Constructing Life Insurance Company Internal Control Based On ERM-IF

Internal control, as the basis of enterprise operations management system, is a fundamental guarantee for sustained and healthy development of the enterprise. For life insurance companies as a special industry, business risks, but also should pay attention to the building of internal control to build a life insurance industry, risk prevention, the first line of defense.However, China's current life insurance company's internal control is weak, there is still a lot of problems, such as the company's risk awareness weakness, problems with corporate governance structure, asset protection ineffective, audit monitoring is not in place, etc., which are severely constrained the development of our internal controls, thereby preventing China Life Insurance Company and health effectively.Because of this, to build the internal control system was of great significance to establish an effective internal control system within the company can make a clear mandate, powers and responsibilities clear and help to improve staff productivity and inter-sectored collaboration capabilities; is also beneficial to the external environment changes in a rapid, accurate response, to improve competitiveness; the establishment of effective internal control system that allows shareholders to understand whether the operators are honest and reliable, whether dutifully fulfilled its fiduciary duties; the establishment of effective internal control system that can protect the company safety of the assets to ensure that the correct accounting information to control operating costs and reduce waste, thereby ensuring the effective discharge of duties of operators and corporate activities are in strict accordance with the management plan for the targets; to establish an effective internal control system, can make up for China's life insurance regulatory system.As for how to build our internal control system, I think we can choose ERM-IF framework for three reasons:First, ERM-IF represents the latest achievements of internal control theory and its emphasis on internal control and risk management, a combination of ideas and life insurance companies that a company specializing in the risk of ideals, life insurance companies use ERM-IF to build the internal control system should be more than other industries operable; Second, ERM-IF and corporate goal of maximizing value in line with the corporate consistent with the interests of the owner; third, ERM-IF can be in many areas to improve our internal control and risk management, the level of the insurance industry and increase competitiveness. From our insurance company's internal control and risk management, the status quo, the characteristics of enterprise risk management framework can be found, ERM-IF can be in many areas to improve China's insurance industry, the level of internal controls, improving risk management in China's backward situation of insurance companies, in particular the WTO As the financial future increasingly fierce competition in the growing point of the potential risks.Based on this, this paper selected life insurance company's internal control of the theoretical meaning and practical significance of the topic, analysis of China's life insurance company's internal control theory and practice of the status quo, to explore better able to guide the practice of China's life insurance company's internal control theory, and life insurance company's internal control against our main problems in practice, make recommendations accordingly, hoping to China's life insurance company's internal control over the building to make the modest means.Because China's life insurance company's internal control on the study are based on IC-IF as a theoretical basis, this paper presents the theory of China's life insurance company's internal control should be IC-IF into ERM-IF, internal control and risk management to achieve the integration, the establishment of a risk management as the center's internal control system in order to better guide our life insurance company's internal control practice. At the same time, this paper ERM-IF as a guide for our life insurance company's internal control are the main issues relevant comprehensive proposal.