相互保险公司转制的美国经验

Mutualization and Demutualization of Mutual Insurance Companies in the U.S

二十世纪以来的相互化浪潮、非相互化浪潮以及相互保险的复苏展示了相互保险公司这一组织形式所经历的大起大落。相互化浪潮的产生原因包括扭转市场负面评价、清除潜在房地产税问题、防止公司控制权转移、缓解经营困难等。非相互化浪潮产生的原因整体上在于现代金融市场的发展使相互保险公司在资金筹集和经营管理方面的劣势凸显,微观上是公司财务状况的恶化。非相互化可以分为完全非相互化和部分非相互化两种方式。我国的相互保险尚在起步阶段,鉴于美国经验,我国应未雨绸缪,为可能发生的保险公司转制做好理论准备和制度建设,提前掌握转制的整体思路和基本流程。

Since the beginning of the 20th century, the wave of mutualization and demutualization showed dramatic ups and downs of mutual insurance. The motivations of mutualization contained alleviation of adverse opinion, elimination of potential estate tax problems, prevention of change of control and elimination of operational difficulties. The wave of demutualization generates in the development of modern financial markets, which increases the disadvantages of mutual insurance companies in funding and management. Accordingly, the deterioration of company＇s financial situation triggers demutualization. The demutualization could be full demutualization or partial demutualization. Mutual insurance in China is still in an exploratory stage. Given the experience of the United States, China should prepare for the potential mutualization and demutualization practically and theoretically, and also get their basic idea and general processes in advance.