Legal Regulation Of China's Housing Mortgage Loan Insurance

With the ripeness and the development continually of the insurance market, the mortgage insurance has maken some prograss. As the cancling the rule of "forcible bound", the present situation of the insurance is not optimistic. Although insurance companies made some changes one after another, trying to attract the consumers on it, and the banks also ensured their creditor's rights in this way. For example, the percentage of the cancellation the insurance and not insuring was increasing rapidly. Particalarly in 2006, the USA broke out the Subprime Mortgage Crisis, which aslo baffled development of our internal mortgage insurance. Even the voice "the mortgage insurance is of no use" was more and more higher. So the mortgage insurance is now facing the harzard of dropping out of the insurance market.As to get through difficult situations, it is very necessary to rationalis the insurance content and consummate the legal system of the mortgage insurance. Accordingly this article which is found of four aspects researches on China mortgage insurance in terms of the legislative regulation about it, for examples:First, this aspect mainly expatiates on the generantion and the development of the mortgage and the history origin of mortgage insurance. The paper believes that the development of mortgage insurance is based on the expansion of the mortgage system growing endlessly. The mortgage insurance born in America, which came into Chinese Mainland from Hong Kong in 90s, has maken larger progress by 20 years. At present, our mortgage insurance is mainly housing mortgage compositive insurance, including Housing property insurance and Mortgage gurantee insurance. A new developing aspect of mortgage insurance which will grow as a kind of the life insurances also displays hearty life force at the same time.The second part selectively analyses the legislative regulation of China mortgage insurance, which summarizes the current situations about my mortgage insurance, prominent problems and analyses the causes of them. The paper considers that the legal effect of the mortgage insurance is low, of which the applicability is narrow. Even its regulations are the ones which each insurance company made itself. These ones don't have force of law and contents were illogical. Hence why there are many questions to be raised now. In the last analysis, because the content of mortgage insurance can't balance the profits among the parties.The third aspect introduces the foreign legal norms and systems about the mortgage insurance and use the exprerience of other countries for reference.The last one advices how to perfect the institution of law of China mortgage insurance. This paper argues that to development Chinese housing mortgage insurance stably and orderly, we must improve legislation and to strengthen the effectiveness of its laws and regulations, while reasonably regulate their insurance policy, and expand coverage to strengthen the protection of the interests of vulnerable groups and increase the China Insurance Regulatory Commission oversight functions, for the insurance protection of the rights of consumers with a layer of barrier.