Capital requirements or pricing constraints?: An economic analysis of measures for insurance regulation

Sebastian Schluetter

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Capital requirements or pricing constraints?: An economic analysis of measures for insurance regulation

机译：资本要求还是价格约束？：保险监管措施的经济分析

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摘要

Purpose - This paper aims to investigate the interaction between capital requirements and pricing constraints as measures for insurance regulation. Design/methodology/approach - In a theoretical model framework, the author derives the insurer's shareholder-value-maximizing response to capital regulation, price regulation and the unregulated strategy as a benchmark; all three strategies are presented in an analytical form. Findings - The paper demonstrates that risk-based capital requirements exhibit an efficiency advantage over price regulation and allow for lower premiums. Moreover, the analysis identifies situations in which price floors make insurance more expensive, but have no positive impact on the safety level. Practical implications - The comparison between capital regulation and price floors provides policymakers with a methodology to evaluate which regulatory tool is more appropriate. Also, the article discusses that maximum discount rates for European life insurers could be ineffective when the new regulatory framework Solvency Ⅱ is in place. Originality/value - In all, the article obtains analytical and informative results with relevant implications for insurance regulation.

机译：目的-本文旨在研究资本要求和价格约束之间的相互作用，以作为保险监管的措施。设计/方法/方法-在理论模型框架中，作者得出了保险公司对资本监管，价格监管和无监管策略的股东价值最大化反应；这三种策略均以分析形式呈现。调查结果-该论文证明了基于风险的资本要求相对于价格监管具有效率优势，并允许较低的溢价。此外，分析还确定了底价使保险价格更高，但对安全水平没有正面影响的情况。实际意义-资本监管与底价之间的比较为决策者提供了一种方法，可以评估哪种监管工具更合适。此外，本文还讨论了在新的监管框架SolvencyⅡ到位时，欧洲人寿保险公司的最大折现率可能无效。原创性/价值-总体而言，本文获得了分析性和信息性结果，对保险监管具有重要意义。

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来源
《The journal of risk finance》 |2014年第5期|533-554|共22页
作者
Sebastian Schluetter;
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作者单位

Department of Finance, Goethe University Frankfurt, Frankfurt, Germany;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Capital requirements; Insurance regulation; Price regulation;

机译：资本要求;保险法规;价格管制;

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Capital requirements or pricing constraints?: An economic analysis of measures for insurance regulation

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