The China’s Risk-Oriented Solvency System impacts on insurance funds usage. By selecting property insurance companies and life insurance companies in China as samples

this paper uses DEA model to study the insurance funds usage efficiency before and after the implementation of C-ROSS and uses the panel Tobit model to analyze the difference of the impact of C-ROSS on the efficiency of insurance funds usage between different types of insurance companies. The research finds that C-ROSS impacts on the efficiency of insurance funds usage of property insurance companies and life insurance companies through different paths

which has insufficient incentives for insurance funds usage of property insurance companies. C-ROSS creates favorable conditions for the growth of assets scale in China’s insurance industry

and insurance business imposes more constraints on the efficiency of insurance funds usage. Property insurance companies should reduce the risk of investment portfolio of insurance funds

while life insurance companies should invest more actively. There is a lag in the development of investment technology in China’s insurance industry. Talents play an important role in improving the efficiency of insurance funds usage.