| The Insurance capital investment is an important means for insurance institutions to obtain profit sources,and it is an important premise for the function of insurance financing,and is of great significance to the development of the insurance industry.In recent years,with the accelerated development of the insurance market and the advancement of the market-oriented reform process,the scale of insurance funds has also been expanding,and the fierce competition in the insurance market has put forward higher requirements for the use of insurance funds.Some insurance institutions have experienced irrational investment behaviors such as short-term operations,irrational stock speculation,and even competition for control of listed companies in the process of investing in insurance funds.If the irrational investment behavior continues to develop,it will definitely have an adverse impact on the business development of insurance institutions,causing damage to the interests of insurance consumers and even jeopardizing the healthy development of the capital market.The legal supervision of insurance fund stock investment is determined by the particularity of the insurance industry,the long-term nature of insurance funds and the liability.The insurance industry has certain publicity and sociality.The insurance company obtains income by selling insurance products.If the insurance accident specified in the insurance contract occurs,the insurer shall bear the insurance payment obligation.The above-mentioned business process determines the characteristics of the insurance industry's first post-profit liabilities.The insurance company needs to allocate the corresponding liability reserve from the premium in the operation to prepare for the later payment.If an insurance company loses its investment due to improper investment behavior,it may result in insufficient solvency,and insurance consumers may not be able to get insurance money in time.The standardized operation of insurance funds will directly affect the public interest and market order.The supervision of insurance fund stock investment is to protect the interests of insurance consumers and to play the role of insurance social function.In addition,as an institutional investor,an insurance institution often plays the role of a leader in the capital market.If the insurance institution suffers huge losses due to improper use of insurance funds,it will also affect the domestic economy.Therefore,stock investment behavior of insurance funds should be strictly restricted.The article is divided into five parts,each of which is divided into separate parts:The first chapter mainly expounds the basic theory of the use of insurance funds,including the composition of insurance funds,insurance fund stock investment mode,etc.,and briefly introduces the development process of insurance fund utilization and legal supervision in China through historical analysis and data analysis methods.The second chapter analyzes the irrational investment behavior and its causes in the process of insurance fund stock investment in recent years.The first section analyzes the irrational investment behaviors in the field of insurance fund stock investment in recent years,including the use of insurance funds to operate listed company stocks in short-term,irrational stock speculation and even the control of listed companies.The second section analyzes the reasons for the irrational investment behavior of insurance fund stock investment.Some insurance institutions adopt asset-driven liability model,which leads to their investment philosophy deviation.Over-reliance and development of universal insurance business lead to increased repayment pressure.The failure of internal control system leads to insurance fund investment behavior being manipulated by controllers.The third chapter analyzes and evaluates the status quo of insurance fund stock investment legal supervision,and analyzes the existing problems.In view of the above-mentioned irrational investment behavior,the regulatory authorities issued special regulatory rules for stock investment,strengthened the supervision of insurance fund stock investment,and effectively curbed the irrational investment behavior of insurance fund stock investment.The second section analyzes the problems still existing in the insurance fund stock investment field after Strict regulatory policy,including separate supervision cannot meet the needs of financial mixed operation,and the lack of insurance funds for different sources and natures.at the level of specific stock investment systems,there are still unclear categories of “enterprises related to insurance business”,unreasonable upper limit of insurance funds holding shares of listed companies,and flaws in penetrating supervision and information disclosure systems.The fourth chapter introduces the experience of insurance fund stock investment supervision in the United States and Taiwan,in order to provide some experience for China.It mainly analyzes the legislative experience of the US NAIC Law and the revision process of Article 146 of the Taiwan Insurance Law,and expounds the enlightenment of the legislative experience of the United States and Taiwan.The fifth chapter puts forward suggestions on the improvement of the legal supervision system of insurance fund stock investment.First,the regulatory concept should be transformed from separate and institutional supervision to functional and coordinated supervision,jointly formulating special management measures in the field of insurance fund stock investment,and differentially regulating insurance funds of different sources and natures.Secondly,in order to make up for the loopholes in the insurance capital stock investment system,the regulatory authorities should clarify the scope of “enterprises related to insurance business”,set the upper limit of the proportion of insurance funds holding shares of listed companies,and improve the penetrating supervision and information disclosure system. |
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