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B6B-B6C）
B7 Other significant world markets（其他重要全球市场）
B7A Australia（澳大利亚）
In recent years, mergers and acquisitions have reduced the total number of private sector insurers writing general insurance business in Australia. These companies are supervised under the local Insurance Act and the largest are QBE, IAG and Suncorp.
近年来，并购活动减少了在澳大利亚经营一般保险业务的私营保险公司总数。这些公司受当地《保险法》监管，其中最大的是 QBE、IAG 和 Suncorp。
As Australia is prone to natural perils, it is a heavy buyer of catastrophe reinsurance and that market hardened considerably following the spate of natural disasters in the region in 2010 and 2011. The Australian Government established a terrorism pool for commercial risks in 2003.
由于澳大利亚易受自然灾害影响，因此它是灾难再保险的主要买家，在该地区 2010 年和 2011 年发生一系列自然灾害后，该市场大幅增强。澳大利亚政府于 2003 年建立了商业风险恐怖主义基金。
B7B Brazil（巴西）
Following the abolition of the State reinsurance monopoly in 2007 with the enactment of Law 126/07, registered foreign reinsurers may now carry out reinsurance business in Brazil. IRB Brasil RE, the former holder of the monopoly, is now a ‘local’ reinsurer, and its regulatory functions have passed to The Superintendence of Private Insurance (SUSEP). IRB is the continent’s only top 40 global reinsurer.
2007 年颁布第 126/07 号法律，废除国家再保险垄断后，注册的外国再保险公司现在可以在巴西开展再保险业务。曾经拥有垄断权的 IRB Brasil RE 现在是一家“本地”再保险公司，其监管职能已移交给私人保险监管局 (SUSEP)。IRB 是该大陆唯一一家跻身全球 40 强的再保险公司。
According to the legislation, there are three classes of registration: local, admitted or occasional. Each classification requires different levels of capital and allows access to varying amounts of ceded risk.
根据立法，注册分为三类：本地、认可或临时。每种分类都需要不同水平的资本，并允许获得不同数量的转让风险。
After what had been seen by many (including the International Monetary Fund) as protectionist amendments to the original legislation to protect IRB’s rapid loss of market share, local reinsurers had to be offered at least 40% of each cession, and could cede no more than 20% of premiums to affiliated, intragroup reinsurers abroad. Such companies must also be established in Brazil with a minimum capital of BRL 60m, and are regulated by SUSEP. Admitted and occasional reinsurers must also meet minimum requirements, including a stipulated rating from an agency.
在许多人（包括国际货币基金组织）认为对原始立法进行保护主义修订以保护 IRB 迅速失去的市场份额之后，本地再保险公司必须获得每次转让的至少 40%，并且最多只能将 20% 的保费转让给国外的关联集团内再保险公司。此类公司还必须在巴西成立，最低资本为 6000 万巴西雷亚尔，并受 SUSEP 监管。获准和临时再保险公司还必须满足最低要求，包括机构规定的评级。
While the recent measures may have been criticised as, among other things, hindering market access, local economic growth and the healthy spread of risk, Brazil continues to be an attractive prospect for new business opportunities and many of the world’s largest reinsurance groups are either registered, or have plans to register, as local reinsurers in one of the world’s ten largest economies. Itau, Mapfre and Bradesco are the largest local (insurance) carriers by premium income. The reinsurance market is dominated by local reinsurers, such as IRB, Munich Re and Mapfre Re.
尽管最近的措施可能受到批评，其中包括阻碍市场准入、当地经济增长和风险的健康分散，但巴西仍然是新商机的诱人前景，许多世界上最大的再保险集团要么已注册，要么计划注册为世界十大经济体之一的本地再保险公司。按保费收入计算，Itau、Mapfre 和 Bradesco 是最大的本地（保险）保险公司。再保险市场由本地再保险公司主导，例如 IRB、Munich Re 和 Mapfre Re。
Unexpectedly, the Brazilian National Council of Private Insurance (CNSP) issued a new resolution in 2015 which provided for a five year timeframe for scaling down the intra-group prohibition and mandatory cession rule from the beginning of 2017. It was planned that by 2020 the intra-group prohibition will move out from 20% to 75% and the mandatory cession rule will have reduced from 40% to 15%. This resolution represents a significant step towards a further liberalisation of the Brazilian insurance and reinsurance market.
出乎意料的是，巴西国家私人保险委员会 (CNSP) 于 2015 年发布了一项新决议，规定从 2017 年初开始，用五年时间缩减集团内禁止和强制分保规则。计划到 2020 年，集团内禁止将从 20% 降至 75%（指允许转让给外国保险公司的保费比例），强制分保规则将从 40% 降至 15%。这项决议代表着巴西保险和再保险市场进一步自由化的重要一步。
However, in late December 2017, the CNSP issued two new rules (CNSP Resolution 353/2017 and SUSEP Circular 562/2017), which remove certain barriers limiting international reinsurers’ access to the Brazilian reinsurance market. These two rules supersedes information on minimum retention requirements, mandatory reinsurance cessions requirements, and restrictions on intra-group cessions.
然而，2017 年 12 月下旬，CNSP 发布了两项新规则（CNSP 决议 353/2017 和 SUSEP 通函 562/2017），消除了限制国际再保险公司进入巴西再保险市场的某些障碍。这两项规则取代了有关最低留存要求、强制再保险分保要求和集团内分保限制的信息。
C Captive insurance companies（自保保险公司）
In this section, we take a brief look at captive insurance companies.
在本节中，我们将简要介绍自保保险公司。
C1 What is a captive?（什么是自保公司？）
A captive is a special purpose vehicle created to manage and to finance risks emanating from its non-insurance parent company. In its simplest form, it provides insurance to its parent and, once established, operates like any commercial insurer. It operates on an independent or ‘arm’s length’ basis as it collects premiums, issues policies and pays claims. It requires capital and will be regulated – as a captive, not an insurer – where domiciled. Captives are essentially a form of self-insurance whereby the insurer is wholly owned by the insured.
自保公司是一种特殊目的公司，旨在管理和融资来自其非保险母公司的风险。在最简单的形式中，它为其母公司提供保险，一旦成立，便像任何商业保险公司一样运营。它在收取保费、签发保单和支付索赔时以独立或“公平”的方式运营。它需要资本，并将在注册地受到监管——作为自保公司，而不是保险公司。自保公司本质上是一种自我保险形式，保险公司完全由被保险人所有。
Captives are particularly useful for businesses which have predictable losses or if cover for particular or for emerging risks, e.g. cyber risks, is unavailable or too expensive in the wider insurance market. A response to a hard market is often an acceleration of captive formations.
对于损失可预测的企业，或者对于特定或新兴风险（例如网络风险）的保险在更广泛的保险市场上无法获得或过于昂贵时，自保公司特别有用。对艰难市场的回应通常是加速自保公司的形成。
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