资金新政背景下对我国保险投资监管的探讨

发布时间：2018-08-02 09:15

【摘要】：在当代保险经营中,保险公司的业务主要分为以下两类：一类是承保业务(保险公司的主营业务)；另一类是保险投资业务。但是随着中国加入WTO,保险公司之间的竞争日益加剧,造成承保利润越来越低,那么作为保险经营的两大支柱之一——保险投资,则成为了保险公司生存和发展的关键所在。因此逐步放松对保险投资监管既符合保险公司增加收入来源、弥补承保利润不足的要求,也符合保险业的发展要求。由于保险公司经营的特殊性和投资的风险性,保险投资必须由相关的法律法规作保障,特别是在2012年保监会对保险投资颁布了一系列的新政后,保险资金投资渠道进一步放开、投资比例进一步增大、保险资产管理范围进一步扩大,然而投资毕竟是一把双刃剑,松绑了保险投资的种种束缚之后,怎样保证保险资金的安全性和流动性,将成为保险投资的监管者面临的重要问题,因此,本文在投资新政的背景下研究保险投资监管具有重要的意义。第一部分,主要介绍保险投资与保险监管的一些基础知识。该部分首先从保险资金的来源出发,分析了其具有的特性,即保险资金具有稳定性、负债性、增值性和社会性四大性质；保险资金的这些特性又决定了保险投资所必须遵循的基本原则和特殊原则,基本原则包括：(1)安全性原则；(2)收益性原则；(3)流动性原则；(4)分散性原则。特殊原则包括：(1)对称性原则；(2)平衡性原则。并且这六大原则是相互联系、相辅相成的。安全性是基础；流动性是保证；收益性是最终目标;而分散性、对称性和平衡性则是保险投资的手段,有利于保险投资目标的实现。在宏观经济中,政府监管的作用在于提高效率、保持稳定和维护公平。保险市场作为金融市场的一个重要组成部分,除具备金融市场的共有特性之外,比如信息的不对称性和有限理性,还具有社会性和负债经营的特点,因此不论是从一般金融理论分析还是从保险投资的特殊性来讲,保险投资监管都是有必要的。笔者认为保险投资应该从宏观和微观两个角度进行监管：宏观上,政府对保险投资的监管主要表现在两个方面：一是对保险公司投资行为的监管；二是对保险公司偿付能力的监管。微观上,主要表现在保险公司自身对投资风险的监管上,首先,要从保险公司的组织架构上防范保险投资风险；其次,从管理制度上控制投资风险。第二部分,主要介绍保险投资监管的历史变迁和保险投资新政。首先,笔者分析了保险投资新政前我国保险投资监管的历史变迁,主要包括三个阶段：(1)放松监管阶段(1979年--1995年)；(2)严格控制投资的阶段(1995年—1998年)；(3)规范监管的阶段(1998—至今)。紧接着介绍了2012年保险投资方面最热点的话题——保险投资新政,该部分分三个模块进行阐述：首先,分析了保险新政前我国保险投资面临的主要问题,这是颁布保险新政的原因,包括保险投资结构不合理、保险投资总体收益率不高、保险资产运用期限与保险业资产分布不匹配等；然后详细介绍了保险投资新政的主要内容,即2012年保监会颁布的10个保险投资新政：最后分析了保险投资新政带来的机遇与挑战。第三部分主要介绍了一些发达国家的保险投资监管制度以及分析了发达国家保险投资监管对我国的启示。笔者选择了美、英、日三个国家,并且从监管主体、监管法律和监管手段几个角度介绍了三个发达国家保险投资监管制度；在此基础上,本文紧接着分析了三国保险投资监管对我国的启示：(1)确保保险投资方式的多元性；(2)限定各种保险投资的比例；(3)偿付能力监管已成为保险投资监管的核心；(4)区分产险、寿险资金,分类监管。第四部分详细论述了完善我国保险投资监管的构想。该部分主要通过两个角度进行阐述：一方面从微观层面考虑保险公司对保险投资风险的监管,包括(1)从组织架构上对投资风险进行监管；(2)从管理制度上对投资风险进行监管；(3)整合保险集团内部资源,建立投资专业团队；(4)严格控制保险投资比例,防范过度投机风险。另一方面从宏观层面考虑政府对保险投资的监管,包括(1)加强保险投资监管的信息化建设；(2)明确监管形势,提高监管者素质；(3)搭建跨领域的沟通和交流平台；(4)借鉴先进的监管技术,提高监管水平；(5)区分保险资金,分类监管。
[Abstract]:In the current insurance management, the insurance company's business is mainly divided into two categories: one is the underwriting business (the main business of the insurance company) and the other is the insurance investment business. However, as China joins WTO, the competition between insurance companies is increasing and the underwriting profit is getting lower and lower, so as the two pillar of insurance management First, insurance investment is the key to the survival and development of insurance companies. Therefore, the gradual relaxation of insurance investment regulation not only conforms to the insurance companies to increase their income sources, make up for the shortage of underwriting profits, but also conforms to the development requirements of the insurance industry. The insurance investment must be invested because of the particularity of the insurance company and the risk of investment. It must be guaranteed by relevant laws and regulations, especially after the CIRC issued a series of new policies on insurance investment in 2012, the investment channel of insurance funds is further liberalized, the proportion of investment is further enlarged and the scope of insurance assets management is further expanded. However, after all, investment is a double-edged sword, and after all the constraints of insurance investment are loosed, How to guarantee the security and liquidity of insurance funds will become an important problem for the regulators of insurance investment. Therefore, it is of great significance to study the supervision of insurance investment under the background of the new investment policy.
The first part mainly introduces some basic knowledge of insurance investment and insurance supervision. This part begins with the origin of insurance funds and analyzes its characteristics, that is, the four properties of the insurance funds are stable, indebted, value-added and sociality, and the characteristics of insurance funds determine the basis of the insurance investment. This principle and special principles include: (1) principle of security; (2) principle of return; (3) liquidity principle; (4) principle of dispersion. Special principles include: (1) principle of symmetry; (2) principle of balance. And these six principles are interconnected and complementary. Security is the basis; liquidity is a guarantee; income is the most profitable The end goal; decentralization, symmetry and balance are the means of insurance investment, which is conducive to the realization of the goal of insurance investment.
In the macro economy, the role of government regulation is to improve efficiency, maintain stability and maintain fairness. As an important part of the financial market, the insurance market, in addition to the common characteristics of the financial market, such as the asymmetry of information and limited rationality, also has the characteristics of social and debt management, therefore, it is from the general. The financial theory analysis is still necessary in terms of the particularity of the insurance investment. The insurance investment supervision is necessary. The author believes that the insurance investment should be regulated from two perspectives: macro and micro, the government's supervision of insurance investment is mainly in two aspects: the first is the supervision of the investment behavior of the insurance company; and the two is the protection of insurance. The supervision of the solvency of the insurance company is mainly manifested in the supervision of the insurance company itself on the risk of investment. First, it is necessary to prevent the risk of investment from the organizational structure of the insurance company, and secondly, to control the investment risk from the management system.
The second part mainly introduces the historical changes of insurance investment supervision and the new policy of insurance investment. First, the author analyzes the historical changes of insurance investment supervision in China before the new policy of insurance investment, mainly including three stages: (1) the stage of relaxation of supervision (1979 --1995); (2) the stage of strict control of investment (1995 to 1998); (3) normative supervision The stage (1998 to present). Then it introduces the most hot topic of insurance investment in 2012 - the new policy of insurance investment, which is divided into three modules. First, it analyzes the main problems faced by the insurance investment in China before the new insurance policy, which is the reason for the promulgation of the new insurance policy, including the irrational investment structure and the insurance investment. The overall income rate is not high, the duration of the insurance assets is not matched with the distribution of the insurance assets. Then the main contents of the new policy of insurance investment are introduced in detail, that is, the 10 new policies of insurance investment issued by the CIRC in 2012. Finally, the opportunities and challenges brought by the new policy of insurance investment are analyzed.
The third part mainly introduces the insurance investment supervision system in some developed countries and analyzes the Enlightenment of insurance investment supervision in developed countries to China. The author chose the three countries of the United States, Britain and Japan, and introduced the insurance investment supervision system in three developed countries from the supervision subject, supervision law and supervision means. On the basis of this, this paper analyzes the Enlightenment of the three countries' insurance investment supervision to our country: (1) to ensure the diversity of the mode of insurance investment; (2) to limit the proportion of all kinds of insurance investment; (3) the solvency supervision has become the core of the insurance investment supervision; (4) to distinguish between the insurance, the life insurance funds and the classified supervision.
The fourth part expounds the concept of improving China's Insurance Investment Supervision in detail. This part is mainly elaborated through two aspects: on the one hand, the insurance company's supervision of insurance investment risk is considered from the micro level, including (1) supervision of the investment risk from the organizational structure; (2) supervision of the investment risk from the management system; (3) Integrate the internal resources of insurance group and establish an investment professional team; (4) strictly control the proportion of insurance investment and prevent excessive speculative risk. On the other hand, the supervision of the government to insurance investment is considered from the macro level, including (1) strengthening the information construction of insurance investment supervision; (2) clear supervision situation, improve the quality of supervisors; (3) build a cross field. Communication and communication platform; (4) learn from advanced regulatory technology to raise the level of supervision; (5) distinguish between insurance funds and classified supervision.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3

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