再保险监管研究

【作者】 王伟；

【导师】 尹伯成；

【作者基本信息】 复旦大学 ， 金融学， 2008， 博士

【摘要】 再保险业务的发展可以追溯到14世纪中叶,期间经过漫长的业务模式和组织形式的创新,不断得到完善和发展。在国际再保险市场上,比例和非比例再保险等传统业务形式占据主导地位。同时,随着现代风险管理技术、金融工程和非传统风险转移(ART)技术的不断发展,再保险业务形式不断创新,有限风险再保险、保险风险证券化产品等新型再保险产品不断涌现,极大丰富了保险风险分散渠道,提高了转移直接保险人风险的能力。但由于再保险交易对象的特殊性、交易技术的专业性和交易范围的国际性,再保险业务发展和市场开放在提高原保险市场效率、稳定保险经营的同时,也会产生各种交易、经营和市场风险。如果不对其加以有效管理和控制,可能会引起再保险经营的失控,破坏保险市场稳定经营,甚至造成整个金融市场的动荡。因此,需要密切关注再保险风险,加强对再保险监管问题的研究。虽然国内外再保险研究比较丰富,但仍存在一些尚待研究的领域。主要体现在:一是对“再保险”概念的界定存在模糊。什么是再保险?判定再保险业务的标准是什么?新型再保险方式是否真正实现了承保风险分散功能?如何区分一项新型再保险交易是属于再保险业务,还是属于财务交易?等等。二是注重对新型再保险运作模式的研究,忽视对其潜在风险的分析和监管制度的研究。目前,新型再保险产品在我国尚处于理论探讨阶段,并未正式推出。但在可预见的将来,其必将逐步为我国保险企业所重视和应用,成为我国再保险市场重要组成部分。因此,本着“科学发展”理念,在研究新型再保险产品运作机制的同时,也要相应地考虑其风险控制和监管制度,为未来发展做充分的准备。三是由于发展阶段差异,各国再保险监管理念和制度表现各异。系统研究不同发展阶段国家再保险监管制度,总结出其共同点和差异性,应是一项系统工作。同时,在全球经济一体化的背景下,国际保险监督官协会(IAIS)、经合组织(OECD)等国际性机构努力推动再保险监管国际标准的统一和协调工作,非常值得研究和借鉴。四是在再保险市场逐步开放和市场迅速发展的背景下,我国正在建立和完善具有本国特色的再保险监管制度,确保原保险市场和再保险市场平稳发展。这一制度不仅是单纯本国监管制度内部问题,还将涉及如何协调各国监管制度,促进各国监管合作?如何在国际再保险统一监管体系建立过程中发挥更大的作用?等外部问题。对内外部问题的研究非常迫切,具有一定的现实意义和学术价值。本论文希望以新的角度阐述再保险监管问题。具体来说,文章主要从三个方面解决上述矛盾和问题:一是从保险公司经营机制出发,以再保险业务发展历史为主要线索,对传统再保险业务和非传统风险转移产品进行分析。这有助于理清彼此之间发展脉络和性质差异,从交易实质性角度科学界定“再保险”,明确再保险监管对象。二是在对再保险交易、企业经营和市场风险进行分析的基础上,本文比较研究再保险国际惯例、重要条款以及各国再保险监管模式,探索不同再保险风险监控手段的有效配置,总结不同发展阶段再保险监管有效模式,探究国际再保险监管未来发展趋势。三是本文将结合我国再保险业务发展和市场开放情况,分析我国再保险交易发展前景,并对有中国特色的再保险监管体系的完善和发展提出一些建议。更多还原

【Abstract】 The development of reinsurance business can be traced back to the middle of 14th century. After that, the trading and organization model of reinsurance become more mature and developed through its unceasing innovation. At present reinsurance market, traditional reinsurance, namely proportional and non-proportional reinsurance, holds a leading status. At the same time, with the continuing development of modern risk management technologies, financial engineering and alternative risk transfer (ART) techniques; the trading model of reinsurance business innovates in a quick step. New-type reinsurance products such as finite risk reinsurance and insurance securitization enrich the dispersible channels of insurance risk and improve the capacity of transferring insurance risk of reinsurance. However, due to the specificity of reinsurance trade object, internationality of trading field and openness of trading activities, the development of reinsurance business and market openness of reinsurance market not only improve the efficiency of insurance market and stabilize insurance operation, but also bring all kinds of trade, operating and market risk. Without an effective management and control of risk, it will result in the reinsurance operation out of control or even collapse of the whole financial market. In order to maintain the smooth development of insurance management, it is very important to develop reinsurance business and strengthen the research of reinsurance risk and surveillance at the same time.Although there is a long history of research on reinsurance at home and abroad, we still have some unexplained and undefined area. For example, the first one is about the definition of reinsurance. What’s the reinsurance? What may belong to reinsurance business? Whether the new-type reinsurance really fulfills the function of risk-disperse? How to distinguish a trade between reinsurance business and financial trade? The second one is that we attach importance to the research of new-type reinsurance product, but ignore the research of its potential risk and regulation system. At present, there are many theoretic researches on the new-type reinsurance products, but no trade in our insurance market. In the foreseeable future, new-type reinsurance products will win recognition from insurance corporations and become a main part of reinsurance market. Therefore, based on the principles of "scientific development", when we do the research on the mechanisms of new-type reinsurance products, we should also take the risk control and regulation system into consideration to prepare for the future development. The third one is many country will take different attitudes and methods to reinsurance regulation system at different stage of development. Under this circumstance, how to establish and perfect the reinsurance regulation system in our country to secure the development of our insurance and reinsurance market? How to coordinate the regulation methods and promote the cooperation in different countries? How to play a more impartment role in the process of establishing reinsurance regulation system? These questions have some realistic and academic value, deserve more research and discussion.We wish studying the reinsurance regulation in a bran-new manner. These manners include three aspects. First, this paper is based insurance company management mechanisms and takes the historical development of reinsurance business as a main line to analysis traditional and non-traditional reinsurance business, which is helpful to understand the thread of thought in development and the differences in character and to scientifically define "reinsurance" from the point of trade material ties. Second, we compare the differences between international practices, important items and reinsurance regulation model, explore the efficient allocation in different reinsurance risk-monitoring methods, summarize the effective methods of reinsurance regulation at different stage of development and research the future trend in the development of international reinsurance regulation on the basis of analysis reinsurance trade, enterprise management and the risk of market. The last but not least, this paper combine the development of our reinsurance business and the openness of our market to analyze the feasibility of construction of reinsurance market in shanghai and propose constructive opinion on how to construct reinsurance regulation system with Chinese characters.更多还原