| The insurance industry as an important part of the financial industry, contains both risk and financial. Differences in the business activities such as the status of each part of the participants in the transactions of the insurance business, the desire of the exchange of information, the owning of the resources and knowledge of insurance, etc.cause the other one can’t know the information that he hopes or would have able to know, so the phenomenon of Information asymmetry in the insurance market is formed.Since the problem of information asymmetry on the insurance market, the Pareto optimal equilibrium on the market can not naturally realized through market mechanisms alone, and the efficiency is declined. In addition, information superiority uses superiority to seek benefits, for information vulnerable side, which is also extremely unfair. In practice, judicial disputes due to information asymmetry is numerous, which has undoubtedly a great impact on the image of the insurance industry in China, which is at an early stage of development, the damage is not shallow. Therefore, the existence of information asymmetry in the insurance market research is necessary. Although asymmetric information belonging to the areas of economics, to solve the problem is not limited to the field of economics. Information asymmetry itself will affect the behavior of market players; the law (Insurance Law) will affect the wishes and decisions of them to share information. It’s helpful to take a research on how the specific regulation of the insurance law weak, and eliminate information asymmetry and identifying the deficiencies in the existing legal through the research.The perspective of this paper contains economics and law, taking a research on information asymmetries widely found on the insurance market. It takes analysis on the regulations, and puts forward to the recommendations of the author. This research on the one hand could provide treatment basis and learn for disputes caused by information asymmetry, On the other hand, it also identifies some problems remaining in the Insurance Law, and offers some appropriate recommendations to improve the Insurance Law.This paper is formed by six parts:an introduction and five chapters.Introduction. This part summarize the existing research literature from the significance of the legal regulation of the insurance market information asymmetry, theoretical study tools, and introduces the basic ideas and structural framework.The first chapter, the theoretical basis of the insurance market information asymmetry. This chapter has defined the basic theory of the insurance market information asymmetry and information asymmetries exist in the insurance market, putting forward to the consequences of the information asymmetry:adverse selection and moral hazard.The second chapter, the performance and the impact of the insurance market information asymmetry. This chapter analyzes the information asymmetry between the insurance market players:the two of the insurance contact, the insurance companies, the insurance companied and the insurance agents, the insurance companies and the regulators, and shows adverse impact on the insurance market through the analysis.Chapter Ⅲ, the insurance market information asymmetry analysis:based on game theory. This chapter takes game playing analysis on the types of information asymmetry described by the previous chapter. Though the analysis, it finds one mean of partly eliminating information asymmetry’s adverse impact:the establishment of an information disclosure system.Chapter Ⅳ, the legal regulation of the insurance market information asymmetry ideas and policy recommendations. This chapter focuses on the insurance market asymmetric information in China’s Insurance Law legal regulation, respectively, from the two aspects of the Insurance Contracts Act and the Insurance Act to precede, with specific ordinance, this analysis illustrates. Through these analyzes, and in contrast to the foreign-related legal regulation, it tries to find out some of the deficiencies of the existing insurance law, and put forward to some policy recommendations.Chapter Ⅴ, Conclusion. Basic view of this paper to summarize it. By finishing the previous literature, I found some shortcomings of the current study, for example, in the insurance market information asymmetry, research is focused on the insurance contract, and the others are mostly theoretical qualitative analysis, which is lack of game analysis based on information economics. For the regulation of the relevant laws, amended Insurance Law in China in2009revised or increase some provisions, such as Article19of the standard terms, non-defense clause, and suicide clause for these terms, has not been systematically integrated into insurance information asymmetry within the system of legal regulations. In addition, the legal regulation of information asymmetry between insurers and insurance agents, domestic research are more from the angle of agency by estoppel, unauthorized agency Law qualitative analysis, and analysis from the perspective of information economics is less. For regulation of asymmetric information between insurance regulators and insurance law, domestic literature is more focused on the regulatory model comparison and selection to little specific analysis of legal regulation. Based on this current situation. I try to take the research and innovation in the following aspects:a clear concept of asymmetric information on game theory and information asymmetry theory, principal-agent relationship theory and basic theory; Both the insurance information asymmetry between insurers and insurance agents, insurance regulators from the performance and impact analysis; Economic analysis of the relationships from the perspective of game theory, that the information asymmetry caused by the loss of the total social welfare and efficiency; Qualitative analysis of the value of the information asymmetry legal regulation of both economics and law; Protection Law, and analysis of information asymmetry legal regulation; Insurance Law and Insurance Law in accordance with the foregoing analysis, combined comparison of Chinese and foreign laws, identify the deficiencies of our current insurance law in this regard, and gives suggestions for improvement. |
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