First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.
A detailed assessment report on the observance of China’s compliance of Basel Core Principles for effective banking supervision is presented. Regulation and supervision of China’s banking system has made impressive progress in the past few years, led by an activist, forward-looking regulator, the China Banking Regulatory Commission, with a clear safety and soundness mandate that has been supported by banks and by the State. The macroeconomic environment is characterized by rapid growth, with concerns about overheating and asset price overvaluation.
With the rapid development of China’s insurance industry and the opening of the Chinese insurance market to the world, Chinese insurance law and regulation has become an increasingly relevant topic for insurance practitioners and academics. The Regulation of Insurance in China therefore provides a much needed analysis of the Chinese regulatory system. This is the first systematic text written in English on the regulation of insurance in China and provides a comprehensive and systematic analysis of rules of law and administrative regulations on China’s insurance industry and insurance market, covering four level of regulatory hierarchy − the statutory law, the regulations enacted by the central government (the State Council), the regulations developed by the insurance supervision and regulation authority of the State Council, and self-regulations by the insurance industry. This book is essential reading for insurance companies and legal practitioners looking to do business in China, as well as reference for lawyers practising insurance law. It is also a useful resource for students and academics studying Chinese law.
The Chinese insurance market is expanding enormously as risk adversity takes hold in the economy while the role of the State as guarantor of commerce is gradually reduced. In addition, insurance is a heavily regulated field with detailed contract law stipulations. An introduction to regulation and contract law and an understanding of current issues is essential for someone seeking to do business in the Chinese market. Insurance law is also a field that translates well from one jurisdiction to another, and academics will be interested in understanding how issues are dealt with in another jurisdiction. The book seeks to present and discuss current topics in Chinese insurance law and regulation to an English-speaking audience knowledgeable of common law insurance law and international insurance business. The combined effect of the papers is to present Chinese insurance law to an audience unfamiliar with Chinese law, in a readable and accessible essay chapter format. Each chapter is written by an expert in the field and goes beyond a basic introduction to provide in depth well-researched information and academic analysis on the topic in question.
Enrich Series on China's Economic Reform illustrates China's Reform Experiences from an executive perspective. This book reviews the background to and achievements of China's economic reforms. It analyzes the reforms processes from the perspective of priv
'Political science has leap-frogged law, economics, and sociology to become the dominant discipline contributing to regulatory studies. David Levi-Faur's volume taps the rich veins of regulatory scholarship that have made this the case. It brings together the talented new network of politics scholars intrigued by the importance of the changing nature of state and non-state regulation. Their fresh insights complement important new work by established stars of the field. Definitely a book to have on your shelf when in search of exciting theoretical approaches to politics.' – John Braithwaite, Australian National University '"Regulation", in its manifold forms, is the central process of contemporary governance, as it seeks to blend the dynamism of market economies with responsiveness to political and normative demands for health, safety, environmental protection, and fairness. Understanding regulation's varieties, vulnerabilities, and virtues has become a significant focus of academic research and theory. This volume provides an extraordinary survey of research in that field – a survey remarkable in its comprehensiveness, outstanding in the quality of the contributions by leading regulatory scholars from different nations and academic disciplines.' – Robert A. Kagan, University of California, Berkeley, US 'An authoritative collection by a range of contributors with outstanding reputations in the field.' – Michael Moran, WJM Mackenzie Professor of Government 'This is an extraordinarily useful one-stop-shop for a wide range of traditions and approaches to the political aspects of regulation. David Levi-Faur has assembled a fine collection that by reporting on the state of the art also shows the way ahead for a discipline that has to capture and explain dramatic changes in real-world regulatory philosophies and policies.' – Claudio Radaelli, University of Exeter, UK 'This is an unusually impressive edited volume. Its contributors include the leading academic experts on government regulation from around the world. Its several clearly-written and informative essays address the most important topics, issues, and debates that have engaged students of regulatory politics. I strongly recommend this volume to anyone interested in understanding the breadth and depth of contemporary scholarship on the political dimensions of regulation.' – David Vogel, University of California, Berkeley, US This unique Handbook offers the most up-to-date and comprehensive, state-of-the-art reviews of the politics of regulation. It presents and discusses the core theories and concepts of regulation in response to the rise of the regulatory state and regulatory capitalism, and in the context of the 'golden age of regulation'. Its ten sections include forty-nine chapters covering issues as diverse and varied as: theories of regulation; historical perspectives on regulation; regulation of old and new media; risk regulation, enforcement and compliance; better regulation; civil regulation; European regulatory governance; and global regulation. As a whole, it provides an essential point of reference for all those working on the political, social, and economic aspects of regulation. This comprehensive resource will be of immense value to scholars and policymakers in numerous fields and disciplines including political science, public policy and administration, international relations, regulation, international law, business and politics, European studies, regional studies, and development studies.
This paper presents an assessment of the level of observance of the Insurance Core Principles (ICPs) in China. Overall, the Chinese regulatory system is assessed to have a good level of compliance with the ICPs. The regulatory framework includes, in addition to the solvency standards, extensive requirements on corporate governance, risk management and internal controls as well as on reinsurance, disclosure and conduct of business. All these requirements are applied appropriately to the significant number of large insurance groups, which together account for the bulk of premium income. However, there is scope for further development of crisis preparedness and market conduct work.
This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success and rapid growth, China’s financial sector is confronting several near-term risks, structural challenges, and policy-induced distortions. A properly composed and timely implemented set of reforms would help address these challenges. A framework to resolve weak financial institutions on a timely basis is also needed.
This volume focuses on transparency as the guiding principle for insurance regulation and supervisory law. All chapters were written by experts in their respective fields, who address transparency in a wide range of European and non-European jurisdictions. Each chapter reviews the transparency principles applicable in the jurisdiction discussed. While the European jurisdictions reflect different facets of the principle as emerging from EU law on insurance, the principle has developed quite differently in other jurisdictions.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
