| This paper is based on the "China's second-generation solvency regulatory system development plan(referred to as "C-ROSS").It is developed by the China Insurance Regulatory Commission in early 2012 and initially implemented in 2015.The paper briefly introduces the two generations of the EU Solvency insurance supervision system and China's first-generation and second-generation insurance solvency regulatory systems by the method of comparative analysis.Through the overall research on the various insurance industry professional data since the initial implementation of C-ROSS,the analysis led us to the fact that C-ROSS has significant performance in enhancing the correlation of risk and solvency,asset allocation efficiency,risk early warning and release of redundant capital.The achievements can not only improve the insurance assets investment and optimize the distribution of assets and liabilities,but also improve the level of insurance companies' internal risk control and prevention through solvency minimum capital and a series of index early warning and risk.There are some deficiencies in business risk calculation and measurement,namely the rules that the reinsurance business uses to judge the lowest risk capital evaluation especially for insurance risk and credit risk.At the same time,the solvency measure standard model underestimates the probability of extreme risk conditions.Finally,the conclusion of the analysis and analysis of this paper is that C-ROSS has achieved significant performance from the initial implementation in 2015 and also has certain deficiencies and room for improvement,thus further analysis is needed.The research method used in this paper is qualitative analysis as well as quantitative analysis.To begin with is the qualitative description and comparative analysis of the development history of the EU and China's insurance industry.The paper uses qualitative analysis method to analyze the evolution process of Solvency supervision system of the European Union and China's insurance industry,as well as the localization of insurance regulation of the EU Solvency ? and ?.During the evolution of the insurance regulatory system,quantitative analysis is conducted by introducing the comprehensive factor model and the optimal asset allocation model to analyze the performance and existing problems in the initial implementation stage of C-ROSS.The factor model is used to analyze the correlation of risk factors of insurance companies and the ability of market risk early warning management.The RAROC risk adjusted return model is used to analyse insurance company investment returns.The return on assets mean variance model is used during the analysis of the insurance company asset allocation results,which is concluded that China's new insurance management system of the solvency of insurance company plays important guiding role in reducing the risk of insurance company and improving asset utilization of optimal asset layout.At the end of this paper,the author 's suggestions are divided into five aspects namely the government,regulatory agencies,industry self-regulatory organizations,insurance companies,and the insurance industry practitioners.The government should promote the establishment and improvement of the insurance market laws and regulations and the establishment of a market operation mechanism,based on the performance of the "reimbursement of the second generation".The insurance industry and the current status of risks,use risk early warning mechanisms to intervene market risk through market measures and administrative policies.The industry self-regulatory organizations should act as supplementary functional agencies to supervise insurance in real time.The insurance companies should strengthen the construction of internal governance framework and the risk control system,and timely report assets and liabilities operations through information disclosure.The employees in the insurance industry should improve their professionalism and professional ethics level. |
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