On the morning of May 29^th, the 102^nd CCISSR biweekly seminar was held at SEPKU. Dr. Joan Schmit, Senior Professor teaching in University of Wisconsin-Madison, made a speech entitled “Current Issues in Insurance Regulation”. She shared her views and experience with the audience on why insurance regulation is needed, the global insurance regulatory history, the current major regulatory issues and other hot topics.

Prof. Joan Schmit first explained why we need insurance industry regulation. She said that the main purpose of the United States and Western Europe to regulate insurance is to make the insurance industry better serve the consumers, and overcome information asymmetry and rights imbalance that exist in the insurance industry. In China, the China Insurance Regulatory Commission is the department responsible for insurance supervision. The CIRC has two functions, not only in charge of safeguarding the legitimate rights and interests of the insured, maintaining the security and stability of the insurance market, but also make long-term planning and research strategy, basic tasks and industrial policy of the insurance industry. Prof. Joan Schmit thought the trend of insurance regulation around the world should be liberalizing gradually, and the insurance industry should face more internal competition from the industry rather than external regulation.

Then Prof. Joan Schmit introduced details of the Office of the Wisconsin Insurance Commissioner (OCI), and described the principles of US insurance regulators. Finally, she explained insurance regulatory mechanisms, analyzed the role of the legislative branch, the judiciary and the executive branch and compared with the difference of insurance regulatory standards between different industries and different areas. During the speech, she interacted with the audience about the expectation of insurance regulatory in the future.

After the report, Prof. Schmit carried out further exchange and discussion with the teachers and students on issues of interest.