| The use of insurance funds is an important way for insurance companies to obtain economic income sources,and its efficiency and profitability are directly related to the development and future of insurance companies.With the development of China’s financial market,the increase in China’s premium income and the expansion of insurance assets,the amount of insurance funds used has increased significantly,the restrictions on the use of insurance funds in China have been continuously liberalised and the scope of insurance investment use has been expanded.Insurance companies have seized the opportunity to give full play to their capital advantages in order to improve their investment returns.However,there are uncertainties such as market investment risks in the process of using insurance funds,and with the impact of the new crown pneumonia epidemic on the global economy,the current domestic and international political and economic environment is intricate and complex,and the insurance industry and the potential risks associated with the use of funds are increasing.Therefore,it is important for insurance regulators to regulate the use of insurance funds through supervision to promote the stable and healthy development of the insurance industry.With the active and iterative upgrading of digital technology innovation.China is promoting the implementation of big data as one of the strategies for economic transformation and development,and big data as an important production factor is also deeply integrated with the insurance industry.Insurance regulators,as important players in the insurance industry,are also impacted by big data technology.China’s regulation of the use of insurance funds is faced with both the problem of the backwardness of traditional regulatory concepts and supervisory approaches,and the need to address the matching of insurance regulatory innovation with the new situation in the era of big data.At present,China has formed a multi-level and three-dimensional regulatory framework for the use of insurance funds,with the insurance law as the legal basis and various regulations and normative documents as the supporting regulatory system,setting regulatory requirements including qualification of subjects,solvency,information disclosure and internal control,and building a series of regulatory information platforms.However,in the context of big data,there are still many problems with the current legal system for the regulation of the use of insurance funds.The legal regulation is not systematic,targeted and operable enough,and the insurance industry lacks a basis for data regulation,there are legal gaps and the construction of regulations needs to be improved.The use of data mining and other technologies has led to a greater risk of data leakage,and there are hidden dangers in terms of privacy protection and data security.Under the institutional regulatory model led by government agencies,various regulatory departments and platforms are carrying out different forms and contents of regulatory data collection and application.Although the stability of the insurance industry is safeguarded to a certain extent,the mixed industry nature of insurance fund application has led to the prominent phenomenon of duplication and cross-regulation,which makes data easily confused and duplicated and data collection inefficient.Various data platforms in the industry have not yet established a perfect data interoperability mechanism,and the problem of data silos has been highlighted,The application of big data technology by China’s regulatory authorities is still in its infancy and the regulatory tools are relatively uninnovative.In light of the experience of developed countries in the insurance industry and China’s basic national conditions,and in view of the current problems in the regulation of the use of insurance funds in the context of big data,firstly,based on the Insurance Law,it is necessary to formulate strict,orderly and effective single-line management regulations for the use of insurance funds,refine the principles and rules for the use of insurance funds,and improve operability and implementation.Establish a review system for regulatory documents to effectively integrate the existing complex and confusing regulations on the supervision of insurance funds,and improve the standardization and systematization of laws and regulations on the supervision of insurance funds.At the same time,the concept of supervision should be changed from the shackles of the traditional supervision model of "finding problems and then solving them" to a new dynamic and proactive supervision model of "supervising while innovating".Secondly,strengthen the data supervision of insurance fund application.Firstly,the legislation on insurance data security protection should be improved and insurance information protection regulations should be formulated in line with the characteristics of China’s insurance industry.Secondly,the supervisory authorities should fully implement the principle of notification,adhere to the principle of "minimum and necessary" and the principle of security,establish an automated system for collecting regulatory data,and then strengthen the standardization of data collection,Thirdly,it should establish a data quality standard system,establish uniform standards for system construction and data management of insurance companies,regularly issue data quality reporting mechanisms,reward and punishment mechanisms for data submission,regularly carry out data inspections and promote data rectification.Finally,improve the data sharing mechanism,promote data sharing and cooperation among financial institutions,insurance companies and government regulators,and develop standards,policies and measures for updating,exchanging,sharing and opening up insurance regulatory data resources,unify data format specifications and promote the development of data sharing technology to solve the problem of data silos.Third,innovate the means and modes of data supervision.It should also introduce penetrating regulation to improve the information disclosure system for the use of insurance funds,while drawing on the sandbox mechanism to continuously explore and innovate on the approval,data protection and information disclosure of innovative insurance investment methods,and seek a balance between innovation and regulation.The balance between innovation and regulation is sought.Develop regulatory technology such as real-time monitoring systems,regulatory data processing technology,data regulatory information systems and platforms.Give full play to the guidance role of industry associations to help the insurance industry develop in a sustainable,rapid and healthy manner. |
