保险公司破产的经济影响与监管研究：来自美国的经验及启示

基于美国保险业的破产数据和文献资料,分析阐述了美国保险业的破产概况和保险公司破产的经济影响,剖析了保险公司的破产原因,考察了美国的保险监管对破产保险公司的管理处置措施,最后对我国保险监管提出了对策建议。     

保险公司破产的经济影响与监管研究:来自美国的经验及启示

基于美国保险业的破产数据和文献资料,分析阐述了美国保险业的破产概况和保险公司破产的经济影响,剖析了保险公司的破产原因,考察了美国的保险监管对破产保险公司的管理处置措施,最后对我国保险监管提出了对策建议。     

市场约束条件下的保险公司偿付能力监管

针对保险公司风险形态的变化,发达经济体经历了从静态偿付能力监管到动态偿付能力监管的变革过程.在制度逐步完备的情况下,这些国家仍然出现了很多偿付能力监管失灵的情形,大量保险公司因此破产.本文对动态偿付能力约束条件与偿付能力理论假设进行了研究,并结合实证分析,指出了现有偿付能力监管制度的缺陷,提出了完善制度设计、建立中国保险业动态偿付能力监管体系的建议.     

保险公司破产前置监管法律分析

<正>"保险公司破产前置监管措施",系指国家保险监管机构对因重大违法违规或严重经营困难而濒临破产的保险公司采取的,旨在防范化解破产风险的行政强制措施。就其本质而言,是一种保险监管措施,是国家保险监管机构在保险公司濒临破产之际借助国家公权力处理保险公司资产股本和债权债务关系的一种行政措施。就其时点而言,是相对于保险公司"破产程序"的一种"破产前置程序",是保险公司正式进入破产司法程序之前,由保险监管机构驱动的一种行政程序。就其种类而言,可以分为     

美国商业银行破产的深层原因探悉

本文主要研究了美国次贷危机发生后所引发的美国商业银行破产危机的深层次原因.本文通过从商业银行的外部监管、内部监管、宏观经济因素影响三方面,深入讨论了美国商业银行破产危机的缘由.同时,根据这些原因,本文对我国商业银行的经营模式提出针对性建议.     

美国商业银行破产的深层原因探悉

本文主要研究了美国次贷危机发生后所引发的美国商业银行破产危机的深层次原因。本文通过从商业银行的外部监管、内部监管、宏观经济因素影响三方面，深入讨论了美国商业银行破产危机的缘由。同时，根据这些原因，本文对我国商业银行的经营模式提出针对性建议。     

保险公司市场退出机制与路径研究

完善的市场退出机制是一个成熟、高效的保险市场应具备的重要特征之一。由于经验和历史等原因,我国保险公司尚未真正经历过破产程序。伴随着国内外竞争的日趋激烈,国内保险公司要健康地成长壮大,必须建立起高效的保险公司市场退出机制。鉴于此,本文提出了完善我国保险公司市场退出机制的路径安排,主要包括:完善保险市场退出的相关法律法规、制定积极稳妥的多层次市场退出方式、建立健全保险公司信息披露制度、加强对保险公司的风险监管和建立科学的保险保障基金制度。     

北美寿险体系成功因素探析

我国保险业产生于计划经济时代，无论是从保险公司组织结构、市场是从保险公司组织结构、市场运作经验来看，还是从保险体系监管的完善程度来看，都无法跟国外相比，这就迫切需要我们学习和借鉴国外保险公司和保险监管体系的运作机制，来规范我国的保险运作机制，下面从北美寿险角度，对北美精算师、北美保险公司、北美保险监管体系等三个方面进行分析，剖析北美商业保险体系成功运作的原因，并提出对我国建立完善的保险运作体系的建议。     

美国保险公司破产研究及对我国的启示

保险公司的破产会给保单持有人、股东以及保险保障基金等造成很大的损失。鉴于国内相关案例和数据的缺乏,本文主要参考美国的文献和数据,分析了1978年～2009年美国保险公司破产案例,研究发现虽然保险公司破产的触发事件主要是损失准备金不足、非充分定价、公司业务的快速增长、子公司破产和投资失败等,但导致保险公司破产的根本原因却...     

保险公司破产中保单持有人权益保护机制研究北大核心CSSCI

保险公司破产是保险行业资源优化配置、提升整体竞争力的必然要求。但保险公司破产将对众多保单持有人权益产生不利影响,基于风险收益匹配理论,应予优先保护保单持有人权益。保险公司破产程序划分为破产前置程序和司法破产程序,保单持有人权益保护机制的构建也应以此为界分。在破产前置程序中,保单持有人权益保护间接表现为恢复问题保险公司的经营能力,应构建层层递进的监管体系,设置保险保障基金的提前参与程序。在司法破产程序中,着力于完善"保单转让"、"保单救济"和"优先清偿"规则。     

国外保险企业风险预警的理论与实践及对中国的启示

有效的企业风险预警,能够降低企业破产成本、维护相关利益者权益、节约行政资源、防范系统性风险.保险作为"经济助推器"和"社会稳定器",肩负着为经济社会管理风险的特殊职能,保险业自身的安全,对整个经济社会的稳定具有特殊重要的作用,建立针对保险企业的风险预警机制已极为迫切.本文介绍了国外保险企业风险预警的理论和实践,希望能对...     

The Determinants of Financial Derivatives Use in the United Kingdom Life Insurance Industry

This paper examines the determinants of financial derivatives use in the United Kingdom life insurance industry. We estimate a probit regression model and a Heckman two-stage sample selection regression model using a sample of eighty-eight U.K. life insurers in 1995. Our results indicate that the propensity to use derivative instruments is positively related to a firm's size, leverage and international links, and negatively related to the extent of reinsurance. We also find that mutual life insurance firms have a greater propensity than stock firms to use derivatives. The positive relation with leverage and the negative relation with reinsurance support the hypothesis that U.K. life insurers use derivatives to offset risk, rather than as a speculative means of income generation. Firm size and organizational form are the main influences on the extent of financial derivatives use.     

财产保险市场主体违规的羊群效应及其规制

本文提出了财产保险市场主体违规的羊群效应的表现形式,建立了监管机构与保险主体之间博弈的理论模型,分析了违规的羊群效应产生的机理,并提出了通过有效监管来规制违规的羊群效应、诱导合规的羊群效应的具体思路。     

商业健康保险推行社区健康保障服务模式可行性探讨

本文从分析社区医疗保障现状、其面对的主要问题及其主要原因出发,认为社区医疗体系的发展需要商业健康保险介入,并有针对性地分析了商业健康保险介入社区医疗体系发展的意义、保障模式选择、多方面作用和多角度可行性,详细阐述了商业健康保险介入社区医疗领域的主要思路。     

The Determinants of Credit Ratings in the United Kingdom Insurance Industry

This paper examines the determinants of external credit ratings attained by insurance firms in the United Kingdom (UK) and of the likelihood that insurers will have such an assessment. Using panel data relating to A.M. Best‐rated and Standard and Poor's (S&P)‐rated insurers over the period 1993–1997, a trichotomous logit model and an ordered probit model with sample selection are employed to show that the factors which influence the likelihood of having external credit assessments not only vary between the two agencies but also differ from those which determine the ratings themselves. Our results are shown to be of potential interest to participants in the insurance industry and policy‐makers alike.     

Reinsurance and Capital Structure: Evidence From the United Kingdom Non‐Life Insurance Industry

Using a data set consisting of statutory returns of U.K. non‐life insurers from 1985 to 2002, I find that insurers with higher leverage tend to purchase more reinsurance, and insurers with higher reinsurance dependence tend to have a higher level of debt. My results are consistent with the expected bankruptcy costs argument, agency costs theory, risk‐bearing hypothesis, and renting capital hypothesis. I also find that the impact of leverage on reinsurance will be weaker for insurers that use more derivatives than those that use less. Moreover, high levels of derivative use increase the leverage gains attributable to reinsurance.     

Actuarial Surplus Management in United Kingdom Life Insurance Firms

This study uses 1991–99 data gathered from the United Kingdom's life insurance industry to test empirically the notion that the reported annual surplus of a life insurer may be influenced by four firm‐specific characteristics: namely, reinsurance, output mix, organizational form and firm size. Consistent with expectations, the results indicate that the annual reported surplus is positively related to reinsurance and firm size and negatively related to the degree of product diversification. Contrary to our expectations, however, we find no evidence that proprietary (stock) life insurers tend to report higher annual surpluses than mutual life insurers.     

Analyst Earnings Forecasts for Publicly Traded Insurance Companies

Several trends in the insurance and financial services industry, including demutualizationconsolidation, and deregulation, have attracted increasing attention from investors and financial analysts. This paper investigates the accuracy of the earnings forecasts of financial analysts for insurance companies. Our empirical results indicate that analyst forecasts outperform random walk time-series forecasts. Furthermore, we find that both disagreement over earnings forecasts among analysts and the relative forecasting error in the mean forecasts is smaller for life insurers than for property-casualty insurers, whereas the relative errors for forecasts for multiple-line insurers are in between the two. Forecasting error is a negative function of firm size and the number of analysts who are following a company, and is a positive function of the disagreement among analysts.Analyst forecasts have a timing advantage over the random walk model. Our results also suggest that the fair value reporting requirement (SFAS 115), which has been in effect since 1994, has enhanced the accuracy of analyst forecasts. The SFAS 115 has improved the superiority of analyst forecasts over the random walk forecasts for life insurers, but not for property-casualty insurers, and there is a weak improvement for multiple-line insurers. JEL Classification: G15     

Evaluating the risk of life insurer insolvency: implications from the US for the European Union

Insolvencies of life insurers in Europe have been virtually nonexistent. The deregulation of European markets, however, is likely to dramatically alter that situation. The goal of this study is two-fold: first, to identify significant variables in the early detection of financially distressed life insurers; and second, to consider the importance of these variables to the evaluation of life insurer insolvency risk in the European Union (EU). The availability of a data sample approaching the universe of insurers in the US allows us to stratify a large sample in order to make reasonable inferences regarding the factors likely to influence insolvency experience in the EU. The most significant findings for EU consumers, regulators, and insurers relate to the importance of capital and surplus, geographic focus, asset mix, and leverage in determining the likelihood of insurer bankruptcy.     

The pricing of deposit insurance considering bankruptcy costs and closure policies

The paper aims to study the pricing issue of deposit insurance with explicit consideration of bankruptcy costs and closure policies. Full coverage from deposit insurance is imposed by many regulators to stabilize the banking system in the current financial crisis, despite of the potential moral hazard problems. We argue that bankruptcy cost is an important factor in pricing deposit insurance, especially when the insured institution is insolvent. Applying the isomorphic relationship between deposit insurance and put option, we first derive a closed-form solution for the pricing model with bankruptcy costs and closure policies. Then, we modify the barrier option approach to price the deposit insurance in which the bankruptcy cost is set as a function of asset return volatility and more realistic closure policies considering possible forbearance can be accounted for. The properties of the models are supported by numerical simulations and are consistent with the risk-based pricing scheme.