中國大陸保險資金股權投資監管與保險消費者之保護

Supervision over the Equity Investment of Insurance Funds and Protection of Insurance Consumers in Mainland China

中國大陸保險監管部門對保險資金股權投資的監管，從邏輯上考察，呈現了由嚴格到寬鬆再到加強的監管趨勢。保險資金的運用亦關乎廣大保戶的利益，故監管目標的設定應考慮保險消費者利益之保護。保險資金投資股權能否參與公司經營，要基於保險資金的來源來分析保險資金可否作為上市公司併購資金和爭奪上市公司控制權。對保險資金股權投資的監管，應考慮保險資金的公共性和社會性，加以謹慎監管，以實現保險資金投資收益、保護保險消費者權益以及公益之平衡。

From a logical point of view, the supervision over the equity investment of insurance funds by the insurance regulatory authorities in mainland China shows a trend from strict to relaxed to strengthened. The use of insurance funds is also related to the interests of the vast number of insurers, so the setting of regulatory objectives should consider the protection of the interests of insurance consumers. According to the source of insurance funds, we will find whether the investment equity of insurance funds can participate in the operation of the company and whether the insurance funds can be used as merger and acquisition funds of listed companies and compete for the control rights of listed companies. The supervision of equity investment in insurance funds should take into account the publicity and sociality of insurance funds. By prudent supervision, we can realize the balance of investment income of insurance funds, protect the rights and interests of insurance consumers and public welfare.