In recent years, many insurance companies have touched the regulatory red line in the use of funds in connected transactions. Some companies have achieved rapid scale expansion through universal insurance and investment-linked insurance products, and then made a big splash in the capital market; some companies have not yet entered a profitable period after more than ten years of operation, but continue to use premium income to "transfuse blood" for the parent company. ; There are also companies that seem to have a scattered shareholding structure, and the actual controllers after layer-by-layer penetration occupy funds and evade debts at the same time... The deep-seated problem behind these phenomena is that "large shareholders" use insurance funds as easy access. The "Tang Monk meat", through various forms of related transactions, illegally misappropriated to convey benefits for himself.
On March 1 this year, the Measures for the Administration of Affiliated Transactions of Banking and Insurance Institutions came into effect. For the first time, the Measures unify the management rules for related party transactions in the banking and insurance industry, and clarify that insurance companies should control the number and scale of related party transactions, and focus on preventing risks of transferring benefits to shareholders and their related parties. At the same time, the regulatory authorities continued to disclose the list of shareholders with major violations of laws and regulations to the public. Since 2019, the China Banking and Insurance Regulatory Commission has disclosed to the public 81 shareholders with major violations of laws and regulations in banking and insurance institutions, which has played a good role in strengthening market discipline and strengthening market supervision.
As an industry that manages risks, the insurance industry can go a long way in the development of hundreds of years, relying on the ability of stable operation and risk prevention. Good management and good use of insurance funds is an important aspect of risk management in the insurance industry. If the insurance company's own risk management level is not in place, how can it provide protection for the insured.
In recent years, the channels for the use of insurance funds have become more and more extensive, and there are more and more fields that can be invested. At the same time, the pattern of illegal related-party transactions has been constantly renovated, and the concealment has become increasingly enhanced. Major shareholders have adopted various methods to conceal the essence of related-party transactions and evade internal review, external supervision and information disclosure.
It needs to be clear that the use of insurance funds and related transactions cannot break through legal provisions and regulatory rules. The core of the use of insurance funds is the management of assets and liabilities. Insurance asset management needs to focus on the legitimacy, safety and stability of funds. The primary feature of insurance funds is still the liability attribute, and it has significant long-term characteristics. This requires that the allocation of insurance funds must pursue duration matching, and use duration to smooth out risk fluctuations. However, judging from the violation cases that have been announced, there are still institutions that put insurance funds on the vests of "asset management plans" and "primary market investment". The purpose of delivering benefits to major shareholders.
The total assets of my country's insurance industry have hit new highs year after year, and their importance in the financial industry is also increasing day by day. However, compared with mature insurance companies, many domestic insurance companies still have gaps in business scale and management level. Therefore, the regulatory authorities continue to make efforts not only to strengthen the management of the use of insurance funds, but also to improve the corporate governance level of the insurance industry to prevent and resolve financial risks. For insurance companies, the main responsibility should be consolidated, the identification and management of related parties should be strengthened, an internal accountability mechanism should be established, and short-sighted thinking such as "short-term performance impact" and "earning channel fees" should be abandoned. Kung fu can only become a "hundred-year-old shop" in the industry.
