| In combination with human society and economy's development, insurance becomes the inevitable by-products of the demand of risk diversification as well as the transfer and control mechanism of economic loss. It's one of the indispensible departments of the society development, referred as"social stability"and"powerful engine of economy". In order to ensure the efficient operation of insurance market and bring it into full play, not only the regulatory system against unfair competition is needed to implement microcosmic industry supervision on insurance institutions, but also macro-control and market management on is necessary to maintain market stability and achieve the national goal of economy. In addition. It's of great importance for the emerging insurance market in China to sum up the experience of choosing insurance regulatory mode and learn from the experience of the development of mature markets abroad.The insurance market malfunction and the special socialization of insurance industry determine the necessity of the existence of insurance supervision. In China, there is the incompleteness of insurance market due to its immatureness. Consequently, not only in the aspect of providing the credit support and saving trade cost, but also conquering the market malfunction, facilitating the insurance market functions and protecting public benefits, the insurance supervision exerts positive effects on promoting the development of Chinese insurance industry and national economy.This article focuses on how to choose the insurance regulatory mode and its effect on achieve the goal of effective supervision. Factor analysis is utilized to find out the common choice and consultant significance of insurance regulatory patterns in different countries. There are four main questions in the article. First of all, what's the rationality and root of insurance regulatory and regulatory pattern? This article re-sorts the insurance regulatory theories and makes them more abundantly; second, how to scientifically choose appropriate insurance regulatory pattern for our own country? How to increase the efficiency of the supervision identity and how to test and verify the efficacious of insurance regulatory system? Third, what's the regular pattern in the process of evolution of insurance regulatory pattern in different countries? Fourth, what's the running effect of the existing insurance regulatory system in China? Are there any problems and how to improve and optimize the existing system?The government has played the decisive role in the process of the insurance supervision regulations'forming and developing. During the commercializes reforming years, the insurance supervision regulations reflect the contradictions and conflicts between planning regulation system and market supervision system. It leads to dynamic games among the government, the regulatory authority and the emerging diverse interest groups. This article evaluates the performance of Chinese insurance regulation system from the scale and density of insurance market, the effect of insurance in the GDP and financial market and its contribution to the social economy. Through the horizontal comparison of international insurance market, there exist significant gaps between the Chinese insurance market's macro performance and the developed insurance market abroad. Apart from some historical and objective factors, it is because of the low development level of Chinese insurance market and the market structure and operational mechanism which are still in the process of perfection. Besides, the continuous innovation of insurance products and technologies has posed new challenges to the insurance regulation.Through the summary of evolution of insurance regulatory system in different countries, Public Choice Theory, New institutional economics and Industrial Organization Theory are utilized to creatively construct the model of insurance regulatory transmission mechanism. Through the analysis of insurance regulation system in developed countries, it reveals that the choice of insurance market, insurance market target and insurance regulation mode are all affected by the political and economy factors to form distinct insurance regulation format. Typical insurance regulation system in the US, the UK and Japan are selected to make a comparative analysis and decomposition analysis from insurance regulation target, insurance regulation system and insurance regulation content in order to further demonstrate that the model of insurance regulatory transmission mechanism is tenable.Finally, considering our nation conditions, some forward-looking and operable suggestions and countermeasures are proposed. The government should clarify the insurance regulation target and boundary to boost regional reasonable distribution and balanced development of insurance market. It should also enhance cooperation and coordination not only among different regulators but also among different countries to break up monopolies and narrow the legal gap so as to build a good development environment for the insurance industry. As to enterprises, it is necessary to perfect the efficient insurance institution information disclosure requirements, establish and improve objective and fair insurance rating system, bring in the dynamic solvency regulation system, actualize good insurance enterprises governance, strengthen the benefit perspective, consummate the check and balance of powers mechanism among stockholders'meeting, board of directors, board of supervisors and management layers along with establish regulations to protect related benefit. As to consumers, it is vital to boost education to insurance agent and consumers, let media to play an important role on supervising and ultimately lead the media to be a positive public opinion in order to maintain fair competition and healthy development of insurance industry. Finally, it's noteworthy that in this article, the word"insurance"only involves commercial insurance, therefore,"insurance"in the article equals to commercial insurance... |
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