文章基本信息
- 标题：Portfolio Regulation of Life Insurance Companies and Pension Funds
- 本地全文：下载
- 作者：E Philip Davis
- 期刊名称：Discussion Paper / The Pensions Institute
- 印刷版ISSN：1367-580X
- 出版年度：2001
- 卷号：2001
- 出版社：Pensions Institute
- 摘要：
This paper examines the rationale, nature and financial consequences of
regulation of life insurance and pensions need not be identical; prudent person rules are superior to quantitative restrictions for
two alternative approaches to portfolio regulations for the long-term institutional
investor sectors life insurance and pension funds. These approaches are,
respectively, prudent person rules and quantitative portfolio restrictions. The
argument draws on the financial-economics of investment, the differing
characteristics of institutions' liabilities, and the overall case for regulation
of financial institutions. Among the conclusions are:
pension funds except in certain specific circumstances (which
may arise notably in emerging market economies), and; although in general restrictions may be less damaging for life
insurance than for pension funds, prudent person rules may
nevertheless be desirable in certain cases also for this sector,
particularly in competitive life sectors in advanced countries,
and for pension contracts offered by life insurance companies.These results have implications inter alia for an appropriate strategy of liberalisation.
