Explain the development process of the insurance industry in New China

1) The period of creation of the social insurance system (1949-1957).

After the founding of the People's Republic of China, in accordance with the needs of the development of the political and economic situation and the provisions of the "Common Program" that played the role of the provisional constitution at that time on "gradually implementing the labor insurance system" in enterprises, the party and the first party officially promulgated the "Regulations of the People's Republic of China on Labor Insurance" on February 26, 1951.

2) In the stage of development in the adjustment (1958-1966).

During this period, the state has rectified and improved the social insurance system, and at the same time, it has also established and perfected a number of social insurance methods and management systems according to needs.

iii) suffered a period of serious setbacks and destruction (1966-1976).

From May 1966 to October 1976, China's social insurance system was seriously disrupted and undermined.

iv) the forward phase in the reform (1976-1992).

In October 1976, after the smashing of the "Gang of Four" counter-revolutionary clique, especially after the Third Plenary Session of the 11th Central Committee of the Communist Party of China, China entered a new era of economic structural reform; Under the impetus of reform theory and practice, the labor insurance system has undergone a series of adjustments and improvements.

5) The basic formation stage of the framework of the social insurance system compatible with the socialist market economy system (1992-present).

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

Looking at the development of China's insurance industry in the past 20 years, objectively speaking, China's insurance market is still in the initial stage of development, which is mainly manifested in the following aspects:

First, China's insurance market is still basically an oligopoly.

Second, the development of China's insurance industry is still at a low level.

Third, the structure of China's insurance market is unevenly distributed.

Fourth, the level of professional operation of China's insurance industry is not high.

Fifth, the insurance market has not yet formed a complete system.

Sixth, the development of the reinsurance market is lagging behind and insurance supervision needs to be strengthened urgently.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

After the Third Plenary Session of the 11th Central Committee of the Communist Party of China, the National Insurance Work Conference was held in Beijing in November 1979, and the domestic insurance business began to recover and entered a new stage of development.

1980: Property insurance business resumed, and Chinese People's Insurance Company resumed business.

1982: Life insurance business resumed.

1984: Chinese People's Insurance was approved to set up an investment company, which could be invested with part of the insurance reserves.

1988: Ping An Insurance Company, the first joint-stock insurance company, was officially opened.

1992: The first foreign-funded life insurance company, AIA Shanghai Branch, was established, and the life insurance system was introduced.

1995: The first edition of the Insurance Law of the People's Republic of China was promulgated.

1996: Began to operate separately, Chinese People's Insurance Company business was spun off, forming China Insurance Property Insurance **** China Insurance Life Insurance ****, China Reinsurance Company.

1996: Zhonghong Insurance, the first Sino-foreign joint venture life insurance company, was established in Shanghai.

1998: The China Insurance Regulatory Commission was established.

The People's Bank of China issued the Table of Disability Degree and Insurance Payment Ratio of Life Insurance, which stipulates that from July 1, 1999, the definition of disability degree and the proportion of insurance payment in all new business terms and conditions must be implemented in accordance with the table of the degree of disability and insurance payment ratio of life insurance.

1999: Insurance companies are allowed to enter the market indirectly through **investment**. The first insurance broker qualification examination in mainland China.

Chinese Life Insurance Company was established with the approval of *** (formerly known as Chinese People's Insurance Company established in 1949 and China Insurance Life Insurance Company separated in 1996).

2001: Mainland China was approved to join the WTO, and three foreign-funded companies, New York Life Insurance of the United States, Metropolitan Life Insurance of the United States and Japan Life Life Insurance of the United States, obtained business licenses.

Insurance Association of China was established.

2004: The first professional annuity insurance company, Taiping Pension Insurance Co., Ltd., was approved to be established.

2005: The China Insurance Regulatory Commission (CIRC) and the China Securities Regulatory Commission (CSRC) jointly issued the Interim Measures for the Investment Management of Insurance Institutional Investors, and insurance funds were allowed to enter the market directly. The new life table was approved by the China Insurance Regulatory Commission.

Hello, let me briefly introduce the development prospects of China's insurance industry: 1. Diversification of business entitiesWith the continuous improvement of China's insurance market access mechanism, new market entities have emerged one after another. Not only are new insurance companies entering the market, but new breakthroughs have been made in the professional operation and organizational innovation of insurance companies. At the same time, a number of branches of insurance companies have been added, which has promoted market competition.

Judging from the trend, the number of various types of market operators will further increase. 2. Market-oriented operation mechanismInsurance companies, insurance intermediaries, policyholders and other market entities contact and play a role through the market mechanism. Market operators conduct fair, just and open competition in accordance with the law; All companies, regardless of organizational form, domestic or foreign capital, or scale, have an equal competitive position; Products, rates, funds, and talents are mainly regulated through market mechanisms.

All these fully reflect the equality of competitors, the fairness of competition rules, the transparency of the competition process, the effectiveness of the competition structure, and the gradual improvement of market efficiency. 3. The business concept of the intensive insurance company has changed and the scientific concept of development has been established. In the process of operation, with efficiency as the center and scientific management as the means, we will increase investment in technology, education and information, realize the company's scientific decision-making, take the connotative development path, and provide the society with the most reasonable and high-quality insurance products and services.

4. Legalization of supervision: Supervision has a relatively complete legal and regulatory system, a strong regulatory system, a relatively stable regulatory model, and effective regulatory means, so as to realize the institutionalization and transparency of insurance supervision. ** The role of supervision, management, guidance and support for the insurance industry has been more fully played. 5. Internationalization of industry developmentWith more and more foreign-funded insurance companies entering China's insurance market, foreign-funded companies are playing an increasingly important role in China's insurance market, diversifying risks within the scope of decapitation, and increasing the influence of the international reinsurance market on China's insurance products and pricing.

With the overseas financing of insurance companies and the overseas use of insurance and foreign exchange funds, the impact of the international financial market on China's insurance market is increasing. With the further opening up of China's insurance market, the domestic insurance industry will gradually integrate into the international insurance market and become an important part of the international insurance market. The deepening of internationalization requires the operation and management of China's insurance industry to be more in line with international practices.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"