Securitization Of Life Insurance Assets And Liabilities

The interactive development between insurance and capital market is the objective requirement for the financial system development, it is also an inevitable choice for the sustainable development of the Insurance after our country enters the WTO. There are many available routes for the interactive development. But compared with other routes, the securitization of life insurance is the most innovative way and is of unique advantage. That is why I study it.After explain the three layer meanings of securitization, I fixes on the research range of the paper, and has a brief theoretical analysis on the risk and assets securitization. Then I have an analysis on the securitization of life insurance assets and liabilities. At last, I discuss the necessary,feasibility,drawback and the countermeasure for our country to carry out the securitization. The paper has four chapters:First, we talk about the basic theory of the securitization and its economic meaning to the life insurance. We define the meaning of securitization, fix on the study range. After that, we point that the life insurance can carry out two kinds of securitization----assets securitization and liabilities securitization, briefly discuss the characteristic and mechanism of it, at last conclude the economic meaning.Secondly, we mainly study the securitization of life insurance assets. We point out the available assets for securitization of life insurance. Especially for the company of our country, I think the available products are securitization of impawned policy loans and securitization of long-term life policy. I also discuss the reason why the products come into being, and the mechanism of it.Thirdly, we talk about the securitization of life insurance liabilities. We mainly study the securitization of long life risk, and the reason why it come into being, its future, its mechanism, and how to price it.At the end, we discuss the necessary,feasibility,drawback and the countermeasure for our country to carry out the securitization. We may face some problems, such as laws, taxes and the capital markets.The innovation of this thesis lies in mainly carrying on systematic research to the life insurance securitization. The research results of this thesis are carried out on the basis of other scholars'research results. The thesis has systematically introduced this technological tool of the securitization and applied it to the Chinese life insurance industry, and has carried on the exploration of modes of feasible operation. Especially in the two main aspects of life insurance assets securitization and insurance securitization in debt, through learning from the practical experience of the insurance-developed countries for reference and considering the current situation of the insurance and capital market in China, the thesis has put forward certain concrete modes, In addition, this thesis has also carried on constructive exploration to the development route of the insurance securitization of our country.