The Research On Development Of China Insurance Industry After Entering Into WTO

During the five years after entry to WTO, China government is devoting to the promise on GATS for opening domestic insurance market steadily. The number of foreign insurance companies increased from 14 in 2000 to 40 in 2005, the limit of working geographical and business operation has been expanded. Chinese and foreign insurance companies are developing under the circumstance of fair competition. Our insurance business improves its service level and competitiveness learning from advanced business thought and technology of foreign companies. From 2001, insurance industry became one of most rapidly developing industry in national economy with 25.29% rate of premium increase. Chinese Insurance Regulation Commission is establishing modern framework of insurance regulation system, including solvency margin regulation, marketing activity regulation and company management regulation. In the process of reform and opened to outside, especially entry to WTO, Chinese insurance industry is much concerned by the society, and is developing on scale, technology, products and service. Insurance main parts increase, foreign insurance companies gain national treatment, insurance regulation strengths, insurance legislation perfects. However, compared with insurance in world level, there is a certain distance. Due to short development, a market competitive mode has not been found matched up with actual productivity till now. Chinese insurance business is restricted further development by unfair competition, non-perfected market legislation, disordered competitive system, and weak capital application, to name a few.We look forward to finding out how to apply for insurance terms and improving the competitiveness of domestic insurance companies. Regarding from products innovation, capital application and legislation regulation, we have the research on types of insurance, organization form, regulatory system, tariff policy, operation of premium rate and insurance regulation, aimed at: all-round and diversified insurance needs, scientific and intense development, international and comprehensive operation, independent and deepening innovation and systematic and professional regulation.