Issues in the Drive to Measure Liabilities at Fair Value

This paper compares the discussion on liability measurement in Accounting The0y Monograph 10 with the liability measurement requirements in recent international proposals on accounting for financial instruments. Rather than conducting a detailed review of the Monograph, the paper examines three major issues which wawant amplifjing, extending or criticising: What is “fair value”? Why fair value liabilities? Should fair value include an entity's own credit risk? The focus is on financial liabilities such as “plain vanilla” debt; other financial liabilities, such as insurance obligations, pensions, wawanties and environmental damage restoration involve additional considerations and are therefore not considered.     

Rational Risk Perception: Utopia or Dystopia?

Societal conflicts with regard to risk management are common. The public has different beliefs than many experts and administrators with regard to such issues as the citing of a repository for spent nuclear fuel or whether genetically modified organisms should be allowed to enter the human food chain. As a result, political tensions arise and there may be a skew allocation of resources for risk mitigation. The question raised in the article is if a consensus society is possible and desirable. If views converge on high risk beliefs, the cost would be very high as well. If views converge on low risks, some hazards could be neglected and environmental damage considerable, as used to be the case in the Former Soviet Union and other socialist countries which lacked a free press. A consensus society is neither possible nor desirable. No party has access to the final truth with regard to risks and hazards; diversity is an asset.     

An Examination of the Demand for Life Insurance

For almost 50 years researchers have sought to explain consumer behavior concerning the purchase of life insurance. This study examines the literature relating to specific demographic and economic factors that may be identifiable as traits influencing the demand for life insurance, and discusses general environmental issues that may relate to life insurance demand. By organizing the wealth of literature in a useful and systematic format, noting consistencies and contradictions, this examination seeks to provide a better understanding of how and why life insurance purchases are made.     

Die Deckungsvorsorge der Versicherungsvermittler nach der EU-Versicherungsvermittlungs-Richtlinie

Insurance intermediaries being obliged to be registrated in Germany due to the directive have to comply with severe provisions concerning cover provisions (i. e. Deckungsvorsorge). A third-party liability insurance is virtually compulsory for insurance brokers and insurance agents charged by several insurance companies (i. e. Mehrfach-Agent), other kinds of equal alternatives for them do not exist practically. Concerning exclusively charged insurance agents (i. e. Ausschließlichkeits-Agenten), as well as in a side job, an indemnity clause of their insurance company giving the third party full rights may be a an alternative complying with the directive. The minimum covering funds being prescribed by the directive of € 1 million per event of damage and the minimum annual covering sum of € 1.5 million are appropriate to third party liability risks of an average insurance broker on the German market, for almost all of the insurance agents on this market without a permitted covering provisions, with regard to their very little third party liability risks, they are too high. Nevertheless, the German legislator is not entitled to deviate from them to lower sums for lack of an authorization rule in the directive. German legislator should transform the rules of the directive into national ones as soon as possible in favour of the interests of the consumers worthy of protection, using the existing national regulations on lawyers, notary publics, tax consultants and accountants concerning minimum contents of compulsory cover provisions and agreed exclusive clauses.     

关于我国职工医疗保险“统账结合”模式的再思考——基于基金财务模式的视角

本文首先建立了三种医疗保险基金财务模式的理论模型,然后在此基础上,从理论上分析了我国职工医疗保险＂统账结合＂模式所存在的主要问题及相关原因。最后,作者提出了包括降低医疗保险费率,扩大制度的覆盖面,提高制度的统筹层次以及改变现行医保筹资政策在内的政策建议。     

针对药源性损害的责任保险探析

本文讨论了针对药源性损害,在我国开展责任保险相关险种的可能性。分析了药源性损害的内涵和现状,在此基础上,对发展相关责任保险提出了框架性建议,并对保险期限、责任限定、保险金给付等关键问题进行了讨论。认为相关责任保险的开展有利于保障患者权益,促进社会福利,开展过程中还存在一些问题,可以通过政府推动、完善医疗体系、完善数据上报制度、建立药品追溯数据库等加以解决。     

保险业抗击新冠肺炎疫情的回顾、反思与启迪

在抗击新冠肺炎疫情的过程中,保险业以高度的社会责任感和专业精神,积极响应,迅速行动,得到了政府、社会和客户的广泛好评。但与此同时,保险业作为社会风险管理制度安排,在抗击疫情中,特别是在减少疫情影响、确保经济稳定方面,能够发挥的作用相对有限。为此,保险业要以这次抗击疫情为契机,按照问题导向的原则,正本清源地开展系统性总结与反思,进行全面整改与提升。首先,需要提高站位,全面融入现代社会治理体系,通过理论、技术和模式创新,为公共安全和公共卫生突发事件管理,以及社会稳定和经济发展发挥应有和更大的作用;其次,这次抗击疫情凸显了保险行业发展理念、经营模式和管理技术的许多深层次问题,保险业不应就事论事地看问题,而应在全面回顾、总结和反思的基础上,追根溯源、抽丝剥茧地分析原因,拨乱反正、举一反三地进行整改,将这次抗击疫情作为推动行业全面深化改革和转型升级的重要机遇和动力。     

Vom Beruf unserer Zeit zur nationalen Gesetzgebung

There is a broad consensus with regard to the necessity of reforming the german insurance contract law. Considerations about the necessary changes should include the globalisation of markets in a unified Europe, as well as methodical and other developments of the law in the recent past. Until recently, the international transfer of services was discussed rather theoretically and had less practical relevance. This has changed since the use of the internet has increased dramatically. Therefore, an explicit regulation in the law with regard to the applicable law and jurisdiction for insurance contracts with an international context is required.Alongside these changes, a reform of the insurance contract law code will have to include the development of the jurisdiction of German courts especially with regard to consumer protection clauses. The extent of this reform depends on the interpretation of the concept of a ?mature and responsible consumer“. Regarding jumbo risks, the question remains whether complete contractual autonomy should apply. With respect to the control of general terms and conditions by the courts, a more detailed regulation of dispositive clauses in the insurance contract law might be considered which one could revest to on in case of nullity of such conditions.There are many specific regulations that are susceptible to changes and amelioration. Every change needs to find a balance between the need to guarantee the autonomy of the contracting parties and the protection of the consumers / insured. For instance, a general right of the insured to withdraw from a contractual obligation would be inconsistent with essential principles of contract law.Lastly, certain branches of the insurance industry, which are not specifically addressed in the law, such as professional incapacity insurance, should be regulated in the future.     

环境污染责任保险对企业债务融资成本的影响研究

在欧美发达经济体中,环境污染责任保险在实现经济与环境可持续发展中发挥着重要作用.环境污染责任保险在中国尚处于推广阶段,企业投保意愿不强,参保率较低,急需提高企业对环境污染责任保险的价值认同.环境污染责任保险是否具有资金融通效应,是企业主动接纳该类保险的重要驱动因素.为检验环境污染责任保险能否为企业带来资金融通的价值,文...     

环境责任保险在环境保护中的经济优势及依存条件分析

环境责任保险是一种运用现代保险制度解决环境问题的经济政策,在众多的环境保护措施中,环境责任保险凭借自身的经济优势得到了人们越来越多的关注和重视。本文在深入剖析其经济优势的基础上详细阐述了环境责任保险的依存条件,以期推动环境责任保险在我国能够顺利发展,并在环境保护中发挥重要作用。     

CRM in intermediated financial services markets

A division of a major UK insurance company manufactures insurance products for wholesale clients to retail into their banking and building society customer bases. This paper discusses the CRM challenges of leveraging insurance business from existing partnership relationships, including issues of confidentiality between client portfolios, the strategic use of data marts rather than data warehouses and the sharing of information. It describes the issues involved in implementing CRM, such as rolling out customer contact management and call centre systems. The study concludes with an appraisal of lessons learned, which include a better understanding of who the customers are and which of them are profitable, together with the characteristics that contribute to them becoming profitable or unprofitable.     

Exposure Triggers and Allocation Methods: Learning Lessons From Prior Court Rulings

This study provides a review of some of the major court rulings that have shaped and continue to shape the commercial general liability (CGL) market. The evolution of the concepts of "triggers" and allocations systems is examined to gain a perspective on the way in which courts reinterpret contract language to apply to new and emerging exposures. A review of the issues impacting the CGL provides valuable insights into the way court rulings can create a significant impact in the insurance market. A stream of court decisions provides the backdrop for today's challenges, including the reemergence of asbestos claims. The study also fills a gap in the literature related to the crisis in the CGL marketplace and changes in the pricing, regulation, and solvency of insurers operating in those lines. As old risks continue to evolve and new risks emerge, courts have begun to reinterpret liability contracts in much the same way as they reinterpreted contracts with regard to pollution and products in the 1970s and 1980s. Recent rulings related to asbestos and environmental liability underscore the importance of these issues in today's marketplace. By reviewing these events related to the CGL policy, insurers, insureds, and regulators may gain a new perspective on the importance of developing a clear standard wording that will be consistently interpreted in light of new exposures.     

保险合同会计:国际动态与对策研究

保险合同会计因保险合同的特殊性而成为当代财务会计的一个难点热点问题,对其进行规范也是近年来各国家会计准则制定机构努力的目标。国际会计准则理事会(IASB)作为国际财务报告准则的制定机构,近年来为了统一全球保险合同会计实务,对保险合同相关会计问题作了大量的研究、探讨和规范工作,取得了显著进展。本文系统介绍并总结了IASB在保险合同会计项目上的研究历程、最新进展,以及目前正在研究和探索的核心会计问题,进而对完善我国保险合同相关会计准则提出了若干对策。     

On the Role of Patience in an Insurance Market With Asymmetric Information

We analyze a two-period competitive insurance market that is characterized by the simultaneous presence of moral hazard and adverse selection with regard to consumer time preferences. It is shown that there exists an equilibrium in which patient consumers use high effort and buy an insurance contract with high coverage, whereas impatient consumers use low effort and buy a contract with low coverage or even remain uninsured. This finding may help to explain why the opposite of adverse selection with regard to risk types can sometimes be observed empirically.     

Employment and Welfare Effects of a Two-Tier Unemployment Compensation System

In Germany, as in many OECD countries, such as the United Kingdom, unemployment compensation consists of unemployment insurance and unemployment assistance. Unemployment assistance is provided subsequent to the expiration of entitlement to unemployment insurance and is lower. The effects of this two-tier unemployment compensation system are studied in a general equilibrium job search model with endogenous distributions of income, wealth, and employment which is calibrated with regard to the characteristics of the German economy. Our results are as follows: (i) employment is a decreasing function of both unemployment insurance and unemployment assistance. (ii) Aggregate savings are (not) a monotone decreasing function of unemployment assistance (unemployment insurance) payments. (iii) Optimal unemployment compensation payments are found to be a decreasing function over time.     

Umwelthaftungs-Richtlinie 2004/35 EG (UH-RL) – Deckungsvorsorge obligatorisch?

As far as the invironmental liability guideline stipulates precautions by insurance cover, in its report scheduled for 2010 the Commission should leave the decision to the participants to provide adequate insurance cover. For a compulsary insurance there is no regulation need, as an active competition already exists. A state monopoly insurer would not be able to supervise more sufficiently damage precaution and prevention than any privately organised insurer and would be less able to ensure enevitable development and reasearch guarantee due to emptybudgets. A compulsary insurance would run contrary personal responsibility and own initiative of the damage causer.     

创建广东保险业景气指数（GIPI）研究

“十一五”以来,广东省保险业改革发展取得了显著成绩,进一步呈现出与经济形势、产业政策、监管措施明显相关的内在运行规律。在保险业发展进入“十二五”转型时期,如何把握发展规律,加强宏观调控,探索逆周期管理,成为重要的研究课题。为加强保险市场监测,反映保险业运行内在规律、动力变化和存在的问题,引导行业科学发展,笔者在借鉴PM...     

长期护理保险制度建设的国际经验及启示

长期护理保险制度在我国是一个新名词,还没有真正进入商业保险和社会保险的实践。但随着我国步入老龄化社会,老年人的长期护理问题将越来越突出地表现为一个需要迫切解决的社会问题。本文通过总结介绍美国、德国、日本、韩国等国家的长期护理保险制度建设的历史经验,分析了该制度实施的路径,提出了在我国建设长期护理保险制度的可行措施和建议。     

Die aktuelle Bedeutung und Gestaltung der Vertrauensschadenversicherung – zugleich eine rechtsvergleichende Betrachtung der Fidelity Insurance in den USA

The German fidelity insurance (Vertrauensschadenversicherung) protects companies from negative impacts of white-collar crime. More specifically, the fidelity insurance is aimed to prevent companies from negative financial impacts caused by intentional breach of duty by its own employees. In some industries, in particular in the IT-business, the fidelity insurance usually also covers damages caused by third parties. Further more, fidelity insurances cover computer abuse, data abuse, and betrayal of secrets. Apart from damages in the strict sense, the fidelity insurance covers costs for appropriate it-measures, damage investigation, fees and costs of legal proceedings, and public relation costs which are necessary after damages occurred. The fidelity insurance is not specifically mentioned in – or governed by the German Insurance Contract Act (VVG). Every insurance contract is therefore in large parts subject to the parties agreements. Limitations may arise from general provisions of the VVG or the German Civil Code (BGB). The German Insurance Association (GDV) does not issue general terms regarding the fidelity insurance, as they do for other types of insurances. This leads to a large variety of standard terms of various different insurance companies. Different terms of different companies vary with regard to some central topics such as the period of coverage. Consequently, comparing different offers is very difficult and changing the insurance company may in some cases lead to the loss of coverage for certain periods of time.While the fidelity insurance is not very common in Germany, it is already a key protection measure in the USA. All insurance companies in the USA use the some standard terms and conditions (also referred to as standard forms). Regarding the period of coverage, these standard terms and conditions rely on the principle of discovery of damages (Schadenentdeckungsprinzip). Costumers benefit from these standard terms and conditions in the USA by being able to compare costs and product details. Considering selected aspects of the standard terms used in the USA can improve the spread and the acceptation of the fidelity insurance in Germany.     

我国寿险投资问题分析及国际借鉴

我国保险业近年来飞速发展,但是保险资金存在着运用比重低、结构不合理等诸多问题.本文分析了我国寿险投资的现状和存在的问题,并同时与国际寿险公司投资的做法进行比较,提出了应该采取的风险管理对策.