A Study On The Legal System Of Information Disclosure Of The Unlisted Insurance Company

Insurance market is a typical market which is full of asymmetric information.Insurance companies own substantial information about their operation, and are at the strong position of getting the information. But market participants such as policy holders are at the weak position that can not get the information. It leads to reversion choice and moral risk ,furthermore, restricts the insurance business healthy and sustained development. According to the market, insurance company can be divided into unlisted insurance companies and listed companies, insurance companies listed disclosure information according to the current of insurance laws and regulations,and the information can be used by shareholders and police holders. Accordingly, the information asymmetry between the listed insurance companies and the policyholder had been relieved by the continuous improvement of the legal system about listed insurance company disclosuring information. However, due to our unlisted insurance company information disclosure system has just started, the relevant laws and regulations are not perfect, the information asymmetry between unlisted insurance company and policyholder is still very serious. So far, many countries have established unlisted insurance company'information disclosure legal system according to their own economical reality. After published corresponding disclosure standard and direction ,the International Association of the Insurance Supervisiors(IAIS) then put the request of unlisted insurance company'information disclosure into the supervision frame, and our insurance company listed on the legal system construction of information disclosure played a very good effect on ease of information asymmetry. Therefore, refering the relevant legislative experience at home and abroad, and perfecting the information disclosure of unlisted insurance company legal system have the extremely vital significanceTaking this into consideration,the auther starts the research from elementary theory of unlisted insurance company'information disclosure legal system. Reference from IAIS'research results and relevant countries'legislative experience, and the relevant legislative experience at home, the auther analyzes the weakness of China's unlisted insurance company's information disclosure legal system construction and proposes improvable measures correspondingly according to China's reality.The paper includes preface, main text and conclusion.The main text is divided into three chapter:The first chapter is the elementary theory of unlisted insurance company'information disclosure legal system.Above all, it introduces the emergence and development of unlisted insurance company'information disclosure legal system; Secondly, it analyzes the theoretical foundation of unlisted insurance company'information disclosure legal system from the view of economics and law. Finally, it analyzes the subject,object and content of unlisted insurance company'information disclosure legal relationship.The second chapter is the exsiting problems of China's unlisted insurance company'information disclosure legal system. In this part, the auther analyzes it from several aspects :the quality requirements of information disclosure , content, way, legal liability, etc. The problems include four parts: lacking of unified and perfective information quality requirement, uncomprehensive of the information disclosure's content ,imperfection of the information disclosure's procedure and unbalanced legal liability norms when the information disclosure duty is violated.The third chapter is the perfection of China's unlisted insurance company'information disclosure legal system.Above all , the auther proposes three principle:combine unified supervision system with improvable specific system, combine compulsory disclosure with voluntary disclosure and limited disclosure .Secondly, the auther proposes improvable measures of concrete disclosure system from four aspects: quality requirement , concrete content, following procedure and civil liability. Finally, the auther puts forward concrete suggestions on the perfection of relevant constraints of China's unlisted insurance company'information disclosure legal system.