Concepts related to the insurance industry of the insurance industry

China Insurance Regulatory Commission

China's insurance industry has gone through a tortuous process of development. The People's Bank of China (PBOC), the Ministry of Finance (MOF) and others have exercised the function of supervising the insurance industry at different historical periods. after the founding of New China in October 1949, the People's Insurance Company of China (PIC) was established, under the leadership of the PBOC. From the second half of the 1950s, China's insurance industry entered a long period of depression, and the supervision of the insurance industry stagnated.In April 1979, the State Council approved the gradual resumption of domestic insurance business, and the insurance industry was still supervised and managed by the People's Bank of China.On March 3, 1985, the State Council promulgated the Provisional Regulations for the Administration of Insurance Enterprises, which stipulated that: "The state insurance administration authority is the People's Bank of China. The State Council promulgated the Provisional Regulations on the Administration of Insurance Enterprises on March 3, 1985, which stipulated that "the national insurance administration authority is the PBOC". Subsequently, the PBOC gradually established and strengthened internal organizations to supervise the insurance industry, and in July 1995, the PBOC set up the Department of Insurance specializing in the supervision of Chinese insurance companies. At the same time, the PBOC strengthened the construction of the systematic insurance supervisory organization, requiring the establishment of insurance sections in provincial branches and the provision of full-time insurance supervisory personnel in sub-provincial branches.

With the development of the banking, securities and insurance industries, the State Council approved the establishment of the China Insurance Regulatory Commission (CIRC) on Nov. 18, 1998, to better supervise and manage the insurance industry, specializing in the supervision of the national commercial insurance market.

CII

CII was established on March 12, 2001, and is a national self-regulatory organization of the insurance industry in China, which was approved by the China Insurance Regulatory Commission (CIRC) and registered with the Ministry of Civil Affairs of the People's Republic of China (MOCA), and it is a voluntary, non-profit-making legal person of the social organizations. On December 17, 2007, according to the spirit of CIRC's "Guiding Opinions on Strengthening the Construction of Insurance Industry Associations and Organizations" (Insurance Supervision and Administration [2007] No. 118), CIIA held its third general meeting and successfully realized the change of its term of office, successfully carried out the reform of its institutional mechanism, established the responsibility system of a full-time president, and steadily pushed forward the construction of a standardized, specialized and professional team of personnel.

Insurance companies

The economic organizations that mainly operate insurance business are insurance companies. Insurance companies have other financial institutions

The operation of insurance companies is a comprehensive business activity based on scientific analysis and professional knowledge. It emphasizes the rational and effective organization of business operations in accordance with objective economic laws, laws of nature, laws of technology and the laws of insurance activities themselves. The operating principle of insurance companies is the law of large numbers and the principle of probability theory, the more policyholders of the insurance company, the larger the scope of coverage, the more diversified the risk, but also to be able to not only expand the scope of insurance coverage, improve the social benefits of insurance, but also to gather more insurance funds for the establishment of a strong foundation for economic compensation, to ensure that the insurance company's own operational stability.