Bilingual Dictionary: International Insurance Regulation Dictionary

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. 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 yet to shift 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 regulatory systems needs further strengthening, and regulatory techniques require improvement. China's insurance industry has not yet achieved effective development for a long time, and the regulatory bodies have been established even shorter. Modern regulatory theory and practice regard the construction of regulatory systems as a core factor in maintaining financial system stability and enhancing the international competitiveness of the financial industry. How to establish a regulatory system that balances risk prevention, market stability, and the genuine protection of the interests of while encouraging competition and promoting market development to quickly expand China's insurance industry is an important issue that requires research and exploration. Under an open economic system, the advancement and effectiveness of regulatory system construction are reflected not only in aligning with specific national conditions but also in keeping pace with the times and adopting international advanced regulatory techniques and standards. The "English-Chinese Bilingual Dictionary of International Insurance Regulation" compiled by Comrade Yao Fei of the China Insurance Regulatory Commission provides a valuable reference for tracking the development of international insurance regulation 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.