The Study On Chinese Personal Insurance Agent System

Personal insurance agent, who is entrusted by the insurer, gets a commission from the insurer and handles insurance for the assured within the scope of authorization for insurance business. The theoretical basis of personal insurance agent system is that it can eliminate information asymmetry and reduce transaction costs, protect the insured and the insured person's weak interest in order to achieve maximum benefits society as a whole increment through the system under the condition of well-developed social division of labor in market economy. Based on this, the functional orientation of insurance agent system in our country is to improve the insurance supply, and reduce business costs, and promote insurance structural reform, promote employment to maintain social stability and improve the international competitiveness of the insurance agency market. The development of Chinese insurance agent market roughly has three phases, which are the client market before 1949, the establishment of a unified national market after 1949, and the all-round developing socialist market since the 80s.The personal insurance agency industry in developed countries has a long history, and it has become the main form of the development of insurance business. By personal expedition of insurance agency system in Britain, the United States and Japan nowadays, we can draw the following revelation: sound legal framework, multi-level agent architecture, agent training system and the regulatory regime combined by government regulation and industry self-regulation. By contrast, although Chinese insurance agent system has come a long way, it should be noted that there are still many problems. Its specific performance are the lack of policies and regulations, the low practitioners Conditions and the unsound operating procedures, the unreasonable commission system, the information asymmetry during proxy, etc. It is caused by many reasons such as legal System, credit system and the lack of incentive or constraint mechanisms. Thus, in purpose of promoting Chinese insurance agent market healthy and rapid.According to foreign experience in the insurance agency industry with the actual situation in our country, the following four aspects are the foundation of completing the institution of Chinese personal insurance agent. Firstly, improving relevant legal system making its legal statute clearly; Secondly, improving its commission and tax system; Thirdly, building"hybrid"regulatory approach of insurance agent, improving the prevention mechanism of moral hazard and credit crisis of insurance agents; Last but not least important, improving the mechanism to promote the quality of insurance agents.