Research On The Optimization Of Regulatory Policies In Life Insurance Industry

Since April 2017,the life insurance regulatory department has issued a series of regulatory policies to further strengthen insurance regulation and maintain the stable and healthy development of the insurance industry.The regulatory documents clearly require that: insurance companies should be supported and encouraged to vigorously develop personal insurance products and develop personal insurance products that are conducive to ensuring and improving people's livelihood.Strengthen the insurance product management system.Further revise the insurance product management system,strengthen the main responsibility of the insurance company's product management,standardize the insurance company's product development management behavior,and formulate the insurance terms and insurance rates fairly and reasonably.Strictly supervise the products,implement the spot check mechanism after the filing of products,force the withdrawal of problematic products,and intensify the notification and punishment of problematic products.We will explore the establishment of a hierarchical and classified management system for life insurance business,and standardize the business operations of insurance companies,such as channels and products.Adhere to the guidance of deleveraging,nesting and channeling,strictly supervise the investment of insurance funds in various financial products,and prohibit investment in multi-layered nested products such as unclear basic assets,unclear capital destination and unclear risk status.We will further improve the guiding policies for the national strategy of insurance fund service and the supporting policies for the real economy.After the adjustment of regulatory policy,the life insurance industry is unavoidably acclimatized.The medium and short-term survival products that originally occupied the main force of the life insurance market could not meet the requirements of the documents and were forced to delist.The insurance products promoted by the documents were not just needed by the majority of consumers,the promotion degree was not high,and the market capacity could not meet the expectations of the documents.With the weakening of life insurance market production capacity,the income of marketing personnel has been greatly reduced.In the documents,the channel,product and other business operation behaviors of insurance companies have been clearly regulated.The professional skills of marketing personnel have also been seriously tested,and the sales team is difficult to continue.In the past,small and medium-sized lifeinsurance enterprises mainly sold short and medium-term survival products,and invested in high-risk nested products to expand rapidly.After the release of the documents,small and medium-sized life insurance enterprises could not meet the requirements of the documents and withdrew from the market in an all-round way.At the same time,it was difficult to turn around the investment capital,with serious liabilities,and the gap with large-scale life insurance enterprises gradually widened.In the face of a series of impacts caused by regulatory policy adjustment,this paper puts forward some optimization suggestions for China's regulatory authorities based on the relevant experience of developed countries and China's own situation.First,we can learn from the relevant experience of the American life insurance industry,through the adjustment of tax policies,we can reduce the tax burden cost of the life insurance industry,so that the profitability and solvency of the life insurance companies can be improved,and it is also conducive to the transformation and upgrading of the life insurance industry and the return of insurance to the guarantee body.Through the impetus of tax policies,we can improve tax preferential health insurance and tax deferral The promotion of type B endowment insurance can achieve the purpose that the regulatory authorities require insurance to return to security.Second,it is suggested that the regulatory authorities should improve insurance laws and regulations,implement the mixed management of employee system and personal agent system,and provide the marketing personnel with two directions,so that the sales personnel can make a choice according to their own situation,and retain more sales personnel on the premise of ensuring the retention of outstanding personnel and providing stable basic wages and social security through the employee system On the other hand,China's regulatory authorities can refer to the situation in Japan,intervene in administrative guidance,increase the space for flexible handling of regulatory policies,actively support small and medium-sized life insurance companies,guide insurance companies to provide differentiated services,and deepen communication and cooperation with multiple industries,so as to improve the overall financial services Ability and level to improve the diversity of the market.Third,according to the assessment of asset and liability management ability and quantitative assessment score,the regulatory authorities of our country can also implement differentiated supervision on insurance companies of different scales,highlight the key points of supervision,and further narrow thepolarization of life insurance market.