| The legal system of insurance company takeover in China is a general term of the legal principles and norms of insurance company takeover.Unlike the legal system of rectification,revocation and bankruptcy of insurance companies,the legal system of insurance company takeover with the characteristics of relief,legal nature and temporary nature,is one of the important systems to protect the interests of financial consumers and stabilize the stability of financial markets in China.There are serious problems in the current legal system for insurance companies to take over.First of all,the statutory condition of taking over insurance companies is concentrated on solvency standards,which is difficult to meet the regulatory requirements of the insurance market.Secondly,the composition of the take-over group and the performance guarantee norms are not perfect.The responsibilities of the take-over group cannot fully meet the requirements for the smooth progress of the take-over work of insurance companies.Furthermore,the condition for the financial assistance of insurance guarantee fund is not clear.There are many drawbacks in the application of equity assistance under the take-over procedure.Finally,the connection between the legal system of insurance company takeover and the legal system of bankruptcy is not specified,which is inconsistent with the purpose of the establishment of the legal system in China.The legal systems of insurance companies takeover in Taiwan and foreign countries are relatively mature,which can be used for reference in China.There is a mature legal system of insurance companies takeover in the United States,which includes detailed provisions on the legal conditions and the responsibilities of the takeover group.The protection of financial consumers by Singapore insurance laws is relatively perfect,and the provisions on the statutory conditions for taking over insurance companies,the responsibilities of takeover group and the elements which can ensure smooth operation are relatively advanced.The legal system for the takeover of insurance companies in Taiwan is an administrative take-over mode.The legal conditions for the take-over of insurance companies,the composition of the take-over group of insurance companies,the elements for guaranteeing the performance of duties and the synergistic effect between the legal system for the take-over and the stability fund are important reference basis for improving the legal system for the take-over of insurance companies in China.In order to improve the legal system of insurance company takeover in China,we need to determine the legal conditions for insurance company takeover first,which not only starting from optimizing financial indicators,but also including the relevant illegal violations into the legal conditions for takeover,and set up the conditions for starting according to the application.Afterwards,we needs to formulate the Regulation on the Risk Disposal of Insurance Companies,define the composition,responsibilities and authorities of take-over group and provide necessary guarantee for the take-over group to perform its duties at the legal level.In addition,we must grasp the position and role of the insurance guarantee fund in the take-over procedure,improve the legal rank of the provisions on the financial assistance of the insurance guarantee fund,clarify the conditions for the financial assistance of the insurance guarantee fund under the take-over procedure and innovate the mode of the financial assistance of the insurance guarantee fund.Of course,when the insurance company is really unable to continue to survive,the connection between the legal system of insurance company takeover and the legal system of bankruptcy is a thing where we need to make proper regulation.In order to improve the efficiency of bankruptcy proceedings,we can make institutional arrangements for the connection of the work between insurance companies taking over bankruptcy administrators,and confirm the effectiveness of receiver’s behaviors before bankruptcy proceeding in principle. |
