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1、第八章,政府对保险业的监管,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-2,目录,保险监管的原因 发展历史 监管方法 监管领域 联邦和州政府的监管 保险监管的现状和问题,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-3,保险监管的原因,保证保险公司偿付能力 弥补消费者的知识不足 确保费率合理 使保险可以销售,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-4,发展
2、历史,最早的保险公司需要遵守的监管要求很少 保罗诉弗吉尼亚案 (1868) 确认了州政府对保险的监管权利。 肯定了保险并非跨州商业行为 东南保险承保人协会 (1944) 一旦超出州界就是跨州行为。 对商业费率厘定组织的合法性进行质疑。,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-5,保险监管法的发展历程,麦卡伦福古森法案 (1945) 声明由政府对保险业继续进行监管和征税符合公众利益。 Federal antitrust laws apply to insurance only to the extent that
3、 the insurance industry is not regulated by state law e.g., insurers are not exempt from the Sherman Act provisions 金融服务现代化法案 (1999) 对原来禁止银行保险公司和投资公司混业经营的联邦法律进行改变，允许他们可以完全参与核心业务领域以外的其它金融市场的竞争。,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-6,Methods of Regulating Insurers,The three pr
4、incipal methods of regulating insurers are: Legislation, through both state and federal laws Court decisions, e.g., interpreting policy provisions State insurance departments Every state has an insurance commissioner, who administers state insurance laws The National Association of Insurance Commiss
5、ioners meets periodically to discuss industry problems and draft model laws,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-7,监管的领域,保险公司的组织形式和经营资格 Licensing includes minimum capital and surplus requirements A domestic insurer is domiciled in the state A foreign insurer is an out-of-sta
6、te insurer that is chartered by another state, but licensed to operate in the state An alien insurer is an insurer that is chartered by a foreign country, but is licensed to operate in the state,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-8,监管的领域,偿付能力监管 资产必须足以偿还债务。 法定资本 出现在法定资产负债表中
7、的决定其财务状况的资产。 法定准备金 盈余,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-9,风险资本 风险资本 (RBC) 意味着保险公司必须持有一定的资本，这取决于它们的投资和保险业务。 RBC影响因素: 资产风险 核保风险 利率风险 商业风险 A comparison of the companys total adjusted capital to the amount of required risk-based capital determines whether company or regulator
8、y action is required,监管的领域,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-10,What Areas Are Regulated?,The purpose of investment regulations is to prevent insurers from making unsound investments that could threaten the companys solvency and harm the policyowners Laws generally place
9、a limit on the proportion of assets in a specific asset category, such as real estate Many states limit the amount of surplus a participating life insurer can accumulate, rather than pay as dividends,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-11,What Areas Are Regulated?,Each insu
10、rer must file an annual report with the state insurance department in the states where it does business The state insurance department assumes control of insurance companies that they determine to be financially impaired All states have guaranty funds that provide for the payment of unpaid claims of
11、 insolvent property and casualty insurers States have guaranty laws and guaranty associations that pay the claims of policyowners of insolvent life and health insurers The assessment method is the major method used to raise the necessary funds to pay unpaid claims,Copyright 2008 Pearson Addison-Wesl
12、ey. All rights reserved.,8-12,What Areas Are Regulated?,Rate regulation takes a variety of forms across states Forms of rate regulation for property and casualty insurance include: Prior approval law Modified prior approval law File-and-Use law Use-and-File law Flex Rating law State made rates Open
13、Competition Many states exempt insurers from filing rates for large commercial accounts Life insurance rates are not directly regulated by the states,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-13,What Areas Are Regulated?,State insurance commissioners have the authority to approve
14、 or disapprove new policy forms before the contracts are sold to the public Sales practices are regulated by the laws concerning the licensing of agents and brokers All states require agents and brokers to be licensed Insurance laws prohibit a variety of unfair trade practices, such as misrepresenta
15、tion, twisting, and rebating Twisting is the inducement of a policyowner to drop an existing policy and replace it with a new one that provides little or no economic benefit to the client Rebating is the practice of giving an individual a premium reduction or some other financial advantage not state
16、d in the policy as an inducement to purchase the policy,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-14,State versus Federal Regulation,Should the McCarran-Ferguson Act be repealed? Arguments for federal regulation include: Uniformity of laws Greater efficiency More competent regulators,Copyright 2008 Pearson Addison-Wesley. All rights reserved.,8-15,State versus Federal Regulation,Advantages of state regulation include: Greater responsiveness to l
