Research On Internal Control Of China 's Insurance Company Under COSO Framework

Economic development led to the prosperity of the insurance industry in China’s economic growth, a breakthrough and a peak at the same time, China insurance industry to achieve a leap forward. From2004to2014, the total premium income of insurance companies in China increased by nearly17times, almost every year to nearly20%of the premium income growth to expand. The huge size of premium income and steadily growth allows us to see the prospects for the development of the insurance industry wide. But the insurance industry is the industry agglomeration and operational risks, so it requires insurance companies to establish a more reasonable and effective management mechanism, improve the ability of resisting risk. Compared with the western developed countries, the competitiveness of China’s insurance industry is still not a small gap, the construction of the internal control of insurance companies in many aspects is still insufficient.America COSO Committee in1992issued "enterprise internal control integrated framework" in2013, the new framework of internal control. The new internal control framework not only followed the basic concept and basic structure of the old frame, and continue to implement the concept of internal control five elements, put forward a more scientific and reasonable guidance to the construction of internal control of enterprises, is a mature research at present in the world of enterprise internal control. Our country in the aspects of the internal control of the company, also made a lot of efforts to study, from the laws and regulations are constantly exploring the construction of internal control for domestic company.In this paper, under the guidance of the COSO internal control framework, using the theoretical research and case analysis method, taking YG insurance as an example, the internal control problems in China’s insurance companies are analyzed, according to the COSO report on the five elements of internal control and the17principles, take the overall situation into consideration, combined with China’s macroeconomic environment and the development of the situation at present, the insurance industry, the insurance company internal control system in our country and puts forward some suggestions for the perfection of. We also consider the COSO framework only pay attention to deficiencies in the internal environment of the company, discusses the relationship between the internal supervision and external supervision, and put forward to strengthen the Internet insurance risk control suggestion. Hope for the construction of internal control of insurance companies in China to help.