Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第九章-再保险市场B2下）
B3 US reinsurance market（美国再保险市场）
The US reinsurance market is necessarily large given that the US domestic insurance industry is the largest in the world. Indeed, we can see that US-domiciled insurers generated over USD794m of non-life premiums in 2016.
鉴于美国国内保险业是世界上最大的保险业，美国再保险市场必然很大。事实上，我们可以看到，2016 年，美国境内保险公司的非寿险保费收入超过 7.94 亿美元。
While it is difficult to determine the exact size of the US reinsurance market, according to regulatory returns to the National Association of Insurance Commissioners (NAIC), more than 3,800 reinsurers from over 100 jurisdictions assumed business from US cedants in 2014, bringing much needed capacity and capital to the US market.
虽然很难确定美国再保险市场的确切规模，但根据美国保险监督官协会 (NAIC) 的监管报告，2014 年，来自 100 多个司法管辖区的 3,800 多家再保险公司从美国再保险分出公司接手了业务，为美国市场带来了急需的能力和资本。
The Reinsurance Association of America reports that in 2020, its members transacted USD 69.4bn net written premium.
美国再保险协会报告称，2020 年，其会员的净承保保费交易额为 694 亿美元。
In a typical year, around twice as many premiums are ceded to offshore reinsurers that are affiliated to a US cedant than to those that are not affiliated to a US cedant. Domiciles which receive the highest amounts overall include Bermuda, the UK, Germany and the Cayman Islands.
在典型的一年中，与不隶属于美国分保人的离岸再保险公司相比，与美国分保人有关联的离岸再保险公司的保费大约是前者的两倍。总金额最高的注册地包括百慕大、英国、德国和开曼群岛。
In recent years, reinsurance capital has continued to migrate offshore to, among other places, Bermuda, Switzerland and Ireland. In fact, the only new US-domiciled reinsurers have been formed as US subsidiaries of offshore start-ups. A formerly broad and diverse US domestic reinsurance industry appears to have been subsumed by offshore reinsurers through various mergers and acquisitions, not least because its corporate tax rate is one of the highest in the world.
近年来，再保险资本继续向海外迁移，包括百慕大、瑞士和爱尔兰等地。事实上，唯一新的美国注册再保险公司是离岸初创企业的美国子公司。美国国内再保险业曾经广泛而多样，但似乎已通过各种并购被离岸再保险公司所取代，这主要是因为其企业税率是世界上最高的。
Regulation（监管）
Insurance and reinsurance regulation in the USA is the province of individual US states. The 50 states cooperate with each other through the NAIC, which helps promote consistent national regulation. A reinsurer operating in the USA must satisfy the insurance regulations of the various states in which it does business and, indirectly, must satisfy the state regulations pertaining to reinsurance that are placed on its insurers (for example, by posting collateral to support claims).
美国的保险和再保险监管是美国各州的职责。50 个州通过 NAIC 相互合作，这有助于促进全国监管的一致性。在美国运营的再保险公司必须满足其开展业务的各个州的保险法规，并且间接地必须满足其保险公司所面临的有关再保险的州法规（例如，通过提供抵押品来支持索赔）。
Overall, the US reinsurance market is less regulated than the US insurance market. This is based on the theory that the buyers and sellers in the reinsurance market are insurance professionals and need less protection than the individual consumer when purchasing insurance. Reinsurance regulation focuses on solvency, which has taken on increased importance following the highly publicised failures of several US insurers during the 1980s due to uncollectable reinsurance. To monitor solvency, the insurance departments of the various states regularly conduct financial audits of reinsurers.
总体而言，美国再保险市场比美国保险市场监管较少。这是基于这样的理论：再保险市场的买方和卖方都是保险专业人士，在购买保险时，他们需要的保护比个人消费者少。再保险监管侧重于偿付能力，在 20 世纪 80 年代，由于无法收回再保险，几家美国保险公司破产，这一问题备受关注，因此偿付能力变得越来越重要。为了监控偿付能力，各州的保险部门定期对再保险公司进行财务审计。
The Sarbanes–Oxley Act 2002 (SOX) is perhaps the single most important piece of legislation affecting US corporate governance, financial disclosure and the practice of public accounting since the securities laws of the early 1930s. SOX was intended to raise standards for auditing, transparency and board oversight following the Enron, WorldCom and other scandals. Among other things, SOX requires an issuer’s principal executive and financial officers each to certify the financial and other information contained in the issuer’s quarterly and annual reports.
2002 年萨班斯-奥克斯利法案 (SOX) 可能是自 20 世纪 30 年代初证券法颁布以来影响美国公司治理、财务披露和公共会计实践的最重要的一项立法。在Enron、WorldCom和其他丑闻爆发后，SOX 旨在提高审计、透明度和董事会监督的标准。除其他事项外，SOX 要求发行人的首席执行官和财务主管分别证明发行人季度和年度报告中包含的财务和其他信息。
Noted: Complying with SOX is a major challenge for financial organisations and the executives who lead them. Under s.404 of this landmark Act, executives have to certify that they have established adequate internal controls and procedures for financial reporting–or face criminal and civil penalties.
请注意：遵守 SOX 是金融机构及其领导者面临的一项重大挑战。根据这项具有里程碑意义的法案第 404 条，高管必须证明他们已经建立了足够的内部控制和财务报告程序，否则将面临刑事和民事处罚。
Another feature of the US reinsurance market is the statutory requirement for non-US reinsurers to post 100% collateral for US cedants to take balance sheet credit for their reinsurance. There is no such requirement for US licensed reinsurers. While the NAIC has adopted revisions to its model law, the model remains voluntary and, even if fully and uniformly implemented, a broad discretion remains for individual state regulators to determine how they are to be applied in the cedant’s state. Under the model, non-US reinsurers from ‘qualified jurisdictions’, that are rated by recognised rating agencies and meet other criteria, can apply to become ‘certified reinsurers’. They would then be eligible to post less than 100% collateral for reinsurance assumed from US cedants (for instance, from 75% down to 0% collateral according to financial strength ratings).
美国再保险市场的另一个特点是，非美国再保险公司必须提供 100% 的抵押品，以便美国分保人获得其再保险的资产负债表信用。美国持牌再保险公司则没有这样的要求。虽然 NAIC 已对其示范法进行了修订，但该模式仍然是自愿的，即使全面统一实施，各州监管机构仍可自行决定如何在分保人所在州实施。根据该模式，来自“合格司法管辖区”的非美国再保险公司，经公认评级机构评级并符合其他标准，可以申请成为“认证再保险公司”。然后，他们将有资格为从美国分保人那里获得的再保险提供低于 100% 的抵押品（例如，根据财务实力评级，抵押品从 75% 降至 0%）。
The NAIC has approved Bermuda, France, Germany, Ireland, Japan, Switzerland and United Kingdom as qualified jurisdictions. The NAIC has made its model law an accreditation standard and all states had until the start of 2019 to implement the relevant legislation to remain accredited.
NAIC 已批准百慕大、法国、德国、爱尔兰、日本、瑞士和英国为合格司法管辖区。NAIC 已将其示范法作为认证标准，所有州必须在 2019 年初之前实施相关立法才能继续获得认证。
In September 2017, the US Treasury and the European Commission signed a Covered Agreement which, once implemented, will ensure that foreign reinsurers are not disadvantaged relative to locally domiciled reinsurers. Notwithstanding the significant capital and solvency requirements to be met before equal treatment, this development represents a significant step towards establishing a level playing field for foreign reinsurers and should further federalise the regulation of reinsurance in the USA. In December 2018, HM Treasury and the US Treasury signed a similar Covered Agreement between the UK and the US, applying to insurers and reinsurers operating in the UK following Brexit.
2017 年 9 月，美国财政部和欧盟委员会签署了一项涵盖协议，该协议一旦实施，将确保外国再保险公司不会相对于本地再保险公司处于不利地位。尽管在获得平等待遇之前必须满足大量资本和偿付能力要求，但这一发展代表着为外国再保险公司建立公平竞争环境迈出了重要一步，并应进一步将美国的再保险监管联邦化。2018 年 12 月，英国财政部和美国财政部签署了类似的英美涵盖协议，适用于英国脱欧后在英国运营的保险公司和再保险公司。
Companies are also required to submit an annual report of the effectiveness of internal accounting controls to the Securities and Exchange Commission (SEC). Approximately 1,200 foreign companies are listed on US exchanges and are subject to the same SOX provisions as domestic companies. Foreign insurers face particular challenges in complying with the internal controls requirements, including language, cultural and organisational structures that are far different from those usually seen in the USA.
公司还必须向美国证券交易委员会 (SEC) 提交内部会计控制有效性的年度报告。大约有 1,200 家外国公司在美国交易所上市，并受与国内公司相同的 SOX 条款的约束。外国保险公司在遵守内部控制要求方面面临特殊挑战，包括语言、文化和组织结构与美国通常的情况大不相同。
Broker market（经纪人市场）
Reinsurance intermediaries play a prominent role in the US reinsurance market, with approximately half of the US premiums ceded via the broker markets. There are only a handful of direct US reinsurers; the number of US broker market reinsurers is many times higher. In recent years, the distinction between the broker market and direct market has become blurred, with many direct writing reinsurers accepting business from brokers.
再保险中介机构在美国再保险市场中发挥着重要作用，美国约一半的保费是通过经纪人市场分出的。美国直接再保险公司只有少数几家；美国经纪人市场再保险公司的数量要高出许多倍。近年来，经纪人市场和直接市场之间的区别变得模糊，许多直接承保再保险公司接受经纪人的业务。
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