Research On The Legal System Of Banking Insurance Supervision

Bancassurance has several different opinions in academia,such as channel theory,product service theory and business strategy theory.Channel theory holds that banking insurance refers to banks using their own channels to sell insurance products.This is a more direct and imagery theory,while product service theory holds that banking insurance refers to products and services provided by banks and insurance companies to meet customers’financial needs.It reflects the sales characteristics of banking insurance,but it does not reveal the essence of banking insurance deeply.According to business strategy theory,banking insurance is a commercial strategy adopted by banks or insurance companies to sell products and expand services.It more comprehensively reflects the integration of resources between banks and insurance companies through channels and products,and then forms an integrated banking insurance culture.Essence.Bancassurance has been introduced into China and developed rapidly for more than 20 years,forming various modes such as distribution agreement,financial holding and indirect equity participation.At the present stage,the capital integration between banking and insurance industry in China is accelerating,and the trend of mixed operation is becoming more and more obvious.Under the new market environment.the legal system of banking and insurance supervision in China is still imperfect,and it is still strictly meaningful at the legal level.In the separate operation and supervision of banking and insurance,the situation that the supervisory department is unable to comply with the regulations and the supervised department is more prominent.At the same time,the legal system of banking and insurance supervision is lagging behind.There are specific problems such as the problems of banking and insurance practitioners,product market access,illegal sales of banking and insurance,the treatment of illegal acts,and the protection of consumers’rights and interests.There are still some omissions and deficiencies in the legal supervision system,which lead to the incompatibility between the current legal system of banking insurance supervision and the demand of market development.At the same time,there were many market disorders in the domestic banking insurance market,such as uneven qualifications of salesmen in the sales of banking insurance products,false propaganda and misleading sales by covering up the true information of insurance products,and bank insurers.Malicious competition for renewal not only infringes the legitimate rights and interests of financial consumers,aggravates the misreading and prejudice of the public towards the banking insurance products,but also makes the development of our banking insurance business encounter bottlenecks in business development.The standardization and development of the banking insurance market urgently require the reform and innovation of the relevant regulatory legal system.To strengthen the legal supervision of banking and insurance in China,on the one hand,we need to conform to the trend of mixed financial development in the world and the trend of real mixed financial operation brought about by the emergence of domestic financial holding groups,amend the laws of Commercial Bank Law and Insurance Law in legislation,relax or cancel the restrictions on mixed operation,confirm the mixed operation system from the legal level,and formulate and improve the banking insurance system.On the other hand,it is necessary to perfect and refine the legal system of banking insurance supervision,formulate and design specific regulatory measures according to the characteristics of banking insurance,and change the drawbacks of the original regulatory system.At the same time,China’s legal supervision of banking and insurance needs to draw lessons from the advanced supervision concepts and development experience of other countries,focusing on not only maintaining the normal economic and financial order,but also preventing finance.Institutional operational risk,reputation risk and systemic risk,but also to protect the legitimate rights and interests of financial consumers as an important regulatory objective,laying the "cornerstone" of the healthy development of banking and insurance.