Research On Internal Control Of Funds Utilization In Insurance Companies In China

After the global financial crisis in 2008, the reform of China’s financial industry has been speeding up, financial market has become increasingly active, financial products are constantly updated, financial institutions are continuously innovating and developing, gradually formed the function relatively complete system of financial institutions including banking, securities, insurance, trust and so on. The financial industry has developed from an institution with the single savings and loan function into a modern financial system in order to adapt to request of the market economy, which effectively promoted the economic growth and expanded the employment, and becoming one of the important industries of the national economy. And as an important part of financial market, the insurance company plays a critical role in the maintenance of the healthy development of financial markets and financial stability.At present, by the end of 2014, there are 152 various types of insurance company in our country with assets of more than 10 trillion yuan. For industry transformation and the need of their business adjustment, the uses of funds are more and more getting the insurance company’s attention, which is directly related to the sustainable and healthy development of insurance industry and the fundamental interests of the insured. At the same time, with the deepening of financial reform, the risk factors of the uses of insurance funds are increasing and growing.Although CIRC takes the "enterprise internal control basic norms" released by five ministries as a benchmark, issued the "insurance company internal control basic principle" in August 2010, and put forward the specific requirements for the internal control of insurance company. According to the requirements of CIRC, most of the insurance companies set up internal control system, but enforcement of internal control still need to improve, some internal control program of particular program will still need to perfect. To further perfect the internal control system, improve the risk prevention ability and realize the stable operation will be one of the key contents of reform and work of the insurance companies in our country in the future. Use of insurance funds is the key of the insurance company internal control. The control of fund utilization including strategic asset allocation, assets and liabilities matching, investment decision management, transaction management,assets management control and other main control links. If not properly deal with risks and strengthen internal control, it will not only cause the insurance company business loss, but even trigger systemic risk and interfere the stable operation of the insurance market. Therefore, internal control research of the use of insurance funds has attracted more and more attention. Take the insurance company internal control of the uses of funds as the research subject, and the theory of cybernetics, internal control and risk management as the research basis, through the analysis of the present situation of insurance company internal risk of funds utilization and existing problems in our country and learn from the practice and experience of the excellent foreign insurance companies internal control of funds utilization, this article propose further countermeasures and suggestions to perfect insurance company internal control of funds utilization of our country.The full text is divided into five parts:The first part:the selected topic background and research significance of this study, domestic and foreign research literature review, research framework and the methods and the innovation points and shortcomings of this study. The second part: the analysis of the related theories of our country insurance company internal control of funds utilization.From the meaning and characteristics of cybernetics and the internal control to the framework of insurance company internal control of funds utilization in our country, analyzing the internal control of funds utilization of our country insurance enterprise in theory.And analyze the main way, characteristics and content framework of the internal control of funds utilization in our country enterprise.The third part: the analysis of the present situation of the insurance company internal control of funds utilization. First introduce the current station of the development of our country insurance company funds utilization and the insurance company internal control of funds utilization.And then find out the defects and reasons of the internal control of insurance funds utilization, finally study the successful experience of the internal control of insurance funds utilization of Pingan insurance group, and summarizes the enlightenment on the similar enterprise internal control in our country.The fourth part:international comparison of internal control and the enlightenment of our country insurance company internal control of funds utilization.Introduce the experience of some developed countries insurance company internal control system of funds utilization.Analyzing the successful experience of the internal control of insurance companies funds utilization of developed countries from the internal control environment, risk assessment mechanism, advantages and characteristic. And research its experience to perfect our country insurance company internal control system of funds utilization.The fifth part: policy recommendations of our country insurance company internal control of funds utilization. On the basis of comprehensive analysis of the above chapters, set the basic principles of insurance company to further improve internal control system of funds utilization, and put forward concrete suggestions to the insurance company internal process control system, the internal environment and construction of related supporting policies of environmental protection.