English-Chinese Bilingual Dictionary of International Insurance Regulation

Author: Yao Fei
Publisher:
Publish Date: 2004-03-01
Features: Since the reform and opening-up, China's insurance industry has made significant progress in many aspects after more than 20 years of development, but it is still in the primary stage of development overall. First, the establishment and development of the insurance market were directly transitioned from a planned economy system without sufficient exposure to a commodity economy, and truly qualified business entities under the market economy system still need further cultivation and development. Second, the market development is insufficient, with inadequate innovation in insurance products and services. Compared to the United States, which has nearly 6,000 insurance companies, China's insurance market has fewer business entities, insufficient competition, limited means, and lagging supply of insurance products and services. Third, the government-led economic and social development model has not yet shifted to a market model where individuals, families, and business entities independently bear risks. The importance of commercial insurance has not been fully recognized, and the risk awareness and insurance knowledge of and enterprises still need to be popularized. The vast potential for the development of China's insurance industry remains to be tapped. Fourth, under the backdrop of rapid industry development and continuous market expansion, the construction of insurance supervision systems still needs further strengthening, and supervision techniques require improvement. China's insurance industry has not yet achieved truly effective development for a long time, and the establishment of supervision agencies is even shorter. Modern supervision theory and practice have regarded the construction of supervision systems as a core factor in maintaining financial system stability and enhancing the international competitiveness of the financial industry. How to establish a supervision system that reflects risk prevention, maintains market stability, genuinely protects the interests of, encourages competition, promotes market development, and helps China's insurance industry grow rapidly and stably is an important issue that needs research and exploration. Under an open economic system, the advancedness and effectiveness of supervision system construction are reflected not only in aligning with the specific national conditions but also in keeping pace with the times and adopting international advanced supervision techniques and standards. The "Bilingual Dictionary of International Insurance Supervision (English-Chinese)" compiled by Comrade Yao Fei of the China Insurance Regulatory Commission provides a valuable reference for tracking the development of international insurance supervision and learning insurance English. Comrade Yao Fei has worked in financial regulatory departments for many years and has experience of studying and working at the University of Heroit-Watt in the UK and Standard Life Assurance Company.