基于风险调整的保险市场均衡及监管协调分析

A Study on the Risk-Adjusted Insurance Market Equilibrium and Regulation Coordination

保险市场监管通常包括费率监管、偿付能力监管、资金运用监管等多种行为。现有关于保险监管的研究多是针对单一监管行为的,较少分析多种监管行为间的相互影响和协调问题。事实上,严格的费率监管会导致保险人偿付能力的变化,资金运用监管亦会改变保险人的偿付能力。本文通过构建基于风险调整的保险市场均衡模型,将费率监管、偿付能力监管和资金运用监管纳入到同一个框架中进行分析,对不同监管行为对市场均衡的影响,以及彼此之间的协调机制进行了探讨,对中国保险市场监管的改进给出了针对性建议。

Pricing regulation, solvency regulation and asset management regulation are important components of insurance regulatory policies. Most of the current studies focus on single regulatory action, without investigating the coordination among different actions. In fact, strict pricing regulation, as well as asset management regulation, has significant impacts on insurers＇ solvency. This paper built a risk-adjusted model on insurance equilibrium to examine the impacts of different regulatory actions, including pricing regulation, solvency regulation and asset management regulation, on market equilibrium, as well as the coordination among them. Practical suggestions for China＇ s future insurance regulation were provided based on the analysis.