Research On Compliance Operation Of Insurance Company Branches Under The New Regulatory Situation

In March 2018,the Central Committee of the Communist Party of China issued the "Deepening Party and State Institutional Reform Plan." According to the requirements of the "Plan",the China Insurance Regulatory Commission and the China Banking Regulatory Commission will no longer be established separately but will integrate the functions of the two to form the China Banking and Insurance Regulatory Commission.After the merger of the China Banking and Insurance Regulatory Commission,my country’s insurance supervision has fallen in an all-round way,and the new situation of strict insurance supervision has passed from top to bottom,and the compliance pressure of insurance company branches has increased sharply.Therefore,it is of great significance to study the compliance of insurance company branches under the new regulatory situation.Administrative punishment is a more direct means of supervision,and its deterrence and coercion can punish insurance companies that do not conduct business in accordance with laws and regulations and promote their development.Once the regulatory agency pays attention to the effect of administrative penalties,and the branches of insurance companies pay attention to compliance management during their operations,the quality of insurance companies’ business will increase,and the development of the insurance industry will become more standardized and stronger.This article hopes to further propose relevant suggestions to strengthen the compliance operation of insurance company branches,so as to promote the stable development of the insurance industry.This is important for insurance that plays a key role in social security,stabilizing living standards,boosting economic development,and promoting social management.The industry is of great significance.In this context,what are the characteristics of the current administrative penalties of the regulatory agencies and how to help the branches of insurance companies do compliance work is worthy of further discussion.Based on the above ideas,this article,based on the statistical analysis of the2017-2020 administrative penalty decision of insurance companies,focuses on the content of the four-year administrative penalty decision of insurance company branches,and summarizes the violations of insurance company branches.Form,establish a panel data model to analyze the influencing factors of the number of administrative penalty decisions,and specifically analyze the causes behind each influencing factor,and then make recommendations on the compliance operation of insurance company branches.This article consists of six chapters,let’s look at it in detail:Chapter One Introduction.This part mainly introduces the research background and significance of this article,followed by a literature review of the current research status of compliance management and supervision theory at home and abroad.At present,there are few quantitative researches on the compliance risk management of insurance companies.Few scholars use statistical methods to analyze the regulatory changes before and after the establishment of the China Banking and Insurance Regulatory Commission.An article on the penalties characteristics of the branches of insurance companies to do a comprehensive statistical analysis while using empirical methods to study the factors affecting the number of administrative penalties for the branches of insurance companies.Afterwards,the research methods and main content of this article are explained,and finally the innovations and shortcomings of this article are proposed.The second chapter is the definition of the concept and the theoretical basis.Define the definition of compliance,insurance company branches,and the new regulatory situation.Insurance company branches have the characteristics of incapable qualifications,major business undertakers,large numbers,and multiple levels.Under the new regulatory situation,the regulatory bodies have changed,Violations of laws and regulations are intensified,and the research objects and research background of the following text are clearly defined to facilitate the further development of research.Next,I study the compliance risk management theory of insurance companies,including corporate governance theory and comprehensive risk management theory.In the aspect of insurance supervision,the theory of public interest,capture or chase theory and the theory of regulatory economy are elaborated in detail.The third chapter is an overview of the compliance operation of insurance company branches under the new regulatory situation.Analyze the status quo of compliance operation and management of insurance companies that are not sound enough in the construction of the compliance management system and the company’s internal compliance policies are declining in effect based on the actual situation.At the same time,it analyzes the new regulatory situation from the perspective of regulatory theory and business practice,that is,the rationality of the regulatory authorities’ enhanced supervision of market behavior after the merger of the Banking Insurance Regulatory Commission.The combination of the two explains the positive effects of the new regulatory situation on the compliance operation of the insurance company’s headquarters and branches.influences.The fourth chapter is the analysis of the administrative penalty decision of the branch of an insurance company.This article focuses on the detailed analysis of the administrative penalty decision of insurance company branches from the two aspects of statistical characteristics and violation patterns,and draws the characteristics of the administrative penalty decision of different insurance company branches in different periods.First of all,in terms of statistical characteristics,judging from the number and amount of fines,the two basically showed the same upward trend,and the penalty intensity increased.From the perspective of the punishment subject,after the merger of the China Banking and Insurance Regulatory Commission,the supervisory power of the dispatched agency has increased,and the status of the punishment subject has improved.Secondly,in terms of the form of violations,from the perspective of the targets of punishment,the branches of property insurance companies are the hardest hit areas.Of course,there are different types of violation reasons for property and life insurance and intermediary company branches.Judging from the areas where the punishment targets belong,insurance company branches in economically developed areas have a large market share and receive more punishments.Chapter 5,Research Design and Empirical Test.Based on the above statistical analysis and theoretical analysis,this article puts forward four hypotheses:Hypothesis 1: The better the economic situation in the region where the branch of an insurance company is located,the more tickets will be issued by the China Banking and Insurance Regulatory Commission.Hypothesis 2: The branch of the insurance company with the higher the original premium income,the China Banking and Insurance Regulatory Commission will issue more fines.Hypothesis3: The type of branch of an insurance company will affect the number of fines,and the branch of a property insurance company will receive more fines.Hypothesis 4:The time when the branch of an insurance company is punished has a significant impact on the number of fines.After the merger of the China Banking and Insurance Regulatory Commission,the penalties have increased.The panel data model is used to establish the relationship between the number of administrative penalty decisions and the insurance company’s branch annual premium income,the type of company’s business,the economic status of the region,the penalty time and other factors,and the above assumptions are verified to be true.Chapter VI,conclusions and recommendations.This chapter draws the conclusions of this article after expounding on three parts: theoretical research,statistical analysis and empirical analysis.And in the context of the new situation of insurance supervision,it puts forward suggestions on the compliance operation of insurance company branches from the three levels of insurance company branches,insurance companies and insurance supervision departments.For the branches of insurance companies,first,seriously establish and implement the "three lines of defense" compliance management framework;second,strictly implement the insurance agent-related system;third,establish a dynamic compliance mechanism;fourth,decide on administrative penalties Book as the bottom line of compliance management.For the insurance company,first,improve and improve the enforceable compliance management system;second,strengthen the construction of a compliance culture from top to bottom,and enhance the overall compliance awareness.Regarding insurance regulatory authorities,first,follow the differentiation of regulatory policies;second,steadily deepen penalties and diversify punishment methods;third,further refine regulatory requirements to promote the return of insurance to "insurance";fourth,adhere to insurance Supervision is surnamed "supervision";fifth,supervisory departments,industry self-regulatory organizations,and internal compliance management form a supervisory force.The possible innovations of this article are manifested in the following two points: First,there are innovations in the topic selection of this article.After consulting the CSSCI database,it is found that there are very few articles using the administrative penalty decision as an entry point to explore the compliance of insurance company branches from a small view,so the selection of the topic of this article is more attractive.At present,few people use statistical methods to analyze articles about regulatory changes before and after the establishment of the China Banking and Insurance Regulatory Commission,and few have made a comprehensive statistical analysis of the penalties of different periods and different types of insurance company branches from the specific content of the administrative penalty letter as a starting point.At the same time,it uses empirical methods to study the factors affecting the number of administrative penalties in the branches of insurance companies.Therefore,this article comprehensively explores the penalties of insurance company branches under the new regulatory situation,and at the same time studies the factors affecting the number of administrative penalties for insurance company branches.Secondly,the data used in this article are all the latest data on administrative penalties publicly disclosed on the official website of the China Banking and Insurance Regulatory Commission from 2017 to2020.The amount of data is large and convincing.This article comprehensively collects and counts administrative punishment data,analyzes it from two levels of statistical characteristics and violation patterns,and reflects the trend of administrative punishment in recent years.