保险公司处置框架——执行摘要

Insurer resolution framework – Executive Summary Insurer failures can have harmful effects on individuals and businesses, economic activity and financial stability.Resolution is a way to manage the failure of financial institutions, including insurers, that prevents severe International standards for insurer resolution frameworks There are two sets of international standards applicable to insurer resolution developed by the FinancialStability Board (FSB) and the International Association of Insurance Supervisors (IAIS). The two standard setters The FSB’sKey Attributes of Effective Resolution Regimes for Financial Institutions(Key Attributes) arethe international resolution standard for all types of financial institution, including insurers, that could besystemically important if they fail. The standard consists of 12 Key Attributes (KAs) that set out the coreelements of resolution frameworks. These include resolution objectives, resolution powers and safeguards, The IAISInsurance Core Principles(ICPs)include provisions on resolution and apply to the supervisionof all types of insurer.ICP 12 covers all measures for insurance market exit, including resolution for systemicfailures, together with other aspects of resolution frameworks, such as resolution preparation, plans andcoordination.The Common Framework for the Supervision of Internationally Active Insurance Groups(ComFrame) adds provisions to the ICPs that apply specifically to internationally active insurance groups (IAIGs). Resolution objectives Resolution involves the exercise of resolution powers by a resolution authority with a mandate to achievespecific objectives. These include preserving financial stability through the continuity of the failed institution’seconomically or socially important functions and the protection of policyholders, beneficiaries and claimants.That protection is usually achieved by using resolution powers to ensure continuity of insurance coverage. Resolution powers for insurers The FSB and IAIS standards specify a set of resolution powers and tools designed to ensure that authoritiescan manage failed insurers in an orderly manner. Powers of control and management:Resolution frameworks must empower authoritiesto take control of a failing insurer directly or through an appointed administrator, remove Restructuring powers (transfer and bail-in):Resolution authorities must have powers tocarry out a sale or merger of a failing insurer and to transfer assets, rights and liabilities,including insurance portfolios, to another entity. Authorities should also have powers towrite down and restructure liabilities, including insurance liabilities. This is known as “bail- Powers to suspend third-party actions:Resolution authorities must be able to restrict orprevent third parties from exercising rights or taking actions that could undermine theeffectiveness of resolution. This includes policyholders’ withdrawal and surrender rights, Powers to place an insurer into run-off or liquidation:Resolution frameworks mustenable authorities to put an insurer into run-off or effect its closure and orderly wind-down Those powers must be explicit, allow resolution authorities to override rights of shareholders andcreditors, and be exercisable without requiring consent of shareholders and creditors. These features are Since resolution powers are likely to interfere with property rights, their use is subject to safeguardsthat should be set out in the resolution framework. The most important is the “no creditor worse off” (NCWO)safeguard, which gives shareholders and creditors a right to financial compensation if their losses in resolution Resolution planning For resolution to be a credible option, authorities and insurers need to prepare through resolution planningcarried out during “business as usual”. The FSB and IAIS standards specify that resolution plans should bemaintained, at a minimum, for any insurer that could be systemically significant or critical if it fails. Both Firm-specific plans set out the preferred resolution strategy and a detailed operational plan for itsimplementation. IAIGs or other insurance groups that could be systemic in failure may be subject to a group-wide resolution plan. Resolution plans must be regularly reviewed and updated when necessary, and authorities Cross-border coordination For insurers that operate in multiple jurisdictions, resolution planning and execution require cross-borderinformation-sharing and coordination between authorities. To facilitate that, the FSB and IAIS standards requireappropriate cooperative arrangements to be in place. For the most systemic IAIGs, the usual forum for suchcooperation is the firm’s crisis management group (CMG). A firm-specific CMG brings together the group’s keyhome and host supervisory and resolution authorities. Its operation is underpinned by a cooperation This Executive Summary and related tutorials are also available inFSI Connect, the online learni