The Reform And Construction Of Inner Mongolia Insurance Regulatory

On the 13 th National People's Congress,State Council institutional reform program was first introduced,which proposed to combine Insurance Regulatory Commission and Banking Regulatory Commission together as China Insurance and Banking Regulatory Commission.The current system has flaws that the cross-supervision is required,and supervision responsibilities are not clearly defined.The new State Council institutional reform program will coordinate supervision finance cooperates better by enhancing comprehensive supervision and optimizing resource utilization.The China Insurance and Banking Regulatory Commission raised new challenges,the drawbacks for mixed business operation but separated supervision is exposed.Combining of the functions is now a trend.Before the combination,the risk of the Insurance industry is increasingly obvious.There are issues such as the insurance products are deviated,insurance companies' operations are too radical,andcompetitions in insurance markets do not follow the regulations.On the insurance supervision side,the separated supervision leads to unclear responsibility,low power of supervision and low awareness of risks.The root cause of this is the system of the supervision,in which exists issues in both legal and policy sides.Dealing with these issues correctly is the foundation to develop insurance industry healthily.This article raised solutions for enhancing peoples' understanding,improving laws and regulations,sticking to the bottom line of industries and governing the market,by our regions' current situation and the background of the combination of Insurance Regulatory Commission and Banking Regulatory Commission.