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Extra resources for Policy Issues in Insurance Assessing the Solvency of Insurance Companies (Policy Issues in Insurance)
Sample text
International Association of Insurance Supervisors. 32 ASSESSING THE SOLVENCY OF INSURANCE COMPANIES – ISBN 92-64-10189-6 – © OECD 2003 ISBN 92-64-10189-6 Policy Issues in Insurance No. 4 Assessing the Solvency of Insurance Companies © OECD 2003 Chapter 2 Regulation and Supervision of Overall Solvency ASSESSING THE SOLVENCY OF INSURANCE COMPANIES – ISBN 92-64-10189-6 – © OECD 2003 33 2. REGULATION AND SUPERVISION OF OVERALL SOLVENCY Summary Solvency supervision is a complex process having many different aspects, which may be grouped under four main headings: I.
5. g. the San Francisco earthquake or the flooding of the port of Rotterdam). 6. But the fact that all markets are affected by these phenomena, to a greater or lesser degree, does not mean that the world insurance system lives under threat of an unbroken string of business failures in accordance with the domino theory. The experience of many countries shows that political or financial crises and natural disasters hit all insurers and reinsurers in the same market, but that only a minority of businesses–those which are mismanaged or unsound–actually go under.
They may be comprehensive or limited to a particular category of insured, such as non-smokers, women or dependent employees. In some jurisdictions, segmentation of this type is prohibited. Discount rates are generally correlated with the method used to value investments on the balance sheet. They can be imposed by the authorities, capped by reference to a market index or linked to actual yields on the insurer’s investments. Loading can be fixed, subject only to supervision, or free. Pure premium MPs must be supplemented by a provisio n for management costs.