相互保险公司转制的美国经验
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摘要
二十世纪以来的相互化浪潮、非相互化浪潮以及相互保险的复苏展示了相互保险公司这一组织形式所经历的大起大落。相互化浪潮的产生原因包括扭转市场负面评价、清除潜在房地产税问题、防止公司控制权转移、缓解经营困难等。非相互化浪潮产生的原因整体上在于现代金融市场的发展使相互保险公司在资金筹集和经营管理方面的劣势凸显,微观上是公司财务状况的恶化。非相互化可以分为完全非相互化和部分非相互化两种方式。我国的相互保险尚在起步阶段,鉴于美国经验,我国应未雨绸缪,为可能发生的保险公司转制做好理论准备和制度建设,提前掌握转制的整体思路和基本流程。
Since the beginning of the 20 th century,the wave of mutualization and demutualization showed dramatic ups and downs of mutual insurance.The motivations of mutualization contained alleviation of adverse opinion,elimination of potential estate tax problems,prevention of change of control and elimination of operational difficulties.The wave of demutualization generates in the development of modern financial markets,which increases the disadvantages of mutual insurance companies in funding and management.Accordingly,the deterioration of company's financial situation triggers demutualization.The demutualization could be full demutualization or partial demutualization.Mutual insurance in China is still in an exploratory stage.Given the experience of the United States,China should prepare for the potential mutualization and demutualization practically and theoretically,and also get their basic idea and general processes in advance.
Since the beginning of the 20 th century,the wave of mutualization and demutualization showed dramatic ups and downs of mutual insurance.The motivations of mutualization contained alleviation of adverse opinion,elimination of potential estate tax problems,prevention of change of control and elimination of operational difficulties.The wave of demutualization generates in the development of modern financial markets,which increases the disadvantages of mutual insurance companies in funding and management.Accordingly,the deterioration of company's financial situation triggers demutualization.The demutualization could be full demutualization or partial demutualization.Mutual insurance in China is still in an exploratory stage.Given the experience of the United States,China should prepare for the potential mutualization and demutualization practically and theoretically,and also get their basic idea and general processes in advance.
引文
[1]Carson J M,Forster M D,Mcnamara M J.Changes in Mutual Life Insurer Ownership Form[J].Journal of Financial Service Professionals,1999,53(2):52-58.
[2]Fletcher L P.Motivations underlying the mutualization of stock life insurance companies[J].J Risk Ins,1966,33(1):21.
[3]Greene M R,Johnson R E.Stocks vs Mutuals:Who Controls?[J].Journal of Risk&Insurance,1980,47(1):165-174.
[4]Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011.
[5]Harrington S E,Niehaus G.Capital Structure Decisions in the Insurance Industry:Stocks versus Mutuals[J].Journal of Financial Services Research,2002,21(1):145-163.
[6]Mayers D,Smith C W.Ownership structure and control:The mutualization of stock life insurance companies[M]//Introduction to the law of property/.Clarendon,1986:73-98.
[7]Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17.
[8]Moody’s insurance.Revenge of the Mutuals Policyholder-Owned U.S.Life Insurers Benefit in Harsh Environment Summary Opinion.2009.
[9]Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437.
[10]保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note9.html.
[11]何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴[J].保险研究,2016(5):3-12.
[12]刘燕,李敏.中国引入相互保险公司面临的挑战[J].中国保险.2015(12):34-36.
[13]美国证券交易委员会网站保德信金融公司普通股申请注册书(Registration Statement No.333-58524)[EB/OL].http://www.sec.gov/Archives/edgar/data/1137774/000095010901505627/d424b1.txt.
[14]涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势[EB/OL].每日经济新闻.http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09.
(1)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(2)何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):7。
(3)Fletcher L P.Motivations underlying the mutualization of stock life insurance companies[J].J Risk Ins,1966,33(1):21。
(4)参见刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):34。
(5)参见何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):4。
(6)涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势[EB/OL].每日经济新闻.http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09。
(7)Harrington S E,Niehaus G.Capital Structure Decisions in the Insurance Industry:Stocks versus Mutuals[J].Journal of Financial Services Research,2002,21(1):145-163。
(8)涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势.每日经济新闻[EB/OL].http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09。
(9)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(10)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(11)Carson J M,Forster M D,Mcnamara M J.Changes in Mutual Life Insurer Ownership Form[J].Journal of Financial Service Professionals,1999,53(2):52-58。
(12)Greene M R,Johnson R E.Stocks vs Mutuals:Who Controls?[J].Journal of Risk&Insurance,1980,47(1):165-174。
(13)何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):5。
(14)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(15)Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(16)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(17)Moody’s insurance.Revenge of the Mutuals Policyholder-Owned U.S.Life Insurers Benefit in Harsh Environment Summary Opinion.2009。
(18)Id.
(19)Id.
(20)刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):35。
(21)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(22)Mayers D,Smith C W.Ownership structure and control:The mutualization of stock life insurance companies[M]//Introduction to the law of property/.Clarendon,1986:73-98。
(23)马萨诸塞州《保险法》第19D条(ALM GL ch.175,§19D)。
(24)纽约州《保险法》第7302条(b)项。
(25)参见马萨诸塞州《保险法》第19D条(7)[ALM GL ch.175,§19D(7)]。
(26)马萨诸塞州《保险法》第19D条(11)[ALM GL ch.175,§19D(11)]。
(27)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(28)Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(29)Id.
(30)马萨诸塞州《保险法》第19E条(ALM GL ch.175,§19E)。
(31)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note1.html。
(32)英文为Policy credits,指保单价值或其他保单利益的增加。
(33)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note1.html;参见美国证券交易委员会网站保德信金融公司普通股申请注册书(Registration Statement No.333-58524)[EB/OL].http://www.sec.gov/Archives/edgar/data/1137774/000095010901505627/d424b1.txt。
(34)See Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(35)马萨诸塞州《保险法》第19Q条(ALM GL ch.175,§19Q)。
(36)保德信公司还为其在加拿大的分支机构签发的分红型个人人寿保单设立了一个单独的封闭模块,但规模很小。此外,封闭模块虽然是保德信保险公司2001年底正式转制时才建立,但此前一年半公司就已经开始进行资金准备。
(37)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/demutualization.html。
(38)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note9.html。
(39)刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):36。
[2]Fletcher L P.Motivations underlying the mutualization of stock life insurance companies[J].J Risk Ins,1966,33(1):21.
[3]Greene M R,Johnson R E.Stocks vs Mutuals:Who Controls?[J].Journal of Risk&Insurance,1980,47(1):165-174.
[4]Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011.
[5]Harrington S E,Niehaus G.Capital Structure Decisions in the Insurance Industry:Stocks versus Mutuals[J].Journal of Financial Services Research,2002,21(1):145-163.
[6]Mayers D,Smith C W.Ownership structure and control:The mutualization of stock life insurance companies[M]//Introduction to the law of property/.Clarendon,1986:73-98.
[7]Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17.
[8]Moody’s insurance.Revenge of the Mutuals Policyholder-Owned U.S.Life Insurers Benefit in Harsh Environment Summary Opinion.2009.
[9]Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437.
[10]保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note9.html.
[11]何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴[J].保险研究,2016(5):3-12.
[12]刘燕,李敏.中国引入相互保险公司面临的挑战[J].中国保险.2015(12):34-36.
[13]美国证券交易委员会网站保德信金融公司普通股申请注册书(Registration Statement No.333-58524)[EB/OL].http://www.sec.gov/Archives/edgar/data/1137774/000095010901505627/d424b1.txt.
[14]涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势[EB/OL].每日经济新闻.http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09.
(1)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(2)何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):7。
(3)Fletcher L P.Motivations underlying the mutualization of stock life insurance companies[J].J Risk Ins,1966,33(1):21。
(4)参见刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):34。
(5)参见何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):4。
(6)涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势[EB/OL].每日经济新闻.http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09。
(7)Harrington S E,Niehaus G.Capital Structure Decisions in the Insurance Industry:Stocks versus Mutuals[J].Journal of Financial Services Research,2002,21(1):145-163。
(8)涂颖浩.相互保险259年经验总结:更适合小公司农保相互化或成趋势.每日经济新闻[EB/OL].http://www.nbd.com.cn/articles/2015-06-09/921733.html.2015-06-09。
(9)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(10)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(11)Carson J M,Forster M D,Mcnamara M J.Changes in Mutual Life Insurer Ownership Form[J].Journal of Financial Service Professionals,1999,53(2):52-58。
(12)Greene M R,Johnson R E.Stocks vs Mutuals:Who Controls?[J].Journal of Risk&Insurance,1980,47(1):165-174。
(13)何小伟,闫晓旭.国际保险业的“非相互化”:动因、影响及借鉴.保险研究,2016(5):5。
(14)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(15)Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(16)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(17)Moody’s insurance.Revenge of the Mutuals Policyholder-Owned U.S.Life Insurers Benefit in Harsh Environment Summary Opinion.2009。
(18)Id.
(19)Id.
(20)刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):35。
(21)Grijpstra D,Broek S,Buiskool B J,et al.The role of mutual societies in the 21st century[J].2011。
(22)Mayers D,Smith C W.Ownership structure and control:The mutualization of stock life insurance companies[M]//Introduction to the law of property/.Clarendon,1986:73-98。
(23)马萨诸塞州《保险法》第19D条(ALM GL ch.175,§19D)。
(24)纽约州《保险法》第7302条(b)项。
(25)参见马萨诸塞州《保险法》第19D条(7)[ALM GL ch.175,§19D(7)]。
(26)马萨诸塞州《保险法》第19D条(11)[ALM GL ch.175,§19D(11)]。
(27)Viswanathan K S,Cummins J D.Ownership Structure Changes in the Insurance Industry:An Analysis of Demutualization[J].Journal of Risk&Insurance,2003,70(3):401-437。
(28)Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(29)Id.
(30)马萨诸塞州《保险法》第19E条(ALM GL ch.175,§19E)。
(31)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note1.html。
(32)英文为Policy credits,指保单价值或其他保单利益的增加。
(33)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note1.html;参见美国证券交易委员会网站保德信金融公司普通股申请注册书(Registration Statement No.333-58524)[EB/OL].http://www.sec.gov/Archives/edgar/data/1137774/000095010901505627/d424b1.txt。
(34)See Meador J W,Chugh L C.Demutualization in the Life Insurance Industry:A Study of Effectiveness[J].2006,27(1):10-17。
(35)马萨诸塞州《保险法》第19Q条(ALM GL ch.175,§19Q)。
(36)保德信公司还为其在加拿大的分支机构签发的分红型个人人寿保单设立了一个单独的封闭模块,但规模很小。此外,封闭模块虽然是保德信保险公司2001年底正式转制时才建立,但此前一年半公司就已经开始进行资金准备。
(37)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/demutualization.html。
(38)参见保德信金融公司2001年年报[EB/OL].http://www3.prudential.com/annualreport/report2001/annual/ar/note9.html。
(39)刘燕,李敏.中国引入相互保险公司面临的挑战.中国保险.2015(12):36。