保险资金投资比例监管的演化研究：域外经验与国内实践

Core Viewpoint - The article discusses the evolution and current state of insurance fund investment regulation in China, emphasizing the need for a balance between strict regulation and the flexibility to support the real economy and stabilize capital markets [3][5][18]. Group 1: Current Regulatory Landscape - The regulatory framework for insurance fund investment has evolved since 2010, with significant changes in investment categories and their respective limits [5][19]. - In 2020, the China Banking and Insurance Regulatory Commission (CBIRC) began to relax regulations on equity and real estate investments, allowing for more autonomy in investment decisions [5][19]. - The current regulatory system is primarily based on solvency supervision, with a focus on the "Solvency II" framework, which integrates asset and liability management [6][19]. Group 2: Comparison with International Practices - The article compares China's insurance fund regulation with that of the US, UK, and Japan, highlighting that the US employs strict legislative measures, while the UK adopts a principle-based approach with less direct regulation [4][16]. - Japan has transitioned from strict proportional regulation to a more relaxed framework, allowing companies to make independent investment decisions [11][14]. - The regulatory practices in these countries reflect their unique economic contexts and historical developments, influencing their approaches to insurance fund management [16][17]. Group 3: Future Outlook - The article suggests that China should maintain its investment proportion regulations while gradually relaxing investment scope and limits to better serve the real economy [18][19]. - Future policies are expected to promote innovation in insurance fund investment, allowing for broader asset categories and higher investment ratios in venture capital [18][19]. - The potential for parallel implementation of investment proportion and solvency regulations is highlighted, with a focus on differentiated supervision based on the type of insurance company [19].