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Data:2009-12-12 2:34
Characteristics of the liabilities of life insurance funds, we are required to actively control the life insurance funds were used to explore the risk of an effective way.
1, to determine the life adhering to the principles of investment funds to manage their specific content assets and liabilities include:
(1) the scale of symmetry. Namely, the total investment is consistent with the total liabilities to establish a net inflow of premium income in the normal growth of the dynamic balance on the basis of; (2) structural symmetry. Long-term debt for long-term investment, short-term liabilities can only be a short-term use to maintain essentially the same repayment period; (3) cost-benefit symmetry. Choose to invest in variety of investment income to grasp the relative cost of capital should be to ensure the realization of a reasonable return, but also according to changes in market interest rates of assets, liabilities, the impact of the extent of the cash value at any time adjust the investment structure.
To rely on asset-liability theory to determine the size and direction of investment, the most important task is the design portfolio. Rational allocation of funds to build a complementary portfolio spread, which can make a big difference between the assets systemic risks offset each other, in order to reduce the overall risk level. On the one hand, should be based on sources of funding, cost and duration, select a different period, income level of species, design relatively independent of the investment portfolio; the other hand, the financial coverage of investment products should be scientific and rational, single-project investment ratio should be moderate, sought to spread the risks.
Life insurance funds is not only a large scale, long duration, and premium income stream, there is a significant increase in available funds, so to pursue long-term investment should be a realistic option to use life insurance funds, but also the pursuit of long-term stability of the insurance assets, the only way to add value.
Second, establish a sound risk control system to enable the use of life insurance funds are Zhang Ke Yi
The use of insurance funds are highly regulated investment activities, in addition to press the "Insurance Law" under the scope and proportion of investment, but also to establish a set of risk management systems, and will run through the life process from beginning to end use of funds.
First, the funds should be centrally managed, unified. Life Insurance Company's branch in accordance with approved leave enough working capital limits, the remaining funds should be zoned to the entire Corporation, to achieve centralized management, unified use of risk reduction resulting from links to achieve the professionalism of funds to improve capital efficiency. Secondly, we must strictly authorized by layers of responsibility. In the use of funds, they must strictly limit the size, clear decision-making and the use of permissions, each level must be within the competence of the decision-making and the use of results. Third, we must establish and improve the operational management system. Absence of the system will inevitably bring about a number of practical problems in, thus breeding risk. Therefore, we must establish the business management system, such as funds transfer management system for centralized transaction management system, account management system, accounting management system, audit and inspection management system and strictly carry out and implement the risk to plug loopholes.
Third, build investment decisions, business operations and risk control management system, the use of the funds the Trinity, through the rigorous organization and management system to filter out most of the risk of
1, many of the risk of case notes, due to poor decisions which led to the risk than the general business risks more important. Therefore, the establishment of a scientific decision-making mechanism of the insurance companies control the important task of investment risk and should be the top management decision-making by insurance companies and the relevant departments and experts in investment decision-making committee, according to company's overall plan for business development, corporate and long-term investment policy , for strategic asset allocation; Also, the use of funds department business plans and major investment projects analysis, demonstration, review, and ultimately make decisions.
2, funds of funds sector is the use of the operation of the direct executors of the current management system of domestic insurance companies play in this task, the use of funds and foreign insurance company is responsible for the independent investment management firms, mostly insurance companies, a division of the form, must be based on the company authorized to make investments. Use of funds and departments should develop according to the company decision-making and long-term investment policy, relying on professional analysis of research and investment management personnel, to make judgments on the macro-economic situation, a rational grasp of financial markets and thus to formulate short and medium term investment plan to determine the tactical asset ratio, a subsidiary business of choice by the variety of concrete implementation.
3, for an insurance company, the funds use of the fundamental starting point lies on the investment earnings, while the risk control is the key to ensure its realization. In the business process, the use of funds sector will inevitably face, such as policy risks, credit risk, market risk, operational risk and a series of risks, in addition to the use of the funds requested to implement strict internal control departments, the more necessary risk risk management department system control and preparedness. (Zhongzheng Wang - Chen Dong)
