美国和日本人寿保险公司破产案例研究

THE GENEVA ASSOCIATIONLessons learned from resolutionsA GenevAASSoCIAtIonReSeARCh RepoRtEdited by Etti BaranoffJanuary 2015 The Geneva Associationthe Geneva Association is the leading international insurance think tank for strategically important insurance and riskthe Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or whichinfluence the insurance sector.through the development of research programmes, regular publications and the organisationof international meetings,the Geneva Association serves as a catalyst for progress in the understanding of risk and insurancematters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwidein the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development andapplication of risk management and the understanding of uncertainty in the modern economy.the Geneva Association membership comprises a statutory maximum of 90 chief executive officers (Ceos) from the world’stop insurance and reinsurance companies. It organises international expert networks and manages discussion platforms forsenior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations.the GenevaAssociation’s annual General Assembly is the most prestigious gathering of leading insurance Ceos worldwide.established in 1973,the Geneva Association, officially the “International Association for the Study of Insuranceeconomics”,has offices in Geneva and Basel, Switzerland and is a non-profit organisation funded by its members. management issues. www.genevaassociation.org@TheGenevaAssocU.S. and Japan Life Insurers InsolvenciesCase StudiesLessons learned from resolutionsA GenevAASSoCIAtIon reSeArChreportedited by Etti Baranoff u.s. and japan life insurers insolvencies case studies—lessons learned from resolutionsThe Geneva AssociationtheGeneva | Route de Malagnou 53, CH-1208 Geneva | Tel:+41 22 707 66 00 | Fax: +41 22 736 75 36Basel | Sternengasse 17, CH-4051 Basel | Phone +41 61 201 35 20 | Fax +41 61 201 35 29secretariat@genevaassociation.orgwww.genevaassociation.orgJanuary 2015—online version amended on 12 February 2015U.S. and Japan Life Insurers Insolvencies Case Studies—Lessons learned from resolutionspublished bythe Geneva Association (the International Association for the Study of Insuranceeconomics), Geneva/Basel.the opinions expressed inthe Geneva Association newsletters and publications are the responsibility of the authors. We thereforedisclaim all liability and responsibility arising from such materials by any third parties.Download the electronic version from www.genevaassociation.org Cover Fotolia©Bluebay2014©the Geneva Association photo credits: www.genevaassociation.org5foreword7execuTive summAryAnd key insiGhTs11chApTer 1—overview: insurers’ defAulTrATes durinG2008-2012And cAses in u.s.AndjApAnese life insurers’ resoluTions111.national and global default rates132.the U.S. life insurance insolvencies cases163.the Japanese life insurance insolvencies cases174. Conclusions and main lessons learned19chApTer 2—u.s. life insurers insolvenciesAnd resoluTion cAse sTudies, bypeter Gallanis191.preliminary observations: modern U.S. life and annuity solvency experience202. Insurer liquidation case studies213.the three largest U.S. life and annuity liquidations22Case 1: Executive Life Insurance Company (ELIC), California, 199125Case 2: Mutual Benefit Life Insurance Company (MBL), New Jersey, 199127Case 3: Confederation Life Insurance Company (Confed), Canada, Michigan and Georgia, 1994304. Summary and lessons from U.S. insolvent life insurer experience33chApTer 3—jApAn life insurers insolvenciesAnd resoluTion cAse sTudies, bymakotookubo34the policyholder protection and resolution regime in Japan38Improvement of the resolution system41chApTer 4—conclusionAnd lessons leArned:The defAulTrATe of insurAnce insolvenciesAndThe u.s.And jApAn life insurAnce insolvency cAse sTudies43references45Appendix49AbouTTheAuThorsconTenTs @TheGenevaAssoc www.genevaassociation.orgforewordthe Geneva Association, a think tank for the global insurance industry, hasproduced numerous studies providing research insights into the issues regardinginsurance and financial stability, including insurance insolvency case studiesdesigned to shed light on the resolution of troubled insurers.this area has grownconsiderably in importance in the aftermath of the financial crisis.this report—the first in a series of studies of insolvency cases and troubled insurersreceiving governmental help—is a study of life insurance company insolvencies inthe United States and Japan, and their implications for policyholder protectionand financial stability.our key purpose with this study and the forthcoming reports is to provide insightsabout resolution, lessons learned and best practices extracted from the casestudies.We hope that this r