财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2014年
2期
50~55
,共null页
寿险证券化 内含价值证券化 责任准备金证券化 风险转移证券化
壽險證券化 內含價值證券化 責任準備金證券化 風險轉移證券化
수험증권화 내함개치증권화 책임준비금증권화 풍험전이증권화
life insurance securitization; embedded value securitization; reserve securitization; risk transfer securitization
寿险证券化是寿险公司通过发行以标的业务现金流为支撑的资产支持证券的融资或转移寿险风险的过程。与一般资产证券化相似,寿险证券化的基本原理包含风险重组、风险隔离和信用增级三个原理,但融合了寿险业务的特殊性。寿险证券化可分为内含价值证券化、责任准备金证券化、风险转移证券化三类,’且每类均包含特有的经济学与保险学原理。前两类证券化的目的是融资套现,而后一类则是为了转移极端死亡率风险和长寿风险。
壽險證券化是壽險公司通過髮行以標的業務現金流為支撐的資產支持證券的融資或轉移壽險風險的過程。與一般資產證券化相似,壽險證券化的基本原理包含風險重組、風險隔離和信用增級三箇原理,但融閤瞭壽險業務的特殊性。壽險證券化可分為內含價值證券化、責任準備金證券化、風險轉移證券化三類,’且每類均包含特有的經濟學與保險學原理。前兩類證券化的目的是融資套現,而後一類則是為瞭轉移極耑死亡率風險和長壽風險。
수험증권화시수험공사통과발행이표적업무현금류위지탱적자산지지증권적융자혹전이수험풍험적과정。여일반자산증권화상사,수험증권화적기본원리포함풍험중조、풍험격리화신용증급삼개원리,단융합료수험업무적특수성。수험증권화가분위내함개치증권화、책임준비금증권화、풍험전이증권화삼류,’차매류균포함특유적경제학여보험학원리。전량류증권화적목적시융자투현,이후일류칙시위료전이겁단사망솔풍험화장수풍험。
Life insurance securitization refers to the financing or risk transferring process in which a life insurance compa- ny issues asset-backed securities based on its operating cash flows. Like asset securitization, life insurance securitization has the three basic principles of risk restructuring, risk isolation and credit enhancement with the characteristics of life insurance business. Life insurance securitization can be.categorized into the following three types: ( 1 ) embedded value securitization which converts intangible assets such as acquisition costs and cash values embedded in insurance policies into cash to reduce financial pressure and increase underwriting capacity; (2) reserve securitization which releases excess reserves, reduces the reserve pressure, and fulfills the regulatory reserve requirements; (3) risk transfer securitization which aims to transfer ex- treme mortality risk and longevity risk into the capital market.