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The Economics and Regulation of Captive Reinsurance in Life Insurance

Journal of insurance regulation, 2015-01, Vol.34, p.1 [Peer Reviewed Journal]

Copyright National Association of Insurance Commissioners 2015 ;ISSN: 0736-248X

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  • Title:
    The Economics and Regulation of Captive Reinsurance in Life Insurance
  • Author: Harrington, Scott E
  • Subjects: Accounting policies ; Captive insurance ; Cost control ; Financial reporting ; Insolvency ; Insurance companies ; Insurance policies ; Insurance premiums ; Life insurance ; Mortgage insurance ; Present value ; Ratings & rankings ; Reinsurance ; Reporting requirements ; Reserve requirements ; Risk management
  • Is Part Of: Journal of insurance regulation, 2015-01, Vol.34, p.1
  • Description: The use of captive reinsurance arrangements in life insurance has generated significant debate and led to recent adoption of new regulatory requirements by the NAIC. This paper provides an overview of the regulatory reserve requirements that spurred growth in captive reinsurance and how captive arrangements are used. It elaborates potential efficiencies and risks from the arrangements, as well as how insurers' financial incentives, previous regulation, rating agency monitoring and monitoring by non-insurance creditors mitigate those risks. It provides evidence on the scope and structure of captive reinsurance using data from NAIC reporting requirements that became effective in 2013, and it compares A.M. Best ratings for life insurers with and without captive arrangements, documenting that most entities using captive reinsurance have relatively high ratings. Finally, it discusses the new NAIC regulatory framework for captive reinsurance arrangements and specific requirements for the amounts and types of assets permitted to back the arrangements.
  • Publisher: Kansas City: National Association of Insurance Commissioners
  • Language: English
  • Identifier: ISSN: 0736-248X
  • Source: Freely Accessible Journals
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