Japan's Insurance Insolvency Response Model and Its Implications
The revision of Insurance Law of the People's Republic of China faces critical challenges,inclu-ding defining the boundaries of solvency regulation,balancing administrative and judicial authority,and establishing a robust institutional framework for insolvency.Japan's comprehensive model for addressing insurance insolvency,developed through its own economic transitions,provides valuable insights.During its growth phase,Japan introduced a dual approach,with the state and industry mitigating insolvency risks.Following the economic bubbles collapse,the Japan's Insurance Business Act emphasized insurance-specific administrative measures,incorporating early corrections,insolvency initiation,contract modifi-cations and transfers,and policyholder protection mechanisms.Supplementing this,the Japan's Act on Special Measures for the Reorganization Proceedings of Financial Institutions introduced judicial proce-dures,enhancing the fairness and efficiency of the system.Japan's experience highlights the importance of acknowledging governmental limits in risk control,transitioning policyholder protection towards self-re-sponsibility,and integrating judicial processes into administrative systems to optimize equity and efficien-cy.For China,building its insurance insolvency framework should prioritize reorganization mechanisms,refine the causes of insolvency,and improve processes for insurance contract modification and transfer,addressing initiation and decision-making comprehensively.
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