Recently announced the State Council reform programme to promote the integration of the CBRC and the CIRC, the establishment of the Bank of China Insurance Regulatory Commission. For a time, there is a heated discussion about the regulation of insurance. It is widely believed that under the background of comprehensive financial development, the return to mixed supervision is the general trend, no matter how the regulatory environment changes, the goal of promoting stable and healthy and rapid development of insurance industry has not changed. However, the Beijing Commercial News reporter survey learned that the regulatory concept is turning to the nature of business to divide the subject of supervision, from industry supervision to functional regulation.
Equity, capital, products, channels and other areas of chaos will continue to be regulated.
The change of the legislation "A line of three" will become a history, "the First Committee of the two sessions" to become a new pattern of financial supervision, functional division into the industry's focus. As for the merger of the CBRC and the CIRC, the industry generally believes that this can play an active role in unifying regulatory standards, reducing communication costs and eliminating regulatory arbitrage.
The information shows that the CIRC has been established and participated in the industry supervision for 20 years, and its main duties include formulating policy and policies for the development of the insurance industry, formulating trade development strategies and planning, drafting laws and regulations on insurance supervision, enacting industry regulations, approving insurance companies and their subsidiaries, insurance companies,
The establishment of an insurance holding company and other matters assigned by the State Council under the supervision of the insurance institutions established by the domestic insurance and non-insurance institutions in accordance with the law. According to the State Council's March 13 reform programme, the CBRC and the CIRC merged to form the Bank of China Insurance Regulatory Commission as a public institution under the State Council to unify the supervision of banking and insurance. At the same time, the reform plan will be the CBRC and the CIRC to draw up the banking sector, the insurance industry important laws and regulations of the draft and prudential supervision of the basic system of responsibility into the central bank. Since the new framework of China's financial supervision has officially landed, "the First Committee of the two sessions" financial regulatory framework includes the Golden Stability Committee, the central Bank, the Bank of China Insurance Regulatory Commission, the CSRC.
In the future, the legislation of the insurance industry will stand on the overall development of the financial industry and risk prevention.
In the "one committee of the two sessions" function, the industry believes that, whether in the institutional positioning or in the role of positioning, the Golden Stability Committee has played a coordinated financial reform and development and supervision of the finance industry "big head" role. Circ stressed: "The central government decided to form the Bank of China Insurance Regulatory Commission, which is a systematic, holistic and restructuring of the financial supervision system, is to promote financial services ' three big battle ' and implementation ' The major initiatives of the three major tasks, in line with the new era of the party and State Enterprise development needs, in line with the new era of financial reform and development direction, in line with the objective requirements of the new era The reform is beneficial to perfecting the financial supervision system, completing the supervision short board, strengthening the system, integrity and coordination of the supervision, preventing the financial risk from being dissolved, improving the overall operating efficiency of the financial market, reducing the operating cost of the real economy and promoting the financial service to the real economy. ”
Circ stressed: "The central government decided to form the Bank of China Insurance Regulatory Commission, which is a systematic, holistic and restructuring of the financial supervision system, is to promote financial services ' three big battle ' and implementation ' The major initiatives of the three major tasks, in line with the new era of the party and State Enterprise development needs, in line with the new era of financial reform and development direction, in line with the objective requirements of the new era The reform is beneficial to perfecting the financial supervision system, completing the supervision short board, strengthening the system, integrity and coordination of the supervision, preventing the financial risk from being dissolved, improving the overall operating efficiency of the financial market, reducing the operating cost of the real economy and promoting the financial service to the real economy.”
Investment change
The insurance regulatory environment has undergone major changes, in addition to return to the mixed supervision of the general trend, but also with the insurance industry in recent years the chaos is not unrelated, the past crazy investment has been controversial. According to the function of the CIRC, one of the functions of the Insurance fund is to undertake the supervision of the use of insurance funds. 2012 years, the CIRC organized the "Insurance investment reform and innovation closed-door seminar" to negotiate more than 10 insurance investment New Deal, one months later, the risk of 13 of the New Deal has been released, insurance funds can be invested in almost all the channels open. In the rapid expansion of the size of the insurance industry, some insurance companies in the stock market, the birth of a High-profile "star" attracted a lot of controversy.
After the chairman of the SFC, Liu Shiyu, issued a speech against the robber-type lifting, the insurance industry began to fully implement the "insurance industry", and for the first time put forward the requirement of "supervising the Circ". Chen, vice chairman of the CIRC, has also been shouting to the market: "To shake up the market turmoil without wavering, in view of the current stock market turmoil, capital chaos, product chaos, and investment chaos, we must let the supervision of the teeth, a heavy strike, the rectification of the chaos, chaos and chaos as the industry to rectify the fundamental, back on the right track of the important content.”
Some people in the industry pointed out that, because the insurance company's supervisory body is the CIRC, and the securities market regulator can not accurately obtain the relevant information of the insurance company to raise the brand shares, which leads to the inability to effectively regulate the conduct of the Act, can only be shouted "barbarians" form to beat these risks. The Financial Stability Development Committee of the State Council, established in July 2017, is to strengthen the coordination of financial supervision and completion of the supervision of short board. Since this year, the CIRC has made a successive statement on the use of insurance funds, including the "Insurance funds use management measures" issued in late January, explicitly put forward the use of insurance funds to insist on independence, shareholders can not violate illegal interference, Chen in the training course, the use of insurance funds to adhere to service insurance industry
We should grasp the direction of serving the national strategy and the real economy.
Channel change Money-management insurance has once been a big line, the Bank of the channel to become the channel "boss."
In this channel sales have been misleading, deposit into a policy to see newspapers. In order to eliminate this phenomenon, in 2010, the CBRC unilaterally issued the "on the further strengthening of commercial banks acting insurance business compliance sales and risk Management" notice, the first clear call to stop the "sales", the bank has qualified personnel to unify sales. At the same time, each bank's insurance sales outlets can only be agents of not more than 3 insurance companies products.
Until 2014, the CIRC jointly with the CBRC issued a notice on further standardizing the sales behavior of commercial banks ' acting insurance business, further standardizing the bank insurance business and preventing misleading behavior of the elderly. Zhu Junsheng, deputy director of the Insurance Research Institute of the Financial Research Center of the State Council Development Research Centre, said: "The responsibilities of the CBRC and the CIRC in drawing up important laws and regulations on banking and insurance and the prudent supervision of basic systems are included in the People's bank, which means that important laws and regulations of the banking and Help clarify the bank, the objective of insurance supervision, which is mainly based on risk monitoring and consumer protection rather than industry development, can help resolve the role conflict between the previous regulatory sector development and risk control and consumer protection, and has a positive significance to break the regulatory vacuum and regulatory arbitrage between different regulatory departments.”
In the insurance industry to continue to return to the source of the background, financial type Insurance Limited, bank insurance, distribution network sales of the landscape fades, personal marketing channel again to the personal insurance channel "boss" position.
Some analysts pointed out that, with the banking and insurance regulatory departments, the future of the silver insurance business will be further coordinated development, conducive to long-term financial management, pension-oriented insurance business open situation.
Product change With tariff controls tied up, the insurance industry grew weak 2012 years ago and the new single business has been negative for two consecutive years.
In the constant call of the market, life insurance products scheduled rate of return 2.5% after 13 years, the 2013 personal insurance pricing reform officially broken ice, the Insurance Regulatory Commission to the various insurance companies issued the "on the implementation of the policy reform of insurance rates" advice. It is understood that in August 2013, the CIRC steadily promoted the reform of personal insurance rates, and took the lead in the general type of personal insurance products to open the rate, from 2.5% to 3.5%, personal insurance costs to change the road map is ordinary, universal type and dividend type. Among them, personal insurance "quick return" type Annuity insurance, additional universal annuity insurance becomes the main force to pull the scale of insurance premiums.
In the insurance industry to do a large scale at the same time, some insurance companies over the pursuit of premium scale, regardless of the length of the term, the cost level, charging far beyond the investment capacity and market-bearing range, many companies in order to pursue high returns, in the investment frequently, in order to obtain high returns. For a time, universal risk became the target of criticism.
In 2016, the CIRC issued "notice on the regulation of life insurance products in short term," "notice on further improvement of the actuarial system of personal insurance," "notice on strengthening supervision of life insurance products" three documents strongly tighten the short term business.
Until October 1 last year, with the insurance industry limited in the short term products, restrictions on the addition of universal products, "article 134th" Landing, such products have been nearly stagnant sales, the 2017 personal insurance premiums pattern. At present, the insurance industry is returning to safeguard, the product that embodies the safeguard function becomes the main force, in order to promote economic development and safeguard livelihood risk.
Among them, tax excellent health insurance is in the national trial promotion. "Previously, a multi-year tax deferred pension insurance has not landed for a variety of reasons." With the formation of large financial supervision pattern, as well as the insurance industry to strengthen livelihood protection to participate in the endowment industry chain.
"An insurance analyst, especially the combination of banking and insurance supervision, strengthens the discourse power and facilitates further communication with local government departments to promote the landing of such policy-related insurance products."
Source : Beijing Businese Review 2018-03-21
