【作者】 王萍；

【导师】 魏华林；

【作者基本信息】 武汉大学 ， 金融学， 2004， 硕士

【摘要】 尽管偿付能力监管早已被世界许多国家确定为保险业监管的核心，但保险公司特别是寿险公司经营失败、被迫破产的案件仍接连发生。本文结合中外寿险公司经营实际，探讨如何增强寿险公司偿付能力、提高寿险公司偿付能力监管水平，目的在于探讨防止寿险公司破产，保护寿险市场公平竞争的方式与方法 偿付能力是指保险公司到期偿还债务的能力，体现的是公司资产与负债之间的关系。寿险公司偿付能力的大小主要取决于公司的资产负债情况、盈利情况、业务发展规模以及资金运用状况等。 影响寿险公司偿付能力的因素有很多，归纳起来，无非是两个方面，即外部因素和内部因素。前者包括人口增长模式变动、利率波动、物价水平以及资本市场的变动等；后者包括承保质量、投资收益、费用水平、公司承保能力的控制等。不同因素之间相互作用、相互影响，共同作用于寿险公司偿付能力的形成。 从经济学的角度来看，寿险公司的偿付能力之所以必须实施监管，主要是因为在不完全竞争的保险市场上，存在着市场支配力、信息问题、外部性以及免费搭车等市场失灵现象，使得保险市场自身难以实现资源的有效配置和社会福利的最大化。客观上需要政府在遵循市场规律的情况下，对公司经营进行必要的干预，最大限度地提高社会福利。 偿付能力是寿险公司经营结果的综合体现。寿险公司偿付能力的监管主要包括资本金的监管、责任准备金的监管、保险保障基金的监管、业务报告的监管以及财务报告的监管等。通过行之有效的监管，使得各项内容时刻符合偿付能力的要求。 我国对寿险公司的偿付能力实施的是多种方式相结合的综合监管模式。从目前的实际情况来看，偿付能力监管方式主要有法律监管、行政监管、行业监管及社会监管等。每一种监管方式都有其自己的特点，只有综合运用这些不同的监管方式，才可以实现有效监管。 中国保监会2003年颁布实施的《保险公司偿付能力额度及其监管指标管理规定》，确定了寿险公司偿付能力监管的12项指标。运用这些指标，衡量我国寿险公司的经营，不难发现许多指标值偏低，偿付能力问题令人担忧。 国际上对寿险公司偿付能力监管大都采用两种方式：即静态监管和动态监管。具体操作中，这两种方式各有利弊。静态监管比较简单、监管结果具有较强的直观性，但缺乏灵活性。动态监管具有极强的预警作用，可以及时发现公司经营过程中存在的问题，但对于刚成立的寿险公司或规模较小的寿险公司则难以满足动态监管所需的各项条件。 日本近年来出现的寿险公司大规模破产事件为我国寿险公司偿付能力监管敲响了警钟。政府对寿险公司的过度保护、寿险公司产品结构不合理、投资失误、政府监管不力等是导致日本寿险公司倒闭的重要原因。 偿付能力不足是目前我国寿险公司普遍面临的一个问题。造成我国寿险公司偿付能力危机的原因主要有资本注入不足;寿险公司长期实行的粗放式发展模式;银行存款利率连续调低:保险资金运用不力等。 寿险公司偿付能力不足和寿险市场的不断发展向监管机构提出了新的挑战。其表现， 一是数据失真使偿付能力监管不能真实反映实际状况; 二是统一的监管指标对不同背景的寿险公司难以做到有的放矢; 三是事后监管的方式难以对寿险公司的经营活动起到有效的预警作用; 四是过分依赖于行政监管，而忽略了行业监管和社会监管: 五是静态监管的手段不能对市场环境的变化及时作出反映: 六是偿付能力监管忽略了对寿险公司进行资产负债匹配的管理; 七是寿险监管不适应世界贸易组织规则; 八是费率市场化挑战传统的以费率监管为核心的监管方式; 九是寿险市场的多变性使得偿付能力监管往往滞后于市场的实际情况。 针对上述问题，论文提出在以下五个方面来完善对寿险公司偿付能力的监管。 第一，提高保险监管的创新能力，以创新来提高监管的效果; 第二，加强监管信息系统建设; 第三，注重对偿付能力进行动态监管; 第四，加强对寿险公司资金运用的监管; 第五，实行多层次、有差别的监管方式。更多还原

【Abstract】 Though solvency regulation has be determined as the core of insurance regulation by many countries in the world, cases of failure and bankruptcy often occur to insurance companies, especially life insurance companies. By combining the management practice of foreign and domestic life insurance companies, this paper mainly discusses how to enforce the life insurance companies’ solvency and how to improve the solvency regulation level.Solvency means ability that the insurance company can repay the debt at the specified date. It mainly embodies the relation between company assets and debts. The size of a life insurance company ?s solvency mainly depends on such factors as assets and debts, profit situation, development scale of business and fund application state.There are a lot of factors that influence the solvency of life insurance. It can be summarized as two aspects, i.e. external factors and internal factors. The former includes the changes of population growth mode, fluctuation at interest rates, price-levels and the changes of capital market, etc. The latter includes underwriting quality, investment return, expense level and the control of underwriting ability, etc. Different factors interact and influence each other, which effect on the final solvency of life insurance company together.From the angle of economy, the reason for the solvency regulation is that there are market administration, information problem, exteriority and free-ridden etc. existing in a imperfect competition insurance market. It is difficult for insurance market to realize the effective disposition of resources and maximization of the social welfare. It needs the government to interfere with the company to improve the social welfare in case of following the market law.Solvency is the synthesis result of the management of life insurance company. Solvency regulation of life insurance company mainly includes capital regulation,liability reservation regulation, guarantee fund regulation, business report regulationand financial report regulation, etc. Though effective regulation, we try our best to make every content accord with the demands for solvency constantly.The type of the regulation of our country is the combination of many kinds of regulation methods. According to present reality, the method of solvency regulation mainly includes law regulation, administration regulation , trade regulation and the society regulation etc.. Each method has its own characteristics. Only using these methods synthetically can we realize effective regulation." The stipulation on solvency amount and regulation index of insurance company " issued and implemented by CIRC in 2003 confirms 12 regulation indexes of life insurance company. Weighing the operation of our life insurance companies by these indexes , we can find that the result of many indexes is too low. The solvency of life insurance company is troubling.Two methods are applied to regulate the solvency of life insurance company in the world: namely static regulation and dynamic regulation. Each of these two kinds of ways has both advantages and disadvantages. Though static regulation is simple and the result is straight, it lacks flexibility. Dynamic regulation has strong warning function and can discover the questions existing in the course of management in time. It is difficult for those companies which has established just now or has a very small scale to possess all the conditions needed by dynamic regulation.The extensive bankrupt incidents of life insurance companies in Japan in recent years ring an alarm bell for the solvency of life insurance company of our country. The reasons for these bankrupt incidents are government s over-protection to life insurance companies, unreasonable product structure, investment faults and ineffective regulation.Insufficient solvency is a problem which the life insurance companies of our country are generally faced with at present. There factors causing the solvency crisis of life insurance countries of our countries mainly include insuffic更多还原