投保机构在我国证券集团诉讼中的角色困惑及应对

The Role Perplexity and Countermeasures of Insurance Institutions in China's Securities Group Litigation

新《证券法》第95条第3款确立了"中国版证券集团诉讼制度",该条款赋予了投资者保护机构作为代表人参加诉讼的重要地位。但由于我国立法年限尚短,迄今为止并无证券集团诉讼实践案例。通过对比不同国家和地区主导证券集团诉讼的人员或机构,可发现由投保机构主导证券集团诉讼存在缺乏内在激励、职责定位模糊、独立性不强的弊端,须通过强化激励机制,细化职责划分标准,加强监督体系建设来进一步完善投保机构的职能。

The third paragraph of Article 95 of the new"Securities Law"establishes the"Chinese version of the Securities Group Litigation System",which gives investor protection agencies an important position as representatives to participate in litigation.However,due to the short legislative period in China,there have been no practical cases of securities class actions so far.By comparing the personnel or institutions leading securities class action in different countries and regions,it can be found that there are some disadvantages in securities class action led by insurance institutions,such as lack of internal incentive,vague responsibility positioning and weak independence.We should further improve the functions of insurance institutions by strengthening the incentive mechanism,refi ning the standard of responsibility division and strengthening the construction of supervision system.