| With the continuous development of China’s economy and society,on the one hand,the people’s demand for insurance is becoming A growing number of vigorous,and the scale of insurance funds accumulated by insurance companies is expanding.In order to obtain more income,insurance companies have A growing number of strong motivation to invest in insurance funds.We can see that in recent years,there are A growing number of types of insurance funds that can be invested in China From creditor’s rights to private equity funds and asset management plans,the rich investment channels are conducive to giving full play to the role of insurance funds.However,it should also be noted that the current restrictions on the proportion of insurance fund investment are unreasonable.According to the notice on strengthening and improving the supervision of the proportion of insurance fund utilization(hereinafter referred to as the "notice")issued by China Insurance Regulatory Commission(CIRC [2014] No.13,the "notice")of China Insurance Regulatory Commission(CIRC))The proportion of setting up major categories of supervision over insurance funds: the total book balance of equity investment assets is not higher than 30% of the corporation’s total assets at the end of last quarter,and the book balance of major equity investment is not higher than the corporation’s net assets at the end of last quarter.The book balance does not include the equity of insurance enterprises invested by the insurance corporation with its own funds;the book balance of real estate assets invested by the insurance corporation shall not exceed 30% of the total assets of the corporation in last term.The book balance does not include the self use real estate purchased by the insurance corporation.The book balance of the real estate purchased by the insurance corporation for its own use shall not be higher than50% of the net assets of the corporation at the end of the previous quarter;the book balance of the investment in other financial assets shall not be higher than 25% of the total assets of the corporation at the end of the previous quarter;the overseas investment balance shall not be higher than 15% of the total assets of the corporation at the end of the previous quarter.At the same time,the notice also sets the concentration risk supervision ratio: the book balance of single investment in fixed income assets,equity assets,real estate assets and other financial assets shall not be higher than 5% of the coporation’s total assets in last term.Investment in domestic central government bonds,quasi government bonds,bank deposits,major equity investment and equity investment in insurance enterprises with its own funds,purchase of self use real estate,and purchase of insurance asset management products within the group are excluded.The total balance of investment in a single legal entity shall not be higher than 20% of the total assets of the corporation at the end of last quarter.Investment in domestic central government bonds,quasi government bonds and equity investment in insurance enterprises with its own funds are excluded.What we can understand is that because of the huge amount of insurance funds and the nature of their liabilities,if they are not subject to proportional regulation,the probability of causing systemic financial risks is relatively large.However,we should see that the notice was issued in 2014,which has been six years.In these six years,great changes have taken place in China’s capital market and financial system.If we still use the proportion specified in the notice,it is not conducive to the real play of the role of insurance funds,but will curb the role of insurance funds in promoting China’s economic development to a certain extent.Of course,we should also see that in recent years,insurance funds have frequently intervened in the development of the real economy by making use of their own economic advantages.The most typical case is the "Baowan battle".The real estate industry is not only a financial support industry,but also needs rich experience,substantial talent reserves and hard technology.Baoneng series,as an insurance corporation,has no face-to-face experience in real estate operation,and its intention is to develop real estate The motive behind holding shares of listed real estate companies is to try to make profits for themselves by making use of Vanke’s excellent profitability and the identity of listed companies.This is a typical case of excessive intervention of insurance funds in the real economy,which is not in line with the national positioning of financial services for the real economy.This kind of behavior must be strictly supervised.In the past,the biggest contradiction in the use of insurance funds is the strength of supervision.On the one hand,we should not be too strict,set too high investment ratio and more channel restrictions,otherwise it will stifle its positive role;on the other hand,we should not let insurance funds go,otherwise it may lead to excessive intervention in the development of the real economy.The first chapter of this paper will start from the basic theory,first define the insurance fund from the legal point of view,and then study the concept,significance and principles of the use of insurance funds.The second section will sort out the current laws and regulations on the use of insurance funds in China,and have a clear framework for the permission and restriction of the use of insurance funds.The third part will study why the use of insurance funds As mentioned above,insurance funds must be regulated because of their liabilities and potential intervention in the real economy.The second chapter will introduce the current situation of the use of insurance funds and legal supervision in China.Through the analysis of the balance of insurance funds published by the CIRC in recent five years,we can conclude that the balance of insurance funds in China is increasing.In the meanwhile,through the deeper analysis of the balance,we can find out that insurance funds are invested in three categories:bank deposits,bonds,securities and equity.The second section is the obvious innovation of this paper Through the analysis of the cases that the use of insurance funds does not meet the regulatory requirements,we can see the regulatory focus on the use of insurance funds and the regulatory problems of regulatory agencies.The third chapter focuses on the practice of insurance fund operation supervision in several representative countries of common law system and civil law system,hoping to provide some reference and help for our country.Of course,because of different national conditions,we can’t directly use it.Instead,we should adopt the mentality of learning from others but not blindly follow them,and improve the useful measures in China.The fourth chapter mainly aims at some problems found in the second chapter,and puts forward some suggestions,such as moderately relaxing the proportion of supervision,increasing the intensity of punishment,emphasizing key supervision and so on,in order to provide useful ideas and suggestions for the use of insurance funds in China. |
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