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China's Insurance Regulatory and Supervisory Regime

Analysis and Advice Based on the Comparison with EU's Solvency II System
Authors:
Publisher:
 25.09.2019

Summary

Das Buch beschäftigt sich eingehend mit den wesentlichen Aspekten des chinesischen Versicherungsaufsichtssystems, einschließlich der Festlegung von Regeln, der aufsichtsrechtlichen Ziele, des aufsichtsrechtlichen Überprüfungsprozesses, der Aufsichtsmaßnahmen, der aufsichtsrechtlichen Transparenz und der öffentlichen Konsultation.

Das Ziel der Arbeit besteht darin, die Schwachstellen zu identifizieren, die dem chinesischen Versicherungsaufsichtsmodell und den Aufsichtsmechanismen innewohnen, und nach geeigneten Wegen zur Behebung dieser Schwachstellen zu suchen. Die Analyse erfolgt durch einen Vergleich mit den regulatorischen und aufsichtsrechtlichen Ansätzen im Rahmen der EU-Richtlinie Solvabilität II, die als Anhaltspunkt dienen, um die Ermittlung der vorgenannten Schwachstellen und der entsprechenden Resolutionen zu erleichtern.

Dr. Wenyu Qian, LL.M., ist spezialisiert auf Versicherungs- und Bankrecht. Seit Jahren forscht er an den Universitäten in Frankfurt und Shanghai im Bereich des Finanzrechts. Sein aktuelles Forschungsinteresse gilt der Versicherungsregulierung.

Bibliographic data

Copyright year
2019
Publication date
25.09.2019
ISBN-Print
978-3-8487-6281-1
ISBN-Online
978-3-7489-0390-1
Publisher
Nomos, Baden-Baden
Series
Versicherungswissenschaftliche Studien
Volume
51
Language
English
Pages
244
Product type
Book Titles

Table of contents

ChapterPages
  1. Titelei/Inhaltsverzeichnis No access 1 - 18
    1. A. Problems Facing China’s Insurance Sector No access
      1. I. General Description No access
      2. II. Focus Laid on Supervisory Practices Instead of Regulatory Requirements No access
      1. I. Reasons for Selecting EU’s Model as Benchmark No access
      2. II. Particularity of Facts about EU’s Insurance Supervision No access
      3. III. Criteria for Adoption No access
    4. D. Organization of Dissertation No access
    1. A. Insurance Legislation of NPCC No access
    2. B. Regulatory Role of State Council No access
        1. 1. Overview of Supervisory Responsibilities No access
        2. 2. International Relations No access
        1. 1. Department Rules No access
        2. 2. Normative Documents No access
    4. D. Chapter Conclusions No access
    1. A. Basic Facts about EU’s Insurance Legislation No access
      1. I. The Framework Act: Insufficiency of Principles No access
      2. II. Unavailability of External Check and Control No access
      3. III. Shortcomings of Normative Documents No access
        1. 1. The Flip Side of Adopting Lamfalussy Approach No access
        2. 2. Conclusions No access
          1. a) Proposal to Establishing External Reviewing Entity and Mechanism No access
          2. b) Relative Merits of the Option No access
          1. a) Reasons for Drawing on EU’s Experience No access
          2. b) Set-up of Impact Assessment System No access
        3. 3. Consolidating Normative Documents No access
    4. D. Chapter Conclusions No access
    1. A. Introduction No access
    2. B. Relationship between Government and Insurance Sector No access
    3. C. Grounds for Prioritizing Supervisory Objectives No access
      1. I. Rationale and Means of Insurance Supervision No access
        1. 1. General Discussion No access
        2. 2. Does Market Competition Help? No access
        3. 3. Business Growth and Insurer Solvency Conditions No access
        4. 4. Beneficial Mainly on Macroeconomic Level No access
        5. 5. Conclusions No access
      1. I. Reflections on Size and Financial Stability No access
        1. 1. An Assessment of Systemic Relevance and Interconnectedness No access
          1. a) Shareholding in Financial Institutions No access
          2. b) short-term credit exposures No access
          3. c) Fire Sale No access
          4. d) Credit and Guaranty Insurance No access
          5. e) Reinsurance Concentration No access
      3. III. Conclusions No access
    6. F. Chapter Conclusions No access
      1. I. The Anatomy of the Supervisory Assessment Stage No access
      2. II. Further Distinctions No access
        1. 1. Types of Supervisory Measures No access
        2. 2. The Mechanism of Supervisory Intervention in China No access
        3. 3. Similarities and Dissimilarities of the Supervisory Measures between the EU and China No access
      4. IV. Conclusions No access
      1. I. Incorporation of Detailed Review Stage and Supervisory Plan: Advantages and Adaptations No access
          1. a) From the Standpoint of Policyholders and Beneficiaries No access
          2. b) From the Standpoint of Other Entities Exposed to Insurer Failure No access
        2. 2. Role of Impact Classification After Adoption No access
          1. a) On the Aspect of Definition No access
          2. b) On the Aspect of Basic Calculation Principles No access
          1. a) The Downsides of Intervention during Rectification No access
          2. b) Dual Supervisory Approach to Capital Inadequacy No access
            1. aa) Essential Elements of the Recovery Period under Solvency II No access
            2. bb) Weaknesses of Existing Rectification Arrangement No access
            3. cc) Reshaping Rectification Process in Alignment with Solvency II Recovery Mechanism No access
          1. a) The Considerations Factored in Determining Supervisory Measures No access
          2. b) Flaws in Formation of Supervisory Measures and Root Causes No access
          3. c) Generalization about Amelioration of CIRC’s Supervisory Intervention No access
    3. C. Chapter Conclusions No access
        1. 1. Accessibility and Clarity of CIRC’s Supervisory Rules No access
        2. 2. Deficit in Rationale behind Requirements No access
        1. 1. Obscurities in Internal Organization and Procedures No access
          1. a) Availability of Information about Supervisory Activities No access
            1. aa) Procedures of Consultations No access
            2. bb) Unrevealed Consultation Practices and Results No access
        1. 1. On the Aspect of Supervised Entities No access
        2. 2. On the Aspect of Supervisory Authority No access
          1. a) Causality between Consultation and Rationale Clarity No access
          2. b) Consultative Procedures and Mechanisms Providing Justification for Rules No access
          1. a) Benefits of EIOPA’s Advisory and Expository Publications No access
          2. b) Comparison and advice No access
          1. a) Rules of Procedure for Critical Entities and Arrangements No access
            1. aa) Organizational and Procedural Details No access
            2. bb) Organizational Chart No access
            3. cc) Assembling Rules of Procedure No access
          1. a) General Approach No access
          2. b) Special Treatment of Supervisory Activities Occurring in the Long Run No access
        1. 1. Statistics for Insurance Groups No access
        2. 2. Data on Insurer Solvency No access
        3. 3. Disclosures about Off-site Supervisory Activities No access
    3. C. Chapter Conclusions No access
    1. A. Rule-making Legitimacy No access
    2. B. Rule-making Systematicness No access
    3. C. Supervisory Priority No access
    4. D. Supervisory Specificity No access
    5. E. Intervention Intensity No access
    6. F. Supervisory Transparency No access
  9. Bibliography No access 227 - 238
  10. Table of Legislation No access 239 - 242
  11. Index No access 243 - 244

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