First, the core role of government supervision
In the three-pillar supervision system of commercial endowment insurance, government supervision is at the core. By formulating relevant laws and policies, the government regulates the operation of the endowment insurance market and protects the legitimate rights and interests of the insured. At the same time, the government has also set up a special regulatory agency to conduct daily supervision and risk assessment of the pension insurance market to ensure the stability and safety of the market.
Second, the complementary role of industry self-discipline.
As a supplement to government supervision, industry self-discipline is equally important in the supervision system of commercial endowment insurance. Industry associations and self-regulatory organizations guide enterprises to operate in compliance and enhance the image and competitiveness of the industry by formulating industry standards and norms. In addition, industry self-regulatory organizations also carry out training, exchanges and other activities to improve the professional quality and professional ethics of employees.
Third, the basic role of the market mechanism.
Market mechanism plays a fundamental role in the supervision system of commercial endowment insurance. Through market competition and price mechanism, we will guide the innovation and optimization of endowment insurance products to meet the needs of different consumers. At the same time, the market mechanism can also promote enterprise self-discipline and risk management and reduce market risks.
Fourth, the importance of coordinated development of the three pillars.
In the three-pillar supervision system of commercial endowment insurance, government supervision, industry self-discipline and market mechanism complement and promote each other, and the isomorphism becomes the supervision framework of endowment insurance market. Only the coordinated development of the three can ensure the stable operation of the endowment insurance market and the protection of the rights and interests of the insured.
To sum up:
At present, the core of the three-pillar supervision system of China's commercial endowment insurance is to build a multi-level and all-round supervision framework, and form an effective risk prevention and control system through the combination of government supervision, industry self-discipline and market mechanism to promote the healthy development of commercial endowment insurance. This system aims at ensuring the stability and security of the endowment insurance market, safeguarding the legitimate rights and interests of the insured and promoting the sustained prosperity of the endowment insurance market.
Legal basis:
People's Republic of China (PRC) insurance law
Article 1 14 stipulates:
An insurance company shall establish and improve its internal control system, prevent and resolve risks, and ensure its solvency.
People's Republic of China (PRC) social insurance law
Article 6 provides that:
The state exercises strict supervision over social insurance funds.
The State Council and the people's governments of provinces, autonomous regions and municipalities directly under the Central Government shall establish and improve the supervision and management system of social insurance funds to ensure the safe and effective operation of social insurance funds.
People's governments at or above the county level shall take measures to encourage and support all sectors of society to participate in the supervision of social insurance funds.
Opinions on Accelerating the Development of Commercial Endowment Insurance
Article 3 provides that:
Improve the supervision system of commercial endowment insurance. Adhere to the unity of institutional supervision and functional supervision, improve the supervision system, and strengthen post-event supervision and risk prevention.