中国保险市场20xx年概况及展望

中国保险监督管理委员会主席 马永伟

一、20xx年保险市场的基本情况

20xx年，在党中央、国务院的正确领导下，在各级政府和有关部门的大力支持下，经过保险系统广大干部职工的共同努力，保险工作取得了很大成绩。

（一）保险业全面发展

一是保险业务快速增长。20xx年，全国保费收入2112.28亿元，同比增长32.73%，其中，财产险保费收入688.24亿元，同比增长12.82%，占保费总收入的32.58%，人身险保费收入1424.04亿元，同比增长45.11%，占保费总收入的67.42%；保险深度2.2%，同比增加0.4个百分点，保险密度168.98元，同比增加41.31元；保险公司总资产4591.07亿元，同比增加1184.07亿元，增长34.75%；上缴营业税57.7亿元，同比增加1.8亿元。

二是市场经营主体增加。经批准太平人寿保险公司和太平保险公司在内地复业；批准设立恒安、生命、东方三家公司作为与外方合资的实体；批准设立中外合资保险公司6家和外国保险公司分公司4家；增设了保险经纪公司7家，代理公司82家，公估公司20家；同时，增批一些股份制公司的分支机构。截至去年底，全国共有保险公司52家（含11家筹建），其中：国有独资保险公司5家，股份制公司15家，中外合资保险公司19家（含8家筹建），外国保险公司分公司13家（含3家筹建）。共有保险中介机构170家（含106家筹建），其中：保险经纪公司 17家（含7家筹建），保险代理公司127家（含79家筹建），保险公估公司26家（含20家筹建）。

三是市场格局发生变化。在国有保险公司业务规模持续扩大的基础上，股份制公司的市场份额有较大幅度的上升。中国平安保险公司和中国太平洋保险公司占寿险市场的份额同比分别上升了5.4个百分点和1.7个百分点。同时，地区之间业务发展还不平衡，最高的地区保费收入同比增长50.65%，最低的同比增长7.5%。

四是产品结构有所调整。在人身险方面，投资连结和分红类等新产品保费收入394.98亿元，同比增加364.42亿元，占比较上年同期上升48.17个百分点，已成为寿险业务新的增长点，推动了寿险产品的转型；寿险新单保费收入705.84亿元，占寿险保费收入的49.57%，占比较上年同期上升了9.58个百分点。财产险方面，在机动车辆险保费继续增长的基础上，其他险种保费收入263.3亿元，占产险保费收入的38.4%，同比上升了2.3个百分点。

五是经济效益有所提高。财产险营业费用率19.9%，同比下降0.9个百分点，实现利润30.2亿元，同比增加10.1亿元。人身险营业费用率8.7%，同比下降0.6个百分点，按可比口径，实现利润20.4亿元（中国人寿长期寿险业务盈亏情况未计入），同比增加3.1亿元。

六是经济补偿作用明显增强。在一些重大灾害事故的发生地，保险公司都能及时到场、查勘理赔。一年来，各公司共支付赔款和给付588.66亿元，同比增加54.74亿元。保险业为稳定人民生活、支援灾区建设、保障经济运行发挥了重要作用。此外，为深化国有企业改革、完善社会保障体系、促进国际经济贸易合作和开发国家重点科技攻关项目等提供了有力的支持和风险保障。

（二）市场整顿取得成效

为贯彻落实“全国整顿和规范市场经济秩序工作会议”精神，联系保险实际，深入开展了整顿和规范保险市场秩序活动。一年来，历经自查自纠、抽查和重点检查、总结验收三个阶段，初步取得成效。

一是基本摸清了保险市场存在的主要问题及其原因。问题集中表现在：设立帐外帐、私设小金库、做假赔案等问题严重；违规设立机构和擅自任命高级管理人员的现象普遍；寿险误导客户、团险长险短做，车险违规退费的问题突出；兼业代理坐支手续费、拖欠保费，保险资金违规运用等问题在一些公司还没有引起足够重视等等。产生上述问题的原因是多方面的，但根本问题在于保险业自身的依法经营观念不强，内部管理薄弱，监管力度不够。

二是查处了违法违规行为。取缔了10家非法或变相设立的分支机构；对16家保险机构做出停止经营某项业务的处罚；对114家分支机构做出罚款处理；对84个分支机构的高级管理人员做出了取消任职资格或建议由上级予以行政处分的决定；对118家分支机构予以通报批评。

三是认真进行了整改。根据违规现象比较普遍、法制观念淡薄、内控制度不落实等问题，各公司加强了对保险法律法规和监管政策的学习，重点抓了制度执行情况的检查和落实。进一步健全了行业自律组织，强化了行业自律的作用。本着标本兼治、重在治本的原则，保监会修改和完善了部分保险监管规章；清理并减少了不必要的行政审批；在广东、深圳等地进行了车险费率改革试点。

（三）经营风险得到有效控制

一是进一步化解了寿险存量利差损风险。一年来，通过

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深入调查研究，基本摸清了各寿险公司利差损底数，提出了进一步化解利差损的目标、方案和措施。从实际出发，重新确定了寿险责任准备金评估利率。目前，寿险公司的利差损问题基本得到控制。

二是及时防范新产品可能带来的风险。针对寿险投资分红等新产品可能带来的风险，保监会要求各公司密切关注，严加防范，及时发布了《人身保险新型产品信息披露管理暂行办法》和《人身保险新型产品若干事项的公告》，加强信息披露，提醒投保人正确认识投资分红类寿险产品的风险，从源头上防止误导行为的发生；针对产险住房按揭保险经营管理中存在的问题，保监会与人民银行联合下发了《关于加强个人住房贷款及贷款住房保险管理的通知》，纠正了住房贷款保险违规行为，及时防范了经营风险。

三是有效地控制了资金运用风险。在继续拓宽资金运用渠道的基础上，为确保资金安全、提高运用效益，去年，保监会对保险资金运用情况进行了专项检查，共查出有问题的公司16家，涉及违规资金25.9亿元。在处理违规问题的同时，要求有关公司提出整改措施，限期予以纠正。去年，资金运用平均收益率达4.3%，同比上升0.7个百分点；不良资产率为2.5%，同比下降0.6个百分点。为了规范资金运用、确保资金安全，保监会在广泛征求有关部门意见的基础上，已经制定了《关于当前规范保险资金运用有关问题的请示》，待国务院批准后实施。

（四）各项改革稳步推进

一是积极探索国有保险公司的股份制改革。保监会通过深入调查研究，广泛征求意见，找出了制约国有保险公司发展的根本问题及其产生的原因，论证了实行股份制改革的必要性和可行性，提出了股份制改革的基本思路和初步方案，为国家决策提供了必要的依据。各国有保险公司积极参与，做了大量的前期准备工作。

二是大力推进分业经营体制改革。经批准，中国太平洋保险公司和新疆兵团保险公司完成了分业经营；中国平安保险公司的分业改革方案正在实施。到目前为止，我国保险业分业经营体制已基本确立。

三是将政策性业务和商业性业务分开，成立了中国第一家政策性保险公司—中国出口信用保险公司。

（五）监管力度进一步加大

一是加强保险法制建设。全面清理了与WTO规则和对外承诺不符的法律法规和部门规章8件，涉及条款22项。起草了《外资保险公司管理条例》，已由国务院颁布实施。出台了《保险经纪公司管理规定》等规章58件。同时，为修改《保险法》做了大量的前期准备工作。

二是偿付能力监管工作开始启动。各公司按照保监会制定的偿付能力监管指标，都对1998—20xx年的偿付能力进

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行了测算。通过测算，初步摸清了情况，为今后区别对待、分类监管创造了条件。

三是提高了监管透明度。通过制定《现场检查操作规程》等规定，明确了监管工作程序和方法；通过定期发布《中国保险监督管理委员会文告》和《保险监管参考》，及时公布保险监管规章和规范性文件，公布国内外保险市场和监管的有关情况，使监管信息披露工作得到明显加强。

四是保险监管组织体系框架已经构成。到去年四月底，完成了保监会派出机构的组建工作，全国有31个保监办挂牌成立。

总之，过去的一年，中国保险业虽然取得了很大成绩，但也确实存在不容忽视的问题：国有公司的体制性问题还没有解决；保险公司经营管理水平不高；弄虚作假、误导客户、市场秩序混乱等问题比较突出；保险风险尤其是利差损风险的化解工作还相当艰巨；保险监管亟待改进和加强等等。

二、保险市场的发展趋势

（一）国民经济的稳定增长将为保险业的持续快速健康发展创造条件

20xx年，在世界经济增长明显减缓的情况下，中国经济仍保持了高增长、高质量和低通胀的良好发展势头。我国综合国力显著增强，物质基础更加雄厚。预计今后几年内，中国将继续坚持扩大内需的方针，实施积极的财政政策和稳健的货币政策，深化改革，扩大开放，加快结构调整，完善社会保障，增加人民收入，提高经济增长质量和效益，促进国民经济的持续发展。这将为保险业的发展提供难得的机遇和广阔的空间，也对保险业的产品和服务提出了新的、更高的要求。

（二）加入世界贸易组织为推动中国保险业的发展注入新的活力

加入世界贸易组织，是中国改革开放进程中具有历史意义的一件大事，是进一步推进全方位、多层次、宽领域对外开放的重要契机，标志着我国的对外开放进入了一个新的历史阶段，对保险业的改革和发展将产生深远影响，保险市场将发生重大变化：一是市场经营主体大量增加，业务范围与经营区域逐步扩大，竞争将更加激烈。二是竞争的压力将促使中资公司深化体制改革、转换经营机制、增强企业竞争力。三是通过借鉴国外的经营理念和管理经验，有助于中国保险业增长方式的转变，促使保险公司提高经营管理水平，加快产品技术和服务创新，不断提高竞争力。四是促使中国保监会改进和加强保险监管工作，转变监管方式，改善监管手段，提高监管效率，加快与国际接轨的步伐。

（三）市场环境的改善将有利于中国保险业的规范发展 大力整顿和规范保险市场秩序是加入世界贸易组织、扩大对外开放的必要选择，也是完善市场经济法制的重大举

措。20xx年在全国范围内开展了整顿和规范市场经济秩序活动，取得了阶段性成果。按照中央经济工作会议的部署，20xx年还将进一步整顿和规范市场经济秩序，要求全面展开、突出重点、标本兼治、重在治本。特别强调：深入整顿金融秩序，严肃查处银行、证券、保险等金融机构违法违规经营活动，打击金融欺诈是今年整顿和规范的重点，并要求在全社会营造讲求商业道德、诚实守信和公平竞争的氛围。加上《保险法》的修改已列入国家计划，一系列配套的行政法规及部门规章将相继出台。所有这些都有利于促进保险业的发展逐步走向法制化、规范化的轨道。

（四）9.11事件对中国保险经营与监管工作起到了警示作用

9.11事件的损失给全球保险业带来了巨大的震撼和冲击，给我们留下了深刻的启示：一是需要对传统的财产保险承保方式进行反思。过去想不到的事情，现在随时可能发生。保险业只有通过不断增强风险意识、改进经营方式、开展全方位的服务，才能适应变化了的新情况。二是必须充分认识风险分散的重要性，防止风险大量积聚。三是要更加重视对偿付能力和再保险的监管。9.11事件加速了保险业利益分配格局的变化，事件本身损失最大的是再保险，但从长远发展来看，最大的赢家也是再保险。今后一个时期，再保险经营前景看好，盈利的机会更多。四是必须研究建立中国巨灾风险应对机制。认真吸取这些经验教训，将有利于中国保险业的稳健经营和审慎监管。

综上所述，中国保险业面临的有利条件很多，我们对中国保险市场的进一步健康发展充满信心。同时，也必须看到面临的不利因素：全球经济增长普遍减缓，世界贸易增长大幅放慢，国际直接投资大幅减少，中国出口面临困难，就业压力加大，产业结构性矛盾和经济体制深层次问题突出，市场秩序混乱的问题还没有根本改变，国有企业改革任务艰巨，居民收入水平增长缓慢等等，都将对中国保险业的发展产生一定的影响。

三、新形势下的应对措施 （一）深化体制改革

1．对国有保险公司进行股份制改革。一是结合本公司情况，抓紧制定改革实施方案报批；二是摸清家底，全面清产核资，合理确定国有资产的价值。聘请有权威的、社会公认的中介机构对资产进行评估，彻底把资产、负债情况搞清；三是引进外资和社会资本合资；四是要在转换经营机制上下功夫。实行股份制不是目的，关键要建立现代企业制度，完善法人治理结构，切实转换经营机制。只有机制转换到位，股份制改革的目的才能实现；五是处理好改革、发展和稳定的关系。在目前情况比较复杂、可变因素很多的情况下，稳定是改革和发展的前提。改革中遇到新情况、新问题，要及

时向保监会和国务院有关部门报告。

2．完善股份制公司法人治理结构。从优化股权结构入手，通过增资扩股，引进外资和民营资本参股，实现股权多元化，解决股权所有制结构单一，投资者对企业监督制约不到位等问题。今年保监会将制定《保险公司法人治理结构指引》，严格规范股东大会、董事会、监事会、经理层之间的关系；建立可追究个人责任的董事会议事规则；引入独立董事制度。建立保监会与保险公司董事会谈话制度，把监管部门对公司经营管理、市场行为和偿付能力的评价反馈给董事会，发挥股东对公司经营管理的监督作用。

3．改革资金运用管理体制。国际经验证明，将保险资金运用业务和保险业务分离，对保险公司加强管理、防范风险、提高收益具有重要意义。借鉴国际通行的做法，在逐步扩大资金运用渠道的基础上，保监会已提出改革保险资金运用管理模式的方案，报国务院批准后实施。

4．支持符合条件的股份制公司上市。近年来，一些股份制公司为上市做了大量准备工作，今年，保监会将对提出申请的公司逐一从偿付能力、市场行为等方面出具监管意见书，并与证监会等有关部门加强联系，及时解决问题，为上市创造条件。

（二）加快保险业发展

继续保持保险业快速增长的良好势头，是服务于国民经济的需要，是应对入世的需要，也是解决保险业自身存在问题和困难的根本出路。

尽管近年来中国保险业发展速度很快，但总体规模仍然较小，与国际水平相比还有很大差距。20xx年中国保费收入的世界排名16位，保险深度61位，保险密度73位，与我国的综合国力很不相称，与国民经济发展、社会保障体制改革和人民群众日益增长的保险需求很不适应。再如保险业自身存在的一些问题，象寿险利差损风险和不良资产等都需要通过发展来解决。因此，加快发展是中国保险业当前面临的迫切任务，也是今后各项工作的主题。

1．加快保险业发展，要靠保险业自身的努力。一是搞好产品和服务创新。保险是服务行业，保险公司的核心竞争力说到底是服务质量的高低。服务有着丰富的内涵，它的本质要求，首先要有市场有需求、核算有效益的产品，要有为投保人提供的高层次、全方位的优质服务。如近年来推出的寿险投资连接、分红等产品，不仅满足了客户对投资型产品的需求，而且有利于防范经营风险，促进寿险业务的发展。其次，服务还表现在产品的销售环节和售后跟踪服务上面，要逐步扩大销售渠道，改革销售方式，尽量方便客户投保；二是坚持诚信原则。诚信原则是保险经营的基本要求，也是市场经济环境下企业生存和发展的前提条件。目前，保险业的社会信誉状况确实不容乐观，造假现象普遍，误导甚至欺

全国版?综述 3

公司的管理规定等。

4．转变监管方式。一是清理和减少行政审批。对不该管的，坚决不管，充分发挥市场机制的导向作用，对于该管而没有管好的，要集中力量，加大力度，坚决管好；二是稳步推进机动车辆保险费率改革试点；三是提高监管透明度。重点扩大信息公布的内容，除保险法律、法规之外，还包括一些监管政策和对重大问题的处理结果，特别是关于审批的项目、程序和原则等；增加监管信息的公布渠道，保证各公司及社会公众能及时获取监管信息。同时，逐步建立保险公司信息披露制度，要求各公司及时、准确地向社会公众和被保险人披露产品、经营等方面的信息。

5．加强行业自律和社会监督。逐步建立企业内控、行业自律、政府监管和社会监督“四位一体”的保险监督体系，进一步发挥行业自律和社会监督作用。为了这一目标，保监会各部门将经常与重点国有公司的监事会加强联系，及时沟通，把对公司的监督工作做好。

（五）扩大对外开放

1．保监会将对照承诺，研究制定实施细则。保险系统广大干部职工，要认真学习WTO规则，熟悉争端解决机制。既要做到按照国际规则办事，又要利用这些规则维护自身的合法权益。

2．中外资公司要相互借鉴，共同发展。开放的目的是为了促进发展。中、外资公司在很多方面有较大差异，各有所长。开放为中、外资公司相互学习，相互借鉴提供了难得的机会。外资公司在风险控制、经营管理、产品开发和服务等方面有着丰富的经验，中资公司则在机构网络、熟悉本土文化和了解消费者心理等方面具有一定优势。

3．完善对外资公司的管理。保监会将继续研究制定配套的措施和管理细则；加强与外资保险公司母公司所在国监

管机构的交流；加强对外资公司与母公司关联业务的监管；对外国保险公司跨境非法从事保险业务的要严肃查处。同时，也要求外资保险公司，尽快熟悉中国保险监管的有关法律法规，切实做到依法经营。

4．加强对中资海外保险机构的管理。对中国企业在境外设立的保险公司以及中资保险公司的海外分支机构，其母公司要切实加强控制和管理，同时，保监会将通过与其所在地保险监管部门的联系，及时掌握其经营情况。要加强对国有保险公司海外机构的监督，发现问题，配合当地监管部门提出处理意见，尽量避免风险，减少国家资产损失。

（六）培养、引进人才

当前，中国保险业蓬勃发展，潜力巨大，但无论是保险经营，还是保险监管，都面临着人才短缺的问题，这已成为制约保险业发展的瓶颈因素。入世后，随着中外资保险公司的大量增加和股份制公司分支机构的迅速发展，人才短缺的矛盾更加突出。因此，人才问题不仅是当前保险业的一项紧迫任务，也是一项长期的战略性工作，必须引起高度重视。

随着经济全球化和金融一体化的不断发展，保险业的产品、经营方式等都发生了很大变化，只有传统的保险专业知识已不能适应现代保险业发展的需要。保险业急需的不仅仅是具有保险专业知识的人才，还包括经济、金融、投资、法律、财务、计算机等专业人才，以及懂管理、善经营的高级管理人才。要广开门路，扩大视野，把更多的有用之才吸收到保险行业中来。

要加强对现有人才的培训，依托社会教育力量，采取各种形式，加快知识更新。加大人才引进力度，从境外和各行业选拔和聘用人才。加快人事和用工制度改革，建立吸引和激励人才的机制，创造人才施展才华的环境，形成尊重人才的氛围。培育保险人才市场，鼓励人才合理、有序的流动。

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An Outline of the Insurance Market in China in 2001

Ma Yongwei, Chairman of China Insurance Regulatory Commission

1. The Basic Situation of Our National Insurance Market in 2001

In 2001, under the correct leadership of the Central Committee of Communist Party of China (CPC) and the State Council, under the great support of all grades of governments and some sectors, through the common efforts pf all the staff members, there was a great development in insurance work.

1.1 A general development of insurance industry

1.1.1 A rapid growth in insurance business. In 2001, the national premium income was 211.228 billion yuan, an increase of 32.73 percent over the last year, of which premium income in property insurance was 68.824 billion yuan, up 12.82 percent from the previous year, accounting for 32.58 percent of the total premium income, the premium income in life insurance was 142.404 billion yuan, an increase of 45.11 percent from the previous year, accounting for 67.42 percent of the total premium income; The insurance depth was 2.2 percent, up 0.4 percent from the previous year and the insurance density was 168.98 yuan, increasing by 41.31 yuan. The total assets of the insurance companies have reached 459.107 billion yuan, an increase of 118.407 billion yuan, up 34.75 percent; The business tax paid was 5.77 billion yuan, an increase of 180 million yuan.

1.1.2 An increase in the operative main bodies in market. With ratification, Tai Ping Life Insurance Company and Tai Ping Insurance Company restored their national business; Heng An, Life and Oriental, the three companies were ratified to make joint ventures with foreign countries. 6 Sino-foreign joint insurance companies and 4 foreign insurance companies were ratified and established, with addition of 7 insurance broker companies, 82 insurance agency companies and 20 insurance assessor companies, also adding some branch institutions of stock companies. By the end of the last year, there were 52 insurance

companies

(including

11

companies

under

preparation), of which there were 5 state-owned and single-funded insurance companies, 15 stock companies, 19 joint insurance companies (including 8 companies under preparation) and 13 branches of foreign insurance companies (including 3 branches under preparation). There were 170 insurance intermediary institutions (including 106 institutions under preparation), of which there were 17 insurance broker companies (including 7 companies under preparation), 127 insurance agency companies (including 79 under preparation) and 26 insurance assessor companies (including 20 companies

6 全国版?综述

under preparation).

1.1.3 A change in the market pattern. While the business scale of state-owned insurance companies continuously grew, the market share of the stock insurance companies greatly increased. The proportions of market share in life insurance of Ping An Insurance Company of China Ltd. and the China Pacific Insurance Company Ltd. increased respectively 5.4 percentage points and 1.7 percentage points. At the same time, there was a difference between the developments in the areas. The premium income in the highest area increased 50.65 percent from the previous year and that in the lowest area increased 7.5 percent.

1.1.4 An adjustment in the product structure. In life insurance, the premium income from the new products such as investment connected and participation in profits was 39.498 billion yuan, an increase of 36.442 billion yuan, up 48.17 percent from the previous year, which became the new growing point of life insurance and drove the change in the patterns of life insurance products; The premium income of new policies of life insurance was 70.584 billion yuan, accounting for 49.57 percent of the total premium income in life insurance, an increase of 9.58 percent from the previous year. In property insurance, the premium income in motor insurance grew continuously. The premium income in other insurances was 26.33 billion yuan, accounting for 38.4 percent of the premium income in property insurance, an increase of 2.3 percent from the previous year.

1.1.5 An increase in economic benefits. The business expense rate in property insurance was 19.9 percent, down 0.9 percent from the previous year, realizing the profits at 3.02 billion yuan, an increase of 1.01 billion yuan. The business expense rate in life insurance was 8.7 percent, down 0.6 percent from the previous year. According to the compared condition, the realized profits were 2.04 billion yuan (without the profits and losses in long-term life insurance in China Life Insurance Company), up 310 million yuan.

1.1.6 An obvious reinforcement in the function of financial compensation. In the big disaster happening place, the insurance companies could be here in time and surveyed the loss. Over the year, the payments and benefits paid by all the insurance companies were 58.866 billion yuan, up 5.474 billion yuan from the previous year. Insurance industry played an important part in stabilizing people’s life, supporting the disaster area and

protecting the economic operation. Moreover, it also provided a strong support and risk protection for deepening the reform of state-owned enterprises, improving the social security system and promoting the cooperation of international economy and trade and exploiting the national technical key items.

1.2 An achievement in the market adjustment In order to carry out the spirit of “The National Conference for Adjusting and Standardizing the Economic Order in Market”, the insurance industry combined the insurance practice and deeply held the activities of adjusting and standardizing the order in insurance market. Over the year, through the three stages of self-check and self-correction, checking at random and key spot check, summing up and accepting, there was a primary achievement.

1.2.1 The main problems and their reasons existing in insurance market were basically clear. The problems focusing on: establishing the accounts out of accounts, privately setting up the small treasury and false claims etc.; a serious phenomenon of establish institutions breach of rules and appointing the senior managers without authorization; some key problems such as misleading customers in life insurance, putting group insurance and long-term insurance into short, returning premium breach of rules in motor insurance; Some companies did not pay enough attention to the problems such as part-time agency sitting and spending commissions, defaulting premiums and applying insurance fund breach of rules. There were many reasons for the above problems, but the vital reason was that the ideas of legal operation in insurance industry itself was not strong, the internal management was weak and the strength of supervision was not enough.

1.2.2 Dealing with the actions breach of laws and rules. Removing 10 illegal branches or those in disguised form; punishing 16 insurance institutions with stopping certain business; fining 114 branch institutions; canceling the qualifications of the senior managers of 84 branch institutions or suggesting the upper giving administrative punishment; giving 118 branch institutions the notifying criticism.

1.2.3 A careful adjustment and correction. According to the general phenomenon breach of rules, the poor idea of legal system and defaulting the inner control system, all the companies strengthened the study of insurance law and legal regulations and supervisory policies, focused on the check and the implementation of the systems, further improved the self-regulatory organization and the function of self-regulation. Based on the principle of curing the inside and the outside and valuing the inside, China Insurance Regulatory Commission modified and improved part of the insurance supervisory rules;

cleaning up and reducing the unnecessary administrative ratification; making the test of the reform for motor insurance premium rate in Guangdong and Shenzhen etc.

1.3 An effective control in business risks

1.3.1 Further dissolving the risk of difference between inventory and interest. Over the year, by deeply investigating and researching, the bottom of the interest difference loss in all life insurance companies was generally clear, proposing the target, the program and the measures of further dissolving the interest difference loss. From the practice, the evaluating interest for the reserve in life insurance was expected to determine. At present, the interest difference loss was basically controlled in life insurance companies.

1.3.2 Timely preventing risks probably brought about by new products. For the risks probably brought about by new products with investment and participation in profits in life insurance, China Insurance Regulatory Commission asked all companies to be closely attention and strictly prevent, timely issued 《The Temporary Method for Disclosing the Information of New-Type Products in Life Insurance》and 《The Bulletin about Several Matters in New-Type Products in Life Insurance》, strengthening the disclosure of information, reminded the proposer of correctly understanding the risks brought about by new products with investment and participation in profits in life insurance and prevented the misleading action from the original source; For the problems existing in the business and management of house loan insurance in property insurance, China Insurance Regulatory Commission issued with the People’s Bank of China together 《The Notice about Strengthening the Management in Personal House Loan and Loan Housing Insurance》, corrected the action breach of rules in house loan insurance and in time prevented the operative risks.

1.3.3 Effectively controlling the risk of capital application. Based on continuously expanding the channel of capital application, in order to ensure the safety of money and increase the benefits of application, China Insurance Regulatory Commission made a special check on the application of insurance fund last year, discovered 16 companies with problems involving 2.59 billion yuan of money breach of rules. While the problems breach of rules were handled, some companies were expected to put forward the adjusting measures and to correct them within limited time. Last year, the average return rate of capital application was 4.3 percent, up 0.7 percent from the previous year; the bad asset rate was 2.5 percent, down 0.6 percent from the previous year. In order to standardize the capital application and ensure the safety of money, China

全国版?综述 7

Insurance Regulatory had already enacted 《The Statement of Some Problems Concerning the Present Standardization in Insurance Fund Application》on the basis of widely asking for the opinions of the relevant departments, waited for the ratification by the State Council.

1.4 A stable progress in all reforms

1.4.1 Actively probing the reform of stock system in state-owned insurance companies. China Insurance Regulatory Commission found out the primary problems of restricting the development in state-owned insurance companies and their happening reasons through deep investigation and research and a wide collection of opinions, certified the necessity and the feasibility of carrying out the reform of stock reform, proposed the basic thread and the primary program for the stock system reform and provided the necessary evidence for the government decision. All the state-owned insurance companies actively joined in and did a great deal of the early-term preparation.

1.4.2 Greatly driving the reform of business separating system. With ratification, the China Pacific Insurance Company Ltd. and Xinjiang Corps Insurance Company accomplished their business separation; The business separating program for Ping An Insurance Company of China Ltd. was under implementation. By the end of the present, the system of business separation of insurance industry in China was basically established.

1.4.3 Dividing the business with policy from the commercial business. The first insurance company with policy in China ______ China Export Credit Insurance Company was established.

1.5 More strength to supervision

1.5.1 Strengthening the construction of insurance legal system. Widely cleaning up 8 pieces of laws and rules and sector’s regulations that did not meet with the WTO rules and the acceptances to the foreign countries, involving 22 clauses. 《The Regulations for Managing Foreign Insurance Companies》was drew out and issued to practice by the State Council. 《The Regulation for Managing Insurance Broker Company》and 58 pieces of some other rules were issued. Meanwhile, a lot of preparation work was done for the modification of 《Insurance Law》.

1.5.2 Starting the supervision for solvency. All companies measured their solvency in 1998 to 2000 according to the supervisory index enacted by China Insurance Regulatory Commission. Through the measurement, they primarily knew the situation, which created the condition for different treatment and different supervision.

1.5.3

Increasing

the

supervisory

transparency.

8 全国版?综述

Understanding the procedure and the method of supervision by enacting the regulations such as 《The Regulation for Operation in Spot Check》, in time notifying the regulations of insurance supervision and the documents for standardization by regularly issuing 《The Proclamation of China Insurance Regulatory Commission》and《The Reference of Insurance Supervision》, notifying the circumstances in insurance market at home and abroad and the supervision, which made the disclosure of information about supervision more strengthened.

1.5.4 There had been a framework of the organizational system in insurance supervision. By the end of April 2001, the establishment of the institutions sent by China Insurance Regulatory Commission was finished and 31 offices were founded in the country.

In a word, although the insurance industry of China achieved great progress over the last year, there was some existing problems that could not be ignored: the problem of the system in the state-owned companies was still not solved; the levels of operation and management in insurance companies were not high; there were some serious problems such as making false information and misleading customers and the disorder in market; the insurance risks, especially dissolving the risk of interest difference loss, were arduous; the insurance supervision was about to be improved and strengthened etc.

2. The Developing Trend of Insurance Market

2.1 The stable growth in national economy will create conditions for the sustaining, rapid and healthy development in insurance industry.

In 2001, when the world economy grew obviously slow, China’s economy still kept a good developing trend with high growth, high quality and low inflation. The comprehensive strength of China was increased and the material base was more abundant. It was anticipated that in a few year China will continuously adhere to the policy of enlarging the internal needs, carry out an active fiscal policy and a stable monetary policy, deepen the reform, expand the opening-up, speed up the structural adjustment, improve social security, increase the people’s income, increase the quality of economic growth and the benefits and promote the sustaining development in national economy. These will provide a scare chance and a wide space for the development in insurance industry, and also make a new and higher requirement for insurance products and service.

2.2 Entering the World Trade Organization put new vigor into driving the development in insurance industry of China

Entering the World Trade Organization was a significance in the history of the process to China’s reform and opening-up, an important chance to further open up with all-round, more

degrees and wide field, which indicated that China’s opening-up had entered into a new historical stage. It will bring a far-reaching influence to the reform and the development in insurance industry. There will be great changes in insurance market: Firstly, the operative main bodies in market greatly increase. The business scope and business areas will be gradually expanded and the competition will be more intensive. Secondly, the competitive pressure will promote the Chinese companies to deeply reform the system, transferring the operative mechanism and strengthening the enterprise’s competence. Thirdly, with the help of foreign operative concepts and managing experiences, it will be helpful for the insurance industry of China to change the growing way, promote the insurance companies to enhance the levels of operation and management and speed up the innovation of product technology and service and constantly increase the competence. Fourthly, it will make China Insurance Regulatory Commission improve and strengthen the insurance supervision, change the supervisory way, improve supervisory means, increase supervisory efficiency and quicken the steps mixing with the international community.

2.3 The improvement in market environment will be helpful for the standardized development in insurance industry of China

The great adjustment and standardization in insurance market order was a necessary choice for entering the World Trade Organization and expanding the opening-up and an important step for improving the legal system of market economy. In 2001, there were activities for adjusting and standardizing the order of market economy in the whole country, which achieved the result in the stage. In accord with the arrangement in the Central Economic Conference, in 2002, there will be further an adjustment and standardization for the order of market economy, which will be required to hold widely, value the importance, cure the inside and the outside and specially the inside. It is emphasized to deeply adjust the order in finance, strictly deal with the activities breach of laws and rules of the financial institutions in bank, security and insurance. Attacking the financial fraud is the key work of adjustment and standardization this year. It is expected to build up an atmosphere in the society with commercial moral, integrity and fair competition. In addition, the modification of 《Insurance Law》has been put into the national plan and a series of administrative law and sector’s regulations will be put into effect. All these will be helpful for insurance industry to develop in a legal and standardized way.

2.4 The event of 9.11 played a warning part in China’s

insurance operation and supervision

The losses arising from the event of 9.11 brought a huge heartquake and attack to the globe insurance industry and retained the deep enlightenment for us to think: firstly, it is needed to think over the way of underwriting in traditional insurances. What was not expected in the past is possible to happen at present anytime. Only by constantly strengthening risk awareness and improving operative way and holding all-round service can insurance industry meet the new change. Secondly, it is necessary to understand the importance of risk spread and prevent the accumulation of risks. Thirdly, it is more valued to regulate solvency and reinsurance. The event of 9.11 accelerated the change in the pattern of interest distribution of insurance industry. The biggest loss of the event itself was reinsurance, but from the long run, the biggest winner will be reinsurance. During the period after that, there will be a bright prospect in reinsurance operation and there will more gain chances. Fourthly, it is essential to research and establish the mechanism against the catastrophe of China. Carefully absorbing these experience and lessons will be helpful for the insurance industry of China to stably operate and prudently supervise.

Summing up the above, there are many advantages for the insurance industry of China. We are confident about the further healthy development in China insurance market. Meanwhile, we must see the disadvantages: a general slow growth in the globe economy, the world trade greatly slowed down, a large amount of direct international investment reduced, a difficulty in the export of China, the pressure of employment increased, there was a big problem between the contradiction of industry structure and the deep degree of economic system, the problems of market disorder did not really change, the reform of state-owned enterprises was very hard, the resident’s income grew slow etc., all these will have an influence on the development of China’s insurance industry.

3. The Answering Measures to the New Situation 3.1 Deepening the systematic reform

3.1.1 The reform for the stock system of state-owned insurance companies. The first is to combine the situation of the company and in time work out the program of the reform for ratification; The second is to clean up the bottom of the company, widely clean up and check the asset and reasonably determine the value of the state-owned asset, invite the authoritative and recognized intermediary institution to evaluate the asset and thoroughly make sure the asset and the liability; The third is to introduce foreign capital and the social joint capital; The fourth is the make efforts to the transfer of

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operative mechanism. Realizing the stock system is not an end and the key is to establish the modern enterprise system, improve the system of management with artificial person and really transfer the operative mechanism. Only when the mechanism transfers to the place can the reform of stock system realize its aim; The fifth is to deal with the relation between reform, development and stability. When there is a complicated situation and many variable factors, stability is the precondition of the reform and development. The new situation, the new problems coming across in the reform should be in time reported to China Insurance Regulatory Commission and the State Council.

3.1.2 Improving the structure of the stock company managing with artificial person. From the start of optimizing the structure of interest, the company introduces the foreign capital and the social capital by increasing capitals and shares, realizing the pluralist structure of interest, solving the single structure of interest ownership and the problem of supervising enterprises without investors etc. This year China Insurance Regulatory Commission will enact 《The Guidance for the Structure of the Insurance Company Managing with Artificial Person》, strictly standardize the relation between the shareholder conference, the board of directors, the council and managers, establish the regulations for running the personal responsibility of the board of directors discussing official business and introduce the independent director system. The talking system will be set up between China Insurance Regulatory Commission and the board of directors of insurance companies, which returns the evaluation on the operative management, market action and solvency of the company from the supervisory department to the board of directors and put the shareholder into the supervisory function in the operative management of the company.

3.1.3 Reforming the managing system of capital application. It is verified by international experience that the separation between the insurance capital application business and the insurance business is significant for insurance companies to strengthen management, prevent risks and increase benefits. With the help of the international common practice and based on gradually enlarging the channel of capital application, China Insurance Regulatory Commission has put forward the program for the model of reforming the management in insurance capital application, which will be in force after ratified by the State Council.

3.1.4 Supporting the proper stock companies to be on list. Over the recent year, some stock companies made a great deal of preparation on the list. This year, China Insurance Regulatory Commission will issue the supervisory proposal about the

10 全国版?综述

solvency and market action of the company submitting the application, contact with some departments such as China Security Regulatory Commission etc., in time solve the problems and create conditions for being on the list.

3.2 Speeding up the development in insurance industry Going on keeping a good trend in a rapid growth in insurance industry is the need of serving the national economy, the need of China’s entry into WTO and the essential way to solve the problems and difficulties of insurance industry itself.

Although the insurance industry in China has been developing very fast over the recent year, the total scale is still small and there is a big difference compared with the international level. In 2000, the premium income of China ranked at the 16th place in the world, the insurance depth at the 61st place and the insurance density at 73rd place, which was not suit to the comprehensive strength of China, is not met with the national economic development, the reform for the social security system reform and the increasing need for insurance of the public. For another example, there were some problems of insurance industry itself. The problems like the risks of interest difference loss and the bad asset will be solved through the development. Therefore, speeding up the development is an urgent task for the insurance industry of China and also the main subject of all kinds of work in the future.

3.2.1 Speeding up the development in insurance industry depends on the efforts of insurance industry itself. The first is to make the innovation of products and service. Insurance is a service industry. The core competence of insurance companies is spoken to the height of service quality. Service implies rich meaning and there is a requirement in its nature. At first, there is market, a need, the beneficial products checked and the excellent service for the proposer with high degree and all-round sides. For example, the products launched over the recent years such

as

investment-connected

products

and products

participation in profits in life insurance not only met the need of customers for investment-type products, but helped prevent operative risks and promoted the development in life insurance business. Secondly, service is also related to the selling links of products and the tracing service after sale. It is necessary to enlarge the sales channel, reform the sales forms and try to provide convenience for customers to take out insurance. The second is to adhere to the principle of utmost good faith. The principle of utmost good faith is the basic requirement of insurance operation and also the precondition of survival and development of the enterprise in the environment of market economy. At present, the social reputation of insurance industry is really not good. There are many false phenomena. The

problems such as misleading customers and defrauding customers are serious. These problems are not solved, which means alienating oneself to the back road and does not mention to develop. We must pay more attention to them and try to build up a good social image; The third is to increase the operative and managing level of insurance companies, realize the growing way from the extensive one to the intensive one and pay attention to business quality and economic benefits. Insurance companies should set up the sense of legal operation, strengthen the construction of inner control system, reinforce the idea of stable operation, ensure the sufficiency of capital and solvency and realize a sustaining development.

3.2.2 Speeding up the development in insurance industry still needs the necessary support from the country through policies. The problems such as increasing the main bodies in market, improving the legal construction, realizing fair competition, adjusting the tax policy, expand the channel of capital application belong to the extent of the responsibility of China Insurance Regulatory Commission, which will research and issue the specific measures. China Insurance Regulatory Commission will make suggestions to the State Council and the relevant departments about the problems concerning to other departments through investigation and research, try to provide a loose developing environment for insurance industry.

3.3 Preventing operative risks

3.3.1 Going on dissolving the interest difference loss and greatly cleaning up and collecting the bad asset. The interest difference loss in life insurance companies was controlled, but there was a great difference from the requirement of complete dissolution. It is very difficult for those companies with bad asset concentrated to clean up and collect the asset. It is required for the relevant companies to go on making great efforts to dissolving risks and cleaning up and collecting assets and try to realize the practical benefits as early as possible.

3.3.2 Strengthening the basic work in actuarial science. Actuarial science is the base of the product design and business accounting in insurance companies. It is an empty talk for preventing risks without good actuarial science. Many risks occurring in the past, such as the interest difference loss, are directly related to the lack of the scientific actuarial base. As there is a reform in the system of the management in the premium rate in the insurance clause, the company for managing products and the premium rate is more and more responsible and the actuarial science becomes more important. There is a certain basis in the actuarial science of life insurance companies, which is gradually in the normal path. Correspondingly, the actuarial work is poor in property

insurance.

3.3.3 Preventing the potential risks arising from misleading. Over the recent year, as the business grew very fast, it was quite prevalent that the insurance businessmen misled the customer in selling products, which caused a sharp response from the society and more complaint cases, seriously injured the interest of the insured and influenced the public confidence on insurance industry. If it is not handled well, it is possible to cause the tide of surrendering policies anytime and generate an actual risk. Especially in the sensitive areas, we must deal with the relation between the insurer and the insured from the height of speaking politics and stop the misleading action occurring with a firm hand and ensure that the work is no risk at all.

3.3.4 Preventing the risk of capital application. As the insurance businesses grow very fast, insurance companies accumulate more and more funds and the task of preventing the risk of capital application is heavier and heavier. China Insurance Regulatory Commission will enact and carry out 《The Managing Method for Insurance Capital Application》and standardize the capital operation.

3.3.5 Strengthening the publicity for the proposer. The action of defrauding and misleading customers possibly happens. One of the important reasons is that the public lack of insurance awareness and insurance knowledge. Especially as the new products are launched, whose functions increase and clauses are more and more complicated, there will be the phenomenon that the proposer can not understand the policy, which will made it difficult for the proposer to have a reasonable judgment and choice and result in the dispute that can not be avoided. In the future, China Insurance Regulatory Commission will consider the publicity for the proposer as a long-term work, organize all insurance companies and insurance association, strengthen the risk education to the proposer by many ways such as printing leaflets, opening a column in the media and disclosing the typical case etc., let more proposers understand the function and the potential risk of the insurance product bought by himself.

3.4 Strengthening insurance supervision

Entering into WTO brings a serious challenge to insurance industry, but the greatest challenge reflects in the insurance supervision. China Insurance Regulatory Commission will comply with the basic rules of WTO, change the supervisory thread, reduce the administrative intervention, adhere to the principle of legality, prudence, fairness, transparency and efficiency and constantly strengthen insurance supervision.

3.4.1 Strengthening the supervision for solvency. After China Insurance Regulatory Commission was founded, there was a policy of combining the supervision for market action and

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the supervision of solvency. It is proved by practice that this policy is suit to the practical situation of China insurance industry, is correct and effective. But in the actual work, since many efforts are involved in the supervision for market action, not enough attention is paid to the supervision for solvency, which is not placed in the “double important” position. In accordance with the international practice, solvency is the core of insurance supervision. After China’s entry into WTO, quicken the steps into mixing with the international community and this problem will be put into the important procedure. From now on, while grasping the supervision for market action, we must make greater efforts to the supervision for solvency, make full use of the interim of China’s entry into WTO, actively create conditions such as establishing the legal system, improving the system of inner control, building up the credit system and improving the supervisory means etc., gradually transfer to the supervisory way with solvency as core. Of course, strengthening the supervision for solvency does not mean loosing the supervision for market action, but really putting all the measures about the supervision for solvency into effect while continuously keeping the supervision for market action, creating conditions and gradually transiting to the supervision with solvency as core.

3.4.2 Going on adjusting and standardizing insurance market order. The first is to check and deal with the false action. The reality of data is the basis of insurance operation and supervision. At present, false data, false accounts and false statements are very much, which not only influences the accuracy of the operative accounting and the effectiveness of supervision, but gives the chance used by the illegal and damages the reputation of the company. Some companies suffered a lot from this; The second is to check illegal actions such as the accounts out of the account with a firm hand, the small treasury and retaining the premium etc.. What is a crime is transferred to the legislative for settlement; The third is to strictly check the action of misleading customers. All kinds of misleading actions ought to be made key inspection in the process of selling new products in life insurance. The companies that customers complained very much and caused the bad influence will be punished legally; The fourth is to strengthen the supervision for the establishment of insurance branch institutions. All the companies are expected to establish their branch institutions complying with the principle that there are benefits in economic accounting, the need for the development of business and an advance in managing level. China Insurance Regulatory Commission will firmly grasp the passes of opening to business for the branch institution complying with laws. The

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companies that do not reach the standard of opening to business will be forbidden to open to business; The fifth is to check the relating transaction between stock companies and shareholders. Some stock companies borrow money from shareholders against rules and provide mortgage to shareholders. Even there is the problem that shareholders use the insurance funds. These illegal actions are certain to be checked and seriously settled.

3.4.3 Modifying and improving laws and regulations. According to the basic rules of WTO and the relevant acceptance in insurance industry after China’s entry into WTO, we will continue to clean up, modify and supplement insurance law and regulations. The first is to quickly modify 《Insurance Law》; The second is to issue《The Method for Punishing Illegal Actions in Insurance》as soon as possible, and cooperate with the Legal Office to finish the draft quickly; The third is to modify and supplement《The Regulation for Management in Insurance Companies》; The fourth is to enact《The Method for Management in Reinsurance》and 《The Managing Method for Disclosing Information of Insurance Companies》, to start researching the managing regulations for captive insurance companies etc.

3.4.4 Changing the supervisory way. The first is to clean up and reduce the administrative ratification. What is not regulated is not regulated at all. The guidance role of market mechanism should be fully performed. Concentrating on what should be well regulated is not well regulated, making greater efforts and regulate it well; The second is to steadily advance the test for the reform of premium rate in motor insurance; The third is to increase the transparency of supervision, especially expand the content of the information disclosed, besides the insurance law and regulations, including the items, the procedure and the principle in ratification etc.; increase the disclosing channel for supervisory information, ensure that all insurance companies and the public can in time receive the supervisory information. Meanwhile, the system for disclosing information will be gradually established in insurance companies. All the companies are expected to disclose the information about products and operation for the public and the insured timely and accurately.

3.4.5 Strengthening the self-regulation and the social supervision. Gradually establishing the insurance supervisory system of “four aspects as one body”, the inner control of the enterprise, the self-regulation of the industry, governmental supervision and social supervision, further perform the function of the self-regulation and social supervision. For this objective, all the departments of China Insurance Regulation Commission will make a close contact with the councils of the important state-owned companies and communicated in time and work

well for the supervision for the companies.

3.5 Expanding the opening-up to foreign countries 3.5.1 China Insurance Regulatory Commission will research and enact the implementary detailed rules in accord with the acceptance. All the staff members in insurance industry are expected to carefully study the regulations of WTO, know the mechanism of solving disputes, both behave in accord with the international rules and make use of the rules to maintain their own legal rights.

3.5.2 Chinese and foreign companies should learn from each other and develop commonly. The aim of opening-up is to promote the development. There is a big difference between Chinese and foreign companies in many ways. Every one has its own merit. Opening-up provides a scare chance for Chinese and foreign companies to learn from each other and use for reference each other. Foreign companies have much experience in risk control, operative management, product exploitation and service etc. Chinese companies have advantages over the institution network, understanding the local culture and consumers’ mind etc.

3.5.3 improving the management in foreign companies. China Insurance Regulatory Commission will go on researching and enacting the relevant measures and managing detailed rules; strengthen to communicate with the supervisory institutions of the countries where the parent companies of foreign companies are located; strengthen the supervision for the relating business between foreign companies and their parent companies; strictly check the illegal insurance business of foreign companies across the boundary. Meanwhile, foreign companies are expected to know the relevant laws and regulations of China insurance supervision and really operate legally.

3.5.4 Strengthening the management in Chinese overseas insurance institutions. Some Chinese enterprises established insurance companies abroad and Chinese insurance companies set up their overseas branches, so their parent companies want to really control and manage them. At the same time, China Insurance Regulatory Commission will master their operative situation by contacting with the supervisory departments of insurance in that country and also strengthen the supervision for the overseas institutions of the state-owned insurance companies.

If discovering problems, China Insurance Regulatory Commission will cooperate with the local supervisory department and make the disposal suggestion, try to avoid risk and reduce the loss of national assets.

3.6 Cultivating and introducing talents

At present, the insurance industry of China grows vigorously and has a huge potential, but no matter what is the insurance operation or the insurance supervision is facing with the problem lack of talents, which becomes the bottle-neck factor for limiting the development in insurance industry. After China’s entry into WTO, as Chinese and foreign insurance companies increase in a large number and there is a rapid growth in the branch institutions of stock companies, the contradiction lack of talents will be more serious. Therefore, the problem lack of talents is not only an urgent task for insurance industry at present, but a long-term strategic work, which must be paid more attention.

With the constant development in economic globalization and financial integration, there is a big change in insurance products and operative forms etc. Only traditional insurance expertise has already not met the need of the development of modern insurance industry. Insurance industry urgently needs not only the insurance experts, but also the professionals with economy, finance, investment, law, accounting and computer knowledge etc., and the senior managing talents who know management and are good at business. We should widen the road, enlarge the vision and attract more talents into insurance industry.

Strengthening the training for the current talents. With the help of the educational strength in society, the insurance industry should take different forms and update knowledge quickly, making greater strength to introducing talents and selecting and recruiting talents from overseas and all fields. The personnel and employment systems should be reformed quickly with a mechanism of attracting and encouraging talent. The environment will be created for talents to make a full performance, forming an atmosphere of respecting talents. The insurance talent market will be built up, encouraging talents flowing reasonably and orderly.

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