policy coordination,regulatory coordination,financial consumer protection,legislative support,structural adjustment,information sharing,and industry co-governance.In the fifth section,the essence of penetrating regulation,that is,"seeing the essence through phenomena," is explained,and its fundamental purpose is to control the chaos in China's current insurance market.Chapter ? Penetrating Regulation In China's practice,it sorts through a series of legislative and regulatory activities of China's insurance regulatory agencies,which are divided into the penetrating of the capital side,the penetrating of the asset side,and the penetrating of the liability side.In the capital penetration section,penetration of a company's equity includes penetration of shareholders and actual controllers.The penetration of equity funds includes the penetration of shareholders' equity funds of insurance companies and the penetration of self-injection and cyclic capital injections.The penetration of investment projects includes the penetration of the flow of insurance funds and the penetration of asset management products.Penetration methods for related party transactions of insurance companies include strict regulations on disclosure methods for insurance companies,strict investigations on related party transactions,and expanding the subject of related party transactions to natural persons.The penetration of liabilities is mainly divided into penetration regulation of insurance products and penetration regulation of misleading sales.The third chapter sorts out the plight of penetrating regulation of China's insurance companies,including the abuse of regulatory discretion,the conflict between penetrating regulation and commercial appearance,and the waste of penetrating regulation by China.The abuse of the discretion of insurance regulation is mainly manifested in the shortcomings of "sport-type" governance and regulation for regulation in China's insurance industry and the entire financial industry,and analyzes the historical evolution of sports-type regulation in China,and analyzes the insurance industry The fundamental willingness of sporty governance and the harm it brings.In the conflict between penetrating regulation and commercial appearance,the author takes Zhengde Life Insurance and Tiance Company's equity holding cases as examples to reveal what China 's insurance regulation has done to the autonomy of private law autonomy,and the administrative law enforcement intervention injudicial decisions The root cause of the field is the expanded interpretation of "public interest" in judicial practice.In the waste of regulatory resources in China through penetrating regulation,the main sources of penetrating regulation are the communication costs between financial supervisory authorities and the cost of training professionals to apply penetrating regulation,as well as the adoption of penetrating regulation.Contradictions with innovation and efficiency of insurance products.Chapter 4 discusses the legal regulation and path of penetrating regulation in the insurance industry,which mainly includes the logical return of penetrating regulation and autonomy of private law,the construction of a long-term mechanism for insurance regulation,a method that takes into account the cost of insurance regulation,and the use of the market for The restrictive role of the insurance industry.The logical homing of penetrating regulation and autonomy of private law mainly discusses that penetrating regulation should avoid value judgments,and the observance of judicial autonomy in the internal relationship of contracts has prevented the abuse of penetrating regulation to cause systemic risks.For the establishment of a long-term mechanism for the normalization of insurance regulation,it is clear that the governance capacity and effective regulation boundary of insurance regulation institutions should be rationalized first,and the proportion principle in administrative law should be introduced into the regulation of the discretion of insurance regulation institutions.Including the legitimacy,adequacy,necessity and narrow proportionality of purpose.The legislation on insurance regulation should follow the pre-assessment,post-assessment,and construction of public review mechanisms.The improvement of the insurance company's market coordination and restraint mechanism mainly includes the first,the responsibility to improve the internal governance of the insurance company,including the separation of ultimate ownership and corporate ownership,and the establishment of a moderncorporate governance framework to give play to the management's incentive mechanism.To improve the information disclosure system of insurance companies,the management of voluntary information disclosure should be strengthened first,and the boundaries between mandatory disclosure information and resource disclosure information should be clarified,and third-party regulation should be introduced.Improve the exit mechanism of insurance companies.And develop China's commercial credit rating system,and strengthen the use of commercial credit rating results to our insurance companies.