The New Bancassurance Policies’impact Study On China’s Life Insurance Companies

With the advent of the financial mixed trends, bancassurance has increasingly become an important way of doing business, insurance companies and banks achieve a win-win strategic cooperation. Bancassurance in China began in1995and stepped in the golden age of development after more than10years of rapid development. From2001to2011, China’s bank insurance premium income soared, the proportion of the total premium of life insurance is also growing. As the end of2010, the life insurance company achieved524.535billion yuan of bank insurance premium, the bank and insurance premiums’yearly growth rate is34.99%, and rank49.95%of the total life insurance premiums. Many life insurance company’s bank insurance premium proportion is more than50%,some small companies’is more than70%,bancassurance has increasingly become the most important sales channel in life insurance companies.However, with the time of rapid growth of the bank insurance, the problem is more and more serious. The more prominent issue two points:One problem is the misleading sales. In order to increase the sales, the bank usually confuse the bank product with the insurance company’s product and exaggerate the rate of return. Second is the life insurance company in order to compete for the banking channel resources, the vicious competitive situation is unavoidable. For example, raise the fee to the bank staff and give implementation of the off-the-books and so on. These problems in recent years seriously disturbed China’s bancassurance market order and is not conducive to the healthy development of China’s banking insurance.The China Banking Regulatory Commission and China Insurance Regulatory Commission in order to strengthen the supervision of the bank insurance market and to promote the sound development of China’s bancassurance.released the Bancassurance new regulations. Launched on November1,2010, the China Banking Regulatory Commission document No.90,"the China Banking Regulatory Commission Notice on further strengthening the commercial bank insurance agency business sales compliance and risk management." Fully stop insurance companies to banks stagnation sales and limit the commercial banks to a single bank outlets settled a number of insurance companies operating sales (in principle, more than three). In March2011, the China Banking Regulatory Commission and China Insurance Regulatory Commission jointly issued a "commercial bank insurance agency business regulatory guidelines". Bancassurance new regulations makes the bancassurance business high-speed growth trend "slam the brakes."This article selected this point of view, to analysis the different life insurance companies (foreign, large and small, listed) after the enforcement of the new regulations of the bank and insurance. The idea arrangements is the following:the first chapter is the banking and insurance products overview including the concept of bancassurance, the four development model of the bank insurance business and the origin and development of bancassurance in the world and in our country then analysis the current situation of China’s bancassurance and discussed the problems at this stage of the bancassurance.The second chapter analyzes the proposed new regulations bancassurance and practical significance. First interpreted the new regulations, then described the purpose of the new regulations of the bank and insurance and also discuss the new regulations’impact, finally analyzed the practical significance of the new regulations of the bank and insurance.Chapter III of this paper analyzes the impact of the new regulations of the bank and insurance on the life insurance company in China. In the analysis of the impact of new regulations on the different life insurance companies, subdivided into the following levels:First, the overall analysis of the impact of the new regulations for bancassurance bancassurance business of whole life insurance companies in China. The second is to analyze the impact of foreign life insurance companies’.Third, the impact of the new regulations of the bank and insurance on the life insurance companies of different sizes. Fourth, the new regulations of the bank and insurance of the five listed life insurance companiesChapter IV of this article in the previous analysis of the new regulations of the bank and insurance issues and bank and insurance impact of China’s life insurance companies, our bancassurance business development put forward a four-point proposal:First, we must change the existing bancassurance cooperation mode, deepening cooperation between. Second is to actively develop new channels resources and reduce dependence on the banking channels. The third is to innovative research and development of the bank and insurance products, improve the quality of the bank and insurance products. Finally is to innovative sales model, to enhance the quality of service.