现金流量信息在保险公司偿付能力评估中的作用

偿付能力报告是保险监管部门基于监管的需要要求保险公司定期报送的报告。监管部门要求保险公司报送偿付能力报告是为了保护保单持有人的利益，使保单持有人能够得到应得的回报或补偿。至2006年末，保监会发布了13个偿付能力编报规则、2个问题解答，标志着我国保险公司偿付能力报告体系已经初步建立，偿付能力报告的内容日趋完善。这些编报规则规定保险公司偿付能力状况报告应包括以下几个部分内容：实际资本信息、最低资本要求、动态偿付能力测试以及内部风险管理制度报告，以从不同方面反映公司的偿付能力情况。在研究国外的偿付能力报告的内容时笔者发现，美国的偿付能力报告中包含现金流量表，而英国、澳大利亚的偿付能力报告则没有现金流量表。     

后金融危机时代保险偿付能力监管模式的创新与发展

偿付能力是保险业监管的首选目标和核心内容。它具有安全性、综合性与易变性等基本属性。次贷危机以来,由于传统保险偿付能力监管模式未能全面、完整、准确地反映偿付能力基本属性,在很大程度上造成保险公司经营困难,出现偿付能力危机。后金融危机时代的保险偿付能力监管模式,必然要求树立偿付能力"大安全、大监管"观,创设双核心偿付能力影响评估报告制度,打造多层次偿付能力合力监管结构和建立保险偿付能力培训教育制度。     

中国保监会召开保险公司偿付能力监管制度培训会暨2013年第1季度保险财务监管例会

2013年3月29日,中国保监会财务会计部(偿付能力监管部)在北京召开"保险公司偿付能力监管制度培训会暨2013年第1季度保险财务监管例会"。各保险集团公司、保险公司、保险资产管理公司的财务负责人参加了培训。保监会财务会计部(偿付能力监管部)赵宇龙副主任出席会议,并传达了保监会陈文辉副主席对我国偿付能力监管制度改革的指示和要求。陈文辉副主席高度重视偿付能力     

我国保险公司应增设适应偿付能力监管要求的会计报表体系

我国加入WTO后，大量外国保险公司将会进入我国，外资的进入在充实我国保险市场主体的同时，也将促进相关的政策、法规和监管的日益完善。随着保险公司自律能力增强和市场秩序的好转，我国保险监管将由目前的市场行为监管和偿付能力监管并重，逐步向国际上通行的以偿付能力为核心的监管模式过渡。这就需要增设一套统计口径与偿付能力监管相适应的会计报表体系，以解决保险监管者与一般报表使用者信息需求不同的矛盾，并为强化偿付能力监管打好基础。一、保险公司的偿付能力与偿付能力监管1. 保险公司偿付能力的界定。保险公司的偿付能力指…     

我国财产保险公司偿付能力最低资本标准实证研究

以风险度量为基础确定偿付能力最低资本标准正成为国际保险业偿付能力监管的趋势。本文以我国财产保险公司的经验数据为基础,通过对财产保险公司面临的保险风险进行度量,确定对应的偿付能力最低资本标准,并对我国建立以风险度量为基础的偿付能力最低资本标准面临的挑战进行分析。     

浅谈我国保险公司偿付能力的监管

偿付能力监管是保险监管的核心。目前,我国保险公司在偿付能力监管方面存在制度性与技术性障碍。因此,借鉴发达国家经验,提升我国保险公司偿付能力监管水平是当务之急。     

浅析我国保险业偿付能力监管体系

加强偿付能力监管是保险监管的一个重点。目前我国尚处在保险发展的初级阶段,保险公司行为及市场调节机制还不完善,建立一个全面、系统的保险偿付能力监管体系就显得尤为重要。本文阐述目前我国保险偿付能力监管中的强制性与技术性规定,分析保险监管系统存在的问题,并对我国保险监管机构应承担的监管任务以及如何进行“进取型”监管进行了论述。     

保险公司偿付能力监管制度培训会暨2013年第1季度保险财务监管例会会议综述

2013年3月29日,中国保监会财务会计部(偿付能力监管部)在北京召开"保险公司偿付能力监管制度培训会暨2013年第1季度保险财务监管例会"。此次会议围绕"偿付能力监管制度改革"对各保险集团公司、保险公司、保险资产管理公司的财务负责人进行了培训。     

完善我国保险公司偿付能力监管建议

本文主要从提高偿付能力的法制化、建立保险中央数据库、编织监管会计准则、实施不同参考指标体系和尝试适用RBC等五个方面,给出了完善我国保险公司偿付能力监管的建议。     

加强我国保险公司偿付能力监管的研究

对保险公司的偿付能力监管是保险监管的核心,本文指明了我国保险偿付能力监管中存在的问题,并通过借鉴国际保险监管成功经验,提出了对我国保险监管的相关建议。     

国际保险业偿付能力监管制度比较及发展趋势研究

偿付能力监管是各国保险业监管的核心,此次金融危机揭示出原有的保险偿付能力监管制度存在巨大的缺陷。本文对美国、加拿大、百慕大、澳大利亚、英国、瑞士、欧盟等七个国家或地区的监管体制进行了比较研究,分析各国在风险的识别方式、风险评估模型及偿付能力监管报告和检查制度上的共性与特征,介绍可能的发展趋势,并为我国完善偿付能力监管制度提出了建议。     

国际保险集团偿付能力监管改革及启示

美国次贷危机以来,不少知名国际保险集团纷纷出现偿付能力不足甚至破产的情形,保险集团偿付能力监管改革被推上了风口浪尖。本文重点研究国际保险集团偿付能力监管体系改革的新动向和新发展,并对监管理念的变革进行总结,以期对国际保险集团偿付能力监管改革有一个清晰的认识,对我国保险集团偿付能力监管体系建设有所借鉴。     

保险公司偿付能力风险信息对称性与市场供求

保险公司偿付能力充足性是保险监管的内容之一,但是这一信息却往往不被投保人所获知,造成保险供给(保险公司)和保险需求(投保人)两方信息的不对称.本文以保险公司存在偿付能力风险为基本假定,以累积性预期理论和风险调整资本收益率构建保险需求和供给模型,分析在信息对称条件下和信息不对称条件下保险需求的变化及其对保险供给和保险公司...     

New Risk-Based Capital Standards in the European Union: A Proposal Based on Empirical Data

In response to criticism concerning the current solvency system, the European Commission is developing new rules for insurance companies operating in the member states of the European Union (EU). Under this so-called Solvency II concept, an insurer is allowed to verify its solvency by using an internal risk management model previously approved by the regulatory authority. In this article we develop such an internal risk management approach for property-liability insurers that is based on dynamic financial analysis (DFA). The proposed concept uses a simulation technique and models the central risk factors from the investment and underwriting areas of an insurance company. On the basis of the data provided by a German insurer, the ruin probabilities under different scenarios and varying planning horizons are calculated.     

财务再保险与偿付能力最适边界和可解决域研究

偿付能力监管是现代保险监管方法的重要组成部分，更是衡量保险公司经营稳定与安全性的主要指标，如何改善偿付能力是保险业界必须讨论和研究的热点问题。再保险特别是财务再保险，由于其自身所具有的本质特性，将成为改善保险公司偿付能力的主要手段之一。本文基于再保险的角度去探索改善保险公司偿付能力的途径，从财务再保险的基本理论出发，介绍了财务再保险的定义、特征和分类，并结合保险公司偿付能力的有关知识分析了二者之间的关系。通过模型计算，得出了财务再保险与偿付能力最适边界和可解决域，这将极大的方便保险公司在购买财务再保险时的决策。     

Solvenzanforderungen in der Versicherungsaufsicht nach Solvency II und künftigem VAG

Solvency II leads to a new system of solvency requirements for insurance undertakings based on a risk-oriented approach. Risks have to be covered by own funds of the insurance undertakings. This academic legal paper analyzes and systemizes the new insurance related solvency system according to the Solvency II-directive, the proposed Level 2-Regulation and the proposed new German Insurance Supervision Act (VAG). It focuses then on the three problematic areas under the new solvency regime, i.e. complexity, volatility and procyclical effects. Finally it turns to the new roles, which the boards of directors and supervisory boards of insurance undertakings, the supervisory authorities, the courts and the academics will play in the Solvency II-process.     

Aktienanlage für Lebensversicherer unter Solvency II

Life insurance companies are among the largest institutional investors. As part of their investment policy they are subject to special legal requirements. In particular the calculation of the solvency capital that has to be deposited for the market risk has changed under Solvency II. A widely spread thesis on this topic is that investments in equity have become unprofitable for life insurers due to solvency capital requirements – compared to previous periods of high equity ratios of temporally over 25%. Therefore insurers might have dropped their average stock quotas to below 5%.The intention of the present study is to analyze whether the capital requirements for the equity investments under Solvency II are a hurdle to achieve a reasonable profitability or – opposite to that – whether the equity investments are a suitable investment to provide an acceptable return on assets. For this purpose the solvency capital requirements of the equity investment under Solvency I considering the BaFin stress test are compared with the new solvency capital requirements under Solvency II including the symmetric adjustment factor (SA). Furthermore the diversification effects are taken into account; they are analyzed on the basis of the SFCR reports of the life insurance companies first published in 2017. As a result the risk capital requirements for equity investments under Solvency II have been reduced to more than 50% compared to prior solvency requirements and depending on the observed scenarios. Whilst Solvency I required an underlying risk capital of 31% at the end of 2017, Solvency II requires only 13.56% following the standard model and after aggregating the risk-mitigating effects in the group scenario. This effect results in a surplus of 7.2%, considering industry-standard capital costs for the underlying solvency capital and an average stock market return of 8% per annum. Consequently the equity investment is suitable to increase the profitability of the investments of German life insurance companies especially in the environment of low interest rates in the capital market for fixed income titles.     

Solvency II und Rechnungslegung — Diskussion einer solvabilitätsorientierten Bilanzierung von Versicherungsunternehmen

A modern stochastic solvency model for insurance companies is also based on the balance sheet like a traditional factor-based solvency model. Therefore the importance of the interactions of Solvency II and the IASB-project to develop a new standard for the accounting of insurance contracts is frequently stressed in the Solvency II discussion. The following article is discussing the deduction of an adequate accounting framework for solvency purposes of insurance companies. Thereby different theoretical options are considered and compared with the purpose of a solvency balance sheet. In a second step the resulting accounting framework is compared with existing accounting standards.     

我国保险公司操作风险度量的新思路——来自欧盟的经验

作为影响保险公司偿付能力重要因素之一的操作风险,近年来日益受到各国监管部门和保险公司风险管理者的重视。国际保险业发达国家已在操作风险度量方面积极实践,取得丰硕成果。本文在对欧盟SolvencyⅡ中操作风险监管的标准法详细介绍的同时,分析了我国保险公司实施高级法存在的困难。在此基础上提出了发展我国保险公司操作风险度量的思路,以期能为我国保险公司的监管者和管理者提供借鉴。     

“Statistical Independence and Fractional Age Assumptions”, Gordon E. Willmot,January 1997

Abstract

The People’s Republic of China has experienced substantial growth in insurance demand over the last decade. However, development of the related laws and regulations has not kept pace with the development of the insurance industry there. This paper reports on a pioneering study comparing different statutory reserve, solvency, and early warning systems in a sample of countries and regions in three of the world’s important economic regions–Asia, North America, and Europe. It begins with the construction of a model office applicable to the People’s Republic of China’s regulatory framework and unique market environment. Reserve standards and solvency measurement systems in different supervisory frameworks then are applied to the model office. The results are analyzed as a comparative study of the People’s Republic of China’s total assets required for the reserves and solvency margins under the practices of other jurisdictions. Early warning systems also are discussed.