The Research About Construction Of Offshore Insurance System In Shanghai Free Trade Area

Offshore Insurance is an important part of offshore finance.It is also a product of the insurance industry’s globalization, liberalization and innovation. The FTA(free trade area) of Shanghai was established by the State Council officially approved on August 22,2013, and the financial industry trade in the region improve the openness further. Peiguang, who is the Secretary of insurance Regulatory Commission in shanghai, put forward that making the insurance market of shanghai FTA offshore market test area, focusing on innovative experimental field of insurance and insurance funds to invest overseas bases. Our commitment to the development of offshore insurance and importance is evident because of offshore insurance topping on the list in the triple positioning. Establishment of offshore insurance system to meet the needs of economic development FTA is very urgent.Shanghai FTA, as the development of a pilot offshore insurance business, we must fully recognize the profound differences between the offshore insurance business and the traditional insurance office. Shanghai FTA, as the development of a pilot offshore insurance business, we must fully recognize the profound differences between the offshore insurance business and the traditional insurance office. The non-resident property.thoroughly international, and long loose regulation and other features make offshore insurance business less binding by making markets.The risk of breaking the traditional barrier between the offshore and onshore insurance can easily cause the domestic financial crisis, and threaten economic security. There are three modes for International offshore insurance center:hybrid, both inside and outside the separation type, type of tax avoidance. According to FTA current situations, analyzing the development advantages of offshore insurance have including geographical location, policy supporting, a good foundation of insurance. Shanghai should also clear obstacles to development compared with international offshore insurance center,including the lower financial freedom.imperfect regulatory system and large talent pool gap. Then proposed FTA should take the government-led build, and market a combination of offshore insurance center to form a pattern, based on the implementation of internal and external separation and allow offshore development model appropriate insurance penetration. Then from trading partners, account management, product design, development and other captive business perspective the specific ideas. First, the object must be clearly non-resident transactions offshore insurance; secondly on account management should take strict distinction between offshore and onshore accounts; Priority development of shipping insurance combined with Shanghai in product design objective conditions, allowing foreign insurers to operate in Shanghai FTA offshore insurance business; Finally, according to the successful experiences of international offshore insurance center, preferring to introducing many offshore captive insurance industry is beginning to form a common market practice, Shanghai should also encourage the development of the market to protect themselves.Because of the offshore insurance business having high-risk, we must take effective regulatory measures without affecting the operation of its own; building a regulatory system especially from the legislation supporting regulatory policies, anti-tax evasion, money laundering and other angles to discuss. Finally, policy recommendations were put forward in view of the development of the existing problems of offshore insurance:improving infrastructure, to provide the basis for the conduct of insurance business; foster reinsurance market players to develop reinsurance business; pay attention to human resources reserves in particular insurance brokers and other intermediaries cultivation; providing tax incentives,more competitive relaxation of exchange controls, accelerating the process of internationalization of RMB; enhancing the ability of insurance innovation. By improving the regulatory framework and effective policies and measures to accelerate the pace of construction of Shanghai FTA offshore insurance system, promoting the internationalization of China’s insurance industry.