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Journal articles on the topic 'Accounting of insurance companies'

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Published: 4 June 2021

Last updated: 18 February 2022

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1

Lopata, Petr Vladimirovich. "Accounting and Costing in Insurance Companies." Interactive science, no. 2 (48) (February 20, 2020): 27–30. http://dx.doi.org/10.21661/r-529989.

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The growth of the insurance market is one of the most important conditions for the country’s social and economic development. The article discusses issues related to the optimization of accounting in insurance companies. It is suggested that the existing accounting standards should be improved.

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2

Lekkerkerker, E. C., and J. F. M. Peters. "Financing of Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 20, no. 1 (January 1995): 30–44. http://dx.doi.org/10.1057/gpp.1995.4.

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3

Kryvytska, O. R. "Conceptualization of Management Accounting of Life Insurance Companies." Problems of Economy 2, no. 40 (2019): 157–63. http://dx.doi.org/10.32983/2222-0712-2019-2-157-163.

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4

BOYLE, PHELIM P. "Accounting for equity investments of life insurance companies." Contemporary Accounting Research 1, no. 2 (March 1985): 116–44. http://dx.doi.org/10.1111/j.1911-3846.1985.tb00373.x.

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5

Gláserová, Jana, and Eva Vávrová. "Impacts of Reinsurance Operations on Significant Items of the Financial Statements of Commercial Insurance Companies According to Czech Accounting Legislation and International Accounting Standards." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 6 (2015): 1867–77. http://dx.doi.org/10.11118/actaun201563061867.

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The principal aim of the paper is to determine the impact of reinsurance operations in commercial insurance companies, in accordance with the relevant accounting legislation, for certain significant items of the financial statements. In actual fact, the reinsurance operations affect the profit of a commercial insurance company, following the financial statements. The prerequisite for fulfilling the objective of the paper is to analyse the accounting legislation for reinsurance operations in commercial insurance companies. Attention will be devoted also to the method of accounting for reinsurance operations and their specific reporting in various parts of the financial statements of commercial insurance companies. The partial aim of this paper is to identify significant differences in the area of accounting of commercial insurance companies, based on the comparison of accounting practices of the issues examined in accordance with IAS/IFRS. In the conclusion, the authors will address the latest development of necessary steps in adopting the concept of IFRS 4 Phase II and accomplishing the process of the application of IFRS 4 Phase II to the accounts of commercial insurance companies.

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6

Brajczewska, Marta, and Aleksander Raczyński. "Legal Conditions for Commercial Activity of Mutual Insurance Companies." Prawo Asekuracyjne 3, no. 100 (September 15, 2019): 36–46. http://dx.doi.org/10.5604/01.3001.0013.5731.

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This article aims at discussing a legal regulation relating to commercial activities of mutual insurance companies which is provided for in the Insurance and Reinsurance Activity Act, Accounting Act and the Regulation of the Minister of Finance on Specific Accounting Principles of Insurance and Reinsurance Companies. It explains the concept of commercial activity of mutual insurance company, as well as the dominant principle of mutuality. A fundamental part of the article is an attempt to interpret Article 111 paragraph 3 of the Insurance and Reinsurance Act, under which premiums from non-members of the mutual insurance company cannot constitute more than 10% (ten percent) of the gross premiums written. According to the authors, the rules for collecting premiums provided for in the Regulation on Specific Accounting Principles of Insurance and Reinsurance Companies, which are thoroughly discussed herein, are of key importance in this respect. In addition, the article also explores the effects of exceeding the limit provided for in Article 111 paragraph 3 of the Insurance and Reinsurance Activity Act, as well as the issue of settling the commercial profits.

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7

Gláserová, Jana. "Specifics of the Unearned Premium Reserve in the Accounting of Commercial Insurance Companies." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 62, no. 6 (2014): 1271–77. http://dx.doi.org/10.11118/actaun201462061271.

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Commercial insurance companies are liable to create, on the basis of risks arising from the fulfillment of the object of their activity, technical reserves, which are used to cover liabilities arising to insurance companies from insurance and reinsurance activity. The paper focuses on the technical reserve which is, in accordance with the accounting-legal regulation, created obligatorily in commercial insurance companies – it is the unearned premium reserve.The paper explores the role and place of this technical reserve in the accounting of the commercial insurance companies based on the analysis of its substance, i.e. the objective definition. The paper is based on the methodology of the accounting, evaluation and methods of determining the amount of the technical reserve which will affect the income from operations as well as income tax base of commercial insurance companies. The paper also studied the method of reporting of unearned premium reserve in accounting according to Czech accounting legislation in comparison with International Accounting Standards (IAS/IFRS). The aim of this paper is to determine the impacts of the creation and application of the unearned premium reserve on some important items of the financial statements, which are mainly the income of operations, equity capital and balance sheet as well as to identify the impacts of different reporting of this reserve according to Czech accounting legislation and in accordance with IAS/IFRS. Performing the analysis of the accounting-legal regulation of the unearned premium reserve in the insurance companies, the analysis of the method of accounting of this reserve and also the comparison of reporting of this reserve according to both mentioned regulations is a prerequisite for the fulfillment of the aim.

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8

Carson, James M., and John J. Hampton. "Financial Management of Insurance Companies." Journal of Risk and Insurance 61, no. 3 (September 1994): 557. http://dx.doi.org/10.2307/253583.

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9

Myers, Stewart C., and James A. Read. "Capital Allocation for Insurance Companies." Journal of Risk and Insurance 68, no. 4 (December 2001): 545. http://dx.doi.org/10.2307/2691539.

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10

Horvitz, Paul M., and Alan Gart. "Banks, Thrifts, and Insurance Companies." Journal of Money, Credit and Banking 18, no. 3 (August 1986): 392. http://dx.doi.org/10.2307/1992392.

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11

Ratcliffe, Thomas A., and Paul Munter. "How to evaluate accounting and reporting by insurance companies." Journal of Corporate Accounting & Finance 2, no. 4 (1991): 463–71. http://dx.doi.org/10.1002/jcaf.3970020406.

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12

Keune, Marsha B., and Karla M. Johnstone. "Staff Accounting Bulletin No. 108 Disclosures: Descriptive Evidence from the Revelation of Accounting Misstatements." Accounting Horizons 23, no. 1 (March 1, 2009): 19–53. http://dx.doi.org/10.2308/acch.2009.23.1.19.

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SYNOPSIS: The purpose of this paper is to provide a descriptive analysis of companies’ previously uncorrected financial statement misstatements using disclosures recently mandated by Staff Accounting Bulletin No. 108 (SAB No. 108). We analyze 355 companies that disclose and correct 792 misstatements in their financial statements filed from November 15, 2006, to February 15, 2008. We present descriptive evidence on the size and industry distribution of companies who disclose SAB No. 108 adjustments, showing that larger companies and those in the banking/insurance/real estate industries are most commonly represented in our sample. We also describe the types of audit firms that are associated with these companies. The results show that the concentration of sample companies in the banking/insurance/real estate industries are most often audited by the smallest audit firms in the market, and there is considerable variation in the application of quantitative materiality thresholds for SAB No. 108 disclosures across audit firms. Finally, our descriptive analyses reveal insights about the nature, direction, and magnitude of specific misstatements corrected by SAB No. 108. For example, we show that the most common SAB No. 108 misstatement corrections involve current liabilities, deferred taxes, revenue recognition, and leases. In addition, many companies in our sample used SAB No. 108 to correct misstatements identified in the current year to avoid restating prior period financial statements.

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13

Dooren, Frans T. E., J. David Cummins, and Joan Lamm-Tennant. "Financial Management of Life Insurance Companies." Journal of Risk and Insurance 62, no. 1 (March 1995): 154. http://dx.doi.org/10.2307/253702.

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14

Anselmann, Veronika, and Regina H. Mulder. "Learning from errors in insurance companies." Journal of Management Development 37, no. 2 (March 5, 2018): 138–48. http://dx.doi.org/10.1108/jmd-06-2017-0211.

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Purpose The study pursues two goals: first, as a replication study, the purpose of this paper is to test a model of learning from errors in the domain of insurance industry. Second, to increase insights in learning from errors, the authors focussed on different types of errors. Design/methodology/approach The authors conducted a cross-sectional survey in the insurance industry (N=206). The authors used structural equation modelling and path modelling to analyse the data. To be able to analyse different types of errors, the authors used Critical Incident Technique and asked participants to describe error situations. Findings Findings from the study are that the model of learning from errors could partly be replicated. The results indicate that a non-punitive orientation towards errors is an important factor to reduce the tendency of insurance agents to cover up errors when knowledge and rule-based errors happen. In situations of slips and lapses error strain has a negative influence on trust and non-punitive orientation which in turn both reduce the tendency to cover up errors. Research limitations/implications Limitation is the small sample size. By using Critical Incidents Technique, the authors were able to analyse authentic error situations. Implications of the results concern the importance of error-friendly climate in organisations. Originality/value Replication studies are important to generalise results to different domains. To increase the insight in learning from errors, the authors analysed influencing factors with regard to different types of errors.

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15

Berry-Stölzle, Thomas R. "Evaluating Liquidation Strategies for Insurance Companies." Journal of Risk & Insurance 75, no. 1 (March 2008): 207–30. http://dx.doi.org/10.1111/j.1539-6975.2007.00255.x.

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16

Clark, P. K., P. H. Hinton, E. J. Nicholson, L. Storey, G. G. Wells, and M. G. White. "The Implication of Fair Value Accounting for General Insurance Companies." British Actuarial Journal 9, no. 05 (January 2003): 1007–44. http://dx.doi.org/10.1017/s135732170000444x.

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17

Ivanovna, Kartashova, Molchanova Vladimirovna, and Axana Turgaeva. "Insurance Risks Management Methodology." Journal of Risk and Financial Management 11, no. 4 (October 30, 2018): 75. http://dx.doi.org/10.3390/jrfm11040075.

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The purposes of the study are to substantiate the influence of the specific features of insurance on the set of management accounting objects and to develop a mechanism of preparing the relevant information for insurance risk management. Management accounting allows generating reports, specially prepared for managers of various levels of control (in contrast to financial accounting, which considers information on the basis of general accounting rules). This allows realizing the main goal of management accounting; that is, providing information support for management decisions aimed at maximizing the organization’s profits. The object of research is management accounting in the information system of an insurance company. The stages in the execution of accounting procedures in a management accounting system are defined in the form of a diagram, the features of insurance affecting the organization of management accounting are classified, and an intracompany ledger of the connection between the segments of activity and responsibility centers is developed for insurance companies.

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18

Boo, El'fred, Kin-Yew Low, Xinming Soh, and Miaoling Lim. "Assurance versus Insurance: A Study of Consumer Receptiveness in an E-Commerce Setting." Accounting Horizons 21, no. 4 (December 1, 2007): 331–50. http://dx.doi.org/10.2308/acch.2007.21.4.331.

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Periodic examination is a critical feature for assurance but not insurance; accordingly insurance is potentially a lower-cost alternative to assurance. Unlike assurance, however, whether insurance inspires consumer confidence remains an unexplored empirical question. This paper compares consumer receptiveness to the concepts of assurance and insurance in an e-commerce setting. Results (n = 360) in a controlled experiment indicate equivalent consumer receptiveness to assurance and insurance; both significantly increase purchasing intention. Results further indicate that consumer preference for CPA versus non-CPA insurance providers depends on consumers' assurance knowledge. High-assurance knowledge consumers prefer insurance provided by insurance companies while low-assurance knowledge consumers prefer insurance provided by CPA firms. Our finding suggests that the CPA profession could potentially leverage its brand name in a service area outside the profession's traditional markets. An extension to our study assesses the feasibility of CPAs providing insurance service solely or in collaboration with insurance companies.

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19

Gláserová, Jana, and Eva Vávrová. "Accounting and tax implications of the creation and use of technical provisions of commercial insurance companies." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 7 (2013): 2123–31. http://dx.doi.org/10.11118/actaun201361072123.

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Entities such as commercial insurance companies are obliged to create technical provisions in order to fulfill their activities. Technical provisions are used to cover liabilities of commercial insurance companies arising from insurance and reinsurance activities. The principal aim of this paper is to determine the impact of the creation and use of technical provisions for some important items of the financial statements, which are liabilities, a balance sheet, profit and an income tax base. A prerequisite to fulfill the objective of the paper is to analyze the accounting legislation for technical provisions in an insurance company. The intention of the presented paper can be divided according to its conception into two parts. The first part of the paper is devoted to methodological aspects in relation to the general definition of the accounting principles and their importance in the accounting of commercial insurance companies. The second part deals with the methodological procedure of the accounting of the creation and use of technical provisions and the specifics of how they are reported in the financial statements of commercial insurers. Conclusions of the paper show contemporary issues in the analyzed area in the context of the financial crisis.

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20

Magablih, Ali Mustafa. "The Reflection of Social Responsibility Accounting Application in the Insurance Companies-Jordan to Increase Their Earnings." International Journal of Economics and Finance 9, no. 7 (June 25, 2017): 242. http://dx.doi.org/10.5539/ijef.v9n7p242.

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Identification reflection of the researcher by the Jordanian insurance companies increasing their revenues, for the purposes of the study were the use of the descriptive approach to identify analytical and distributed on a random sample of financial managers and senior officials in those companies and the volume of the questionnaires distributed (40) Identification of recalled (40). The study came to a set of results, the most important of which are the following: there is no adequate awareness and understanding of the concept of responsibility and accountability in the insurance companies in Jordan.There is no full and effective application of the concept of responsibility and accountability in the insurance companies in Jordan.There is no understanding of the interaction of the staff of the concept of responsibility and accountability in the insurance companies in Jordan.There is a relationship between the understanding and application of social responsibility and increasing income and to find if there is a relation between the earning and the accounting for social responsibility.

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21

Kielholz, Walter. "The Cost of Capital for Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 25, no. 1 (January 2000): 4–24. http://dx.doi.org/10.1111/1468-0440.00044.

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22

Rahman, Hamid, and Mohammad Najand. "Optimal futures positions for life insurance companies." Journal of Futures Markets 12, no. 1 (February 1992): 105–15. http://dx.doi.org/10.1002/fut.3990120110.

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23

Naslednikova, Margarita, and Alexandr Zamalov. "On the issue of assessing the adequacy of the reserves of insurance companies with various methods for determining the loss of business." Buhuchet v zdravoohranenii (Accounting in Healthcare), no. 7 (July 1, 2020): 46–53. http://dx.doi.org/10.33920/med-17-2007-05.

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The article discusses methods for calculating the loss ratio of insurance companies, including compulsory medical insurance, which is the basis for building a health system; suciency of formed reserves, which are created in connection with the possibility of losses. Variants of interpretation of calculated indicators into a qualitative characteristic of the insurance company. A comparative analysis of the calculation of indicators of loss-making of insurance companies and the adequacy of the formation of reserves of insurance companies according to Russian accounting standards and in accordance with the requirements of international financial reporting standards.

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24

Durán Santomil, Pablo, and Luis Otero González. "Enterprise risk management and Solvency II: the system of governance and the Own Risk and Solvency Assessment." Journal of Risk Finance 21, no. 4 (July 17, 2020): 317–32. http://dx.doi.org/10.1108/jrf-09-2019-0183.

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Purpose The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II. Design/methodology/approach For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insurance companies. Findings The results show that Solvency II has definitely promoted ERM in the European insurance industry and improved the system of governance of the insurance companies, and that the perceived value of the ORSA for the companies is higher than the cost. It is clear that the quality of ERM implemented by companies is higher in those that face more complex risks and with greater interdependencies – that is, larger companies, foreign insurers and insurers with several lines of business – but is unaffected by the legal form of the entity (mutual/corporation). Originality/value This study conducts primary research with surveys of CROs and develops a measure of the quality of ERM implemented by insurance companies.

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25

Fan, Dennis K. K., Raymond W. So, and Jason J. Yeh. "Analyst Earnings Forecasts for Publicly Traded Insurance Companies." Review of Quantitative Finance and Accounting 26, no. 2 (March 2006): 105–36. http://dx.doi.org/10.1007/s11156-006-7212-1.

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26

Derbali, Abdelkader, and Lamia Jamel. "Determinants of performance of Tunisia insurance companies: case of life insurance." International Journal of Productivity and Quality Management 24, no. 4 (2018): 531. http://dx.doi.org/10.1504/ijpqm.2018.093452.

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Derbali, Abdelkader, and Lamia Jamel. "Determinants of performance of Tunisia insurance companies: case of life insurance." International Journal of Productivity and Quality Management 24, no. 4 (2018): 531. http://dx.doi.org/10.1504/ijpqm.2018.10014458.

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28

Kerr, A., and I. Rogers. "Repackaging the Life Office." Journal of the Staple Inn Actuarial Society 32 (March 1990): 117–44. http://dx.doi.org/10.1017/s2049929900010436.

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Traditionally the interest of actuaries and many other life assurance specialists in the ‘corporate structure’ of life offices has largely been limited to questions surrounding the distinctions between mutual and proprietary companies. More recently, attention has also been paid to composite insurance companies—principally to protect the interests of the long term business policyholders.Developments over the past ten years or so have led many life offices to reappraise their corporate structure. A number of companies have decided to set up a (non-insurance) group holding company, the principal subsidiary of which would be the established life assurance company. This paper will consider some of the pressures which have resulted in these reorganizations, in particular:(a) the impact of Section 16 of the Insurance Companies Act 1982 which restricts insurance companies to only conducting activities in connection with insurance;(b) the various provisions in the Insurance Companies Regulations 1981 which limit the admissibility of particular assets and specify minimum accounting standards which must be adopted when writing down certain fixed assets;(c) the additional flexibility with regard to marketing and the financing of marketing costs which a revised structure will allow;(d) the purchase of companies for sums substantially in excess of their net asset value which may give rise to difficulties in accounting for the ‘goodwill element’ in the purchase price;(e) the potential tax advantages (and, in some cases, disadvantages) which may result from the creation of a non-insurance holding company.

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29

Selimović, Jasmina, Danijela Martinović, and Džana Hurko. "Critical success factors in insurance companies." Management 25, no. 1 (June 29, 2020): 215–33. http://dx.doi.org/10.30924/mjcmi.25.1.12.

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The topic of this research are critical success factors (CSFs) with a focus on factors that constitute the basis for the success of insurance companies. There are no critical success factors common to all enterprises, all areas and all activities. In insurance companies, key performance indicators primarily depend on the service quality and the level of customer satisfaction. In contemporary business conditions, the relevance of the service has been increasingly important. Therefore, the concept named 5P is suggested, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer’s service is to be perceived to be of high-quality, achieve client satisfaction and build client loyalty. The paper presents a research into the perception of insurance service and factors of insurance quality in the Federation of Bosnia and Herzegovina (FBiH). Research results correspond to the 5P concept and reveal the security factor as the most important factor for the insured. A fast and efficient payment of claims, the attitude of the salespeople toward the insured, described in terms of respectful and knowledgeable staff, as well as the clarity of promotion and the availability of insurance service also ranked high.

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Hoyt, Robert E., J. David Cummins, and Richard A. Derrig. "Managing the Insolvency Risk of Insurance Companies." Journal of Risk and Insurance 59, no. 4 (December 1992): 713. http://dx.doi.org/10.2307/253356.

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31

Scordis, Nicos A., and M. Moshe Porat. "Captive Insurance Companies and Manager-Owner Conflicts." Journal of Risk and Insurance 65, no. 2 (June 1998): 289. http://dx.doi.org/10.2307/253537.

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32

Akhigbe, Aigbe, Stephen F. Borde, and Jeff Madura. "Dividend Policy and Signaling by Insurance Companies." Journal of Risk and Insurance 60, no. 3 (September 1993): 413. http://dx.doi.org/10.2307/253036.

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33

Lamouchi, Ali, and Abdelkader Mohamed Sghaier Derbali. "Determinants of the performance of insurance companies." International Journal of Productivity and Quality Management 1, no. 1 (2020): 1. http://dx.doi.org/10.1504/ijpqm.2020.10031973.

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34

Borde, Stephen F., Karen Chambliss, and Jeff Madura. "Explaining variation in risk across insurance companies." Journal of Financial Services Research 8, no. 3 (September 1994): 177–91. http://dx.doi.org/10.1007/bf01057735.

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35

Weterings, Wim. "The potential positive effects of captive insurance companies on efficiency and moral hazard within a group of companies." Corporate Ownership and Control 13, no. 2 (2016): 487–93. http://dx.doi.org/10.22495/cocv13i2c2p11.

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Captive insurance companies are ‘in-house’ (re)insurance companies formed with the specific objective of insuring the risks of their parent company and/or its affiliated companies. This alternative form of risk management is potentially or in fact an efficient means through which large listed or a group of companies other companies or a group of companies can protect themselves financially. In the process, the parent company has more control over how risks are insured and claims are managed. The parent company also has more insight into and is able to exercise more influence on the behaviour of the insured companies and their affiliates and therefore on the insured risks, as a result of which moral hazard is lower. There’s also a positive influence on the problem of adverse selection. Insurance law and regulatory legislation, to which captives are also subject, also play an important role in the mitigation of moral hazard. An insurance captive can have important efficiency effects, but is not suitable for every company. The company to be insured must have sufficient financial buffers and a serious premium volume for a captive to be able to increase the prosperity of a company. The start-up costs are high, there are operational costs and the captive must comply with the same regulatory and financial requirements as regular insurance or reinsurance companies. European insurance regulatory legislation is very strict for direct writing captives, but this does benefit the quality of the captives and the risk management policy pursued and prevents captives from being misused.

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Oscar Akotey, Joseph, Frank G. Sackey, Lordina Amoah, and Richard Frimpong Manso. "The financial performance of life insurance companies in Ghana." Journal of Risk Finance 14, no. 3 (May 17, 2013): 286–302. http://dx.doi.org/10.1108/jrf-11-2012-0081.

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37

Pantos, Themis D. "EU Banking Directives: risk and wealth effects on the Greek financial sector." Journal of Risk Finance 9, no. 1 (January 4, 2008): 9–19. http://dx.doi.org/10.1108/15265940810842384.

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PurposeThe paper seeks to examine whether or not wealth effects and changes in the systematic risk associated with the return structure of the Greek commercial chartered banks, investment firms and insurance companies resulted from the passage of the European Union Banking Directives over the period 1988‐1997.Design/methodology/approachUsing monthly stock returns from the DataStream database for the period January 1988 to December 1997, the separate effects of each of the EU Banking Directives on Greek commercial chartered banks, investment firms and insurance companies are tested. The “seemingly unrelated regression” methodology is utilized to test three portfolios consisting of an equally weighted banking, investment and insurance index made up of major Greek banks, investment firms and insurance companies respectively. The Greek Market Index serves as a proxy for the market portfolio. All the aforementioned indices were converted to returns using the log difference method.FindingsEmpirical results indicate that the systematic risk dramatically increased for Greek insurance and investment firms and moderately increased for Greek commercial chartered banks through the tabling of the Free Capital Movement Directive in the Greek Parliament. After controlling for systematic risk, the results suggest that the passage of the Free Capital Movement Directive did not create wealth effects for the shareholders of commercial chartered banks, investment firms and insurance companies. Conversely, the results demonstrate that the Second Banking, Investment Services and Capital Adequacy Directives produced no wealth effects for the investment firms and insurance companies, but not for commercial chartered banks' shareholders. The whole wealth effect on the Greek financial sector was neutral.Originality/valueThis article will be of value to academics, bankers, bank regulators, practitioners, and economic policy makers who are interested in the regulatory evolution of the EU banking industry.

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38

Main, Brian G. M. "Large Companies and Insurance Purchases: Some Survey Evidence." Geneva Papers on Risk and Insurance - Issues and Practice 25, no. 2 (April 2000): 235–50. http://dx.doi.org/10.1111/1468-0440.00062.

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39

Persaud, Avinash. "Credit Derivatives, Insurance Companies and Liquidity Black Holes." Geneva Papers on Risk and Insurance - Issues and Practice 29, no. 2 (April 2004): 300–312. http://dx.doi.org/10.1111/j.1468-0440.2004.00289.x.

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40

Dell’Atti, Stefano, Stefania Sylos Labini, and Pasquale di Biase. "The effects of Solvency II on corporate boards: A survey on Italian insurance companies." Corporate Ownership and Control 16, no. 1-1 (2019): 134–44. http://dx.doi.org/10.22495/cocv16i1c1art3.

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Governance and the internal control system represent a fundamental pillar in the Solvency II Directive. In that context, the insurance companies’ board plays a key role in assuming new responsibilities and duties. The present work aims to examine the role of insurance companies’ boards in view of the important changes introduced by Solvency II. An empirical analysis is conducted on a sample of 102 Italian insurance companies. Three areas of investigation, size and composition, board self-assessment processes and board remuneration policies, are covered by the survey. The results show a satisfactory level of compliance of the boards with respect to the requirements established by Solvency II. There is still room for improvement as regards the level of disclosure and diversity. The paper contributes to deepen the understanding of Solvency II effects on the composition and functioning of insurance companies’ boards. In addition, the study provides, through the Italian case analysis, some indications on the likely future development of the insurance companies.

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Gupta, Manu, and Puneet Prakash. "Impact of underwriting insurance risk on bank holding company behavior." Journal of Risk Finance 19, no. 4 (August 20, 2018): 343–60. http://dx.doi.org/10.1108/jrf-11-2017-0191.

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Purpose This paper aims to study differences in risk behavior between holding companies that undertake both banking activity and insurance underwriting (labeled financial holding companies or FHCs) and stand-alone bank holding companies (BHCs). Design/methodology/approach The paper examines the discretionary accruals of FHCs to comparable BHCs and compares their bad loans-to-assets ratio in the future. Findings FHCs have lower discretionary accruals (loan loss provisions and realized capital gains) than BHCs. FHCs fare better than BHCs in terms of bad loans-to-assets ratio. Insurance underwriting has a dampening effect on discretionary accruals of FHCs. Research limitations/implications This study raises additional research questions. Do shared governance and insurance underwriting serve as substitutes or complements? Will regulatory environment affect this relation? Practical implications When reported earnings do not match true earnings, the market participants lose the ability to price correctly, and the regulators lose the ability to effectively regulate banks. From the regulatory perspective, these findings suggest insurance underwriting by banks mitigate potential market distortions. Originality/value This paper is the first to study the effect of underwriting insurance risk on earnings management behavior of BHCs and its link to risk governance.

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Seward, J. Allen, Richard W. Kopcke, and Richard E. Randall. "The Financial Condition and Regulation of Insurance Companies." Journal of Risk and Insurance 61, no. 2 (June 1994): 356. http://dx.doi.org/10.2307/253723.

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Walden, Michael L., and Alan Gart. "Banks, Thrifts, and Insurance Companies: Surviving the 1980s." Journal of Risk and Insurance 53, no. 4 (December 1986): 783. http://dx.doi.org/10.2307/252980.

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Babbel, David F., and Craig Merrill. "Real and Illusory Value Creation by Insurance Companies." Journal of Risk and Insurance 72, no. 1 (February 18, 2005): 1–22. http://dx.doi.org/10.1111/j.0022-4367.2005.00113.x.

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Wittl, Anton S. "The impact of hedging on life insurance companies." Zeitschrift für die gesamte Versicherungswissenschaft 108, no. 2 (March 27, 2019): 165–94. http://dx.doi.org/10.1007/s12297-019-00435-y.

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Dash, Mihir, and Arpana Muthyala. "Cost Efficiency of Indian Life Insurance Service Providers using Data Envelopment Analysis." Asian Journal of Finance & Accounting 10, no. 1 (March 8, 2018): 59. http://dx.doi.org/10.5296/ajfa.v10i1.12199.

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This study examines the cost efficiency of Indian life insurance service providers using Data Envelopment Analysis. The study was performed for a sample of fifteen of the major life insurance companies in India, accounting for 94.77% of the total market for life insurance in India, over the period of 2010-17. The study extends the scope of cost efficiency by disaggregating the premium collection into components. Also, to provide more detailed insights, the efficiency of the life insurance companies is also analysed with respect to each input and output individually.The results of the study show that the most efficient Indian life insurance companies are Life Insurance Corporation, which has been consistently 100% efficient throughout the research period, followed by SBI Life and ICICI Prudential Life, which have also shown consistently high efficiency over the research period. On the other hand, the least efficient life insurance companies are Max New York Life, followed by PNB Met Life, Reliance Life, and Bharati AXA Life. The results of the study also indicate the strengths and weaknesses of the Indian life insurance providers.

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Nanda, Vikram, Wei Wu, and Xing (Alex) Zhou. "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads." Journal of Financial and Quantitative Analysis 54, no. 6 (November 23, 2018): 2543–74. http://dx.doi.org/10.1017/s0022109018001515.

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Insurance companies often follow highly correlated investment strategies. As major investors in corporate bonds, their investment commonalities subject investors to fire sale risk when regulatory restrictions prompt widespread divestment of a bond following a rating downgrade. Reflective of fire sale risk, the clustering of insurance companies in a bond has significant explanatory power for yield spreads, controlling for liquidity, credit risk, and other factors. The effect of insurer clustering on bond yield spreads is more evident for bonds held to a greater extent by capital-constrained insurance companies, those with ratings closer to National Association of Insurance Commissioners risk categories with larger capital requirements, and during the financial crisis.

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Kryvytska, Olha R. "Responsibility Centers in the System of Management Accounting of Life Insurance Companies." PROBLEMS OF ECONOMY 4, no. 38 (2018): 309–16. http://dx.doi.org/10.32983/2222-0712-2018-4-309-316.

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Закирова, Alsu Zakirova, Клычова, Guzaliya Klychova, Никитина, and Yana Nikitina. "Budgeting in insurance companies: specificity of tasks, functions and budgetary process stages." Vestnik of Kazan State Agrarian University 9, no. 3 (December 14, 2014): 44–49. http://dx.doi.org/10.12737/6494.

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This article discusses the features of insurance as a financial category, concept, objectives, functions and stages of budgeting, as an element of management accounting system in the insurance companies with regard to their specific industries. We offer the system of key performance indicators, which are taken into account capabilities of the organization and development trend of the market sector in which it operates.

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Jabbour, Mirna, and Magdy Abdel-Kader. "ERM adoption in the insurance sector." Qualitative Research in Accounting & Management 13, no. 4 (October 10, 2016): 472–510. http://dx.doi.org/10.1108/qram-03-2015-0035.

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Purpose This paper aims to investigate various institutional pressures driving the adoption and implementation of a new risk management system; enterprise risk management (ERM). Design/methodology/approach The implementation of ERM-related practices is analysed based on an institutional framework and drawing on empirical evidence from multiple sources in ten large/medium-sized insurance companies. This paper focuses on extra-organisational pressures exerted by political, social and economic institutions on insurance companies which drove the adoption decision. Findings It was found that different change agents have taken part in the decision to introduce new risk management system as a part of ERM implementation process. Further, the institutional pressures, coercive, mimetic and normative, were found to differ in character and strength over different intervals of time in relation to the adoption of ERM. Companies that adopted ERM early were mostly driven by internal strategic drivers, whereas the recent adoption decision was more driven by coercive and mimetic pressures. Thus, evidence of divergence between insurance companies was found. Research limitations/implications The findings have implications for policy makers, regulatory agencies and innovation developers. ERM was considered not only as a necessity but also as a value added to the insurance companies under study. Thus, regulators and innovation developers should survey main players in any specific organisational field to understand their views before issuing new compulsory regulations or developing innovations. They also need to consider exploring companies’ experiences with ERM, which can provide a basis for the development of strengthened and more informative regulatory ERM frameworks. This will support a faster and easier understanding and implementation of ERM framework hindered by the confusions companies may face when considering the complicated/changing regulatory and risk requirements. Originality/value This study extends the scope of institutional analysis to the risk management field, particularly ERM and to the explanation of how different institutions affect the decision to move towards ERM and modify the risk management rules applied within the organisational environment. It looks not only at convergences but also divergences associated with the period of time when ERM adoption decision was made. Thus, it develops a processual view of change.

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