Investigate The Insurance Investment Regulatory Under The New Deal Background

In contemporary insurance business, the insurance company’s business is divided into two categories:One is underwriting business (insurance company’s main business); The other is the insurance investment business. With China’s accession to the WTO, it results in that underwriting profit is getting lower and lower, so the insurance investment becomes the key to the survival and development of the insurance companies. Gradually relaxing the regulation of insurance investment is in line with the insurance company to increase sources of income, but also in line with the requirements of the development of the insurance industry. In2012, the China Insurance Regulatory Commission issuing a series of the insurance investment Deal, it made the insurance investment channels further unloosed, the investment ratio further increased, the the scope of insurance asset management further expanded. Investment, after all, is a double-edged sword. After unloosing many insurance investment constraints, how to ensure the safety and liquidity of the insurance funds becomes an important issue. Therefore, under the background of the New Deal in the investment, researching the insurance investment regulatory is a significance.The first part introduces the basics of the insurance investment and insurance regulators. Firstly this part introduces the source of the insurance funds and then analyzes the characteristic--stability, liabilities, value-added and social. These features of the insurance funds decided that the insurance investment must follow the basic principles and the specific principles. The basic principles include:the security, the revenue, the liquidity and the dispersion; Special principles include: the symmetry and the balance. The six principles are interrelated and complementary. The security is a basis; The liquidity is a guarantee; The income is the ultimate goal; The dispersion, symmetry and balance are contribute to the realization of the investment objectives.Because of the asymmetric information, the bounded rationality and the social and liabilities of the insurance business, the regulatory for the insurance investment is necessary. I believe that the regulatory can be implemented from both the macro and the micro supervision:From the macro supervision, the government regulates the insurance companies’ investment behavior and the solvency. From the micro supervision, the insurance companies mainly regulate their own investment risks.The second part introduces the history of the insurance investment regulatory and the New Deal of the insurance investment. Firstly, I analyze the historical changes of the insurance investment regulatory in China; mainly consisting:(1) the indulgence regulatory stage (1979-1995);(2) the strictly control stage (19951998);(3) the regulation and supervision stage (1998-present). Then it introduces the Insurance Investment Deal in2012and this section is divided into three parts: Firstly, it introduces the main problems the insurance investment faces; Then it details the content of the Insurance Investment Deal, mainly introducing the10Insurance Investment Deal the CIRC promulgated in2012; At last it analysis the opportunities and challenges brought about by the insurance investment Deal.The third part introduces the insurance investment regulatory in some developed countries as well as the Enlightenment of these developed countries’ insurance investment regulatory to China. Choosing three countries, the United States, Britain, Japan, I introduces these developed countries’ insurance investment regulatory regime from several angles such as the regulatory body, regulatory legal and regulatory means; Then it analyzes the Enlightenment to China:(1) To ensure the diversity of the insurance investment;(2) Defines the proportion of the various insurance investment;(3) The solvency regulation has become the core of the insurance investment regulatory;(4) Classification regulation according to the property and casualty insurance.The forth part discusses the idea improving the China’s insurance investment regulatory. This part elaborates from two angles:On the one hand, from the micro-level supervision for the insurance investment risk, including (1) Regulate the investment risk from the organizational structure;(2) Regulate the investment risk from the management system;(3) Integrate the Insurance Group’s internal resources to establish the team full of investment professionals;(4)Strictly control the insurance investment ratio to prevent the risk of excessive speculation. On the other hand, from the macro level to consider the government regulation, including (1) Strengthen the insurance investment information construction;(2) Improve the quality of regulators;(3) Build a cross-disciplinary communication platform;(4) Learn the advanced technology to improve the regulation level;(5) Classification regulation distinguishing the insurance funds.