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C2-C3）
C4 Domicile（住所）
In 2021, there were 5,985 captives and the world’s largest captive domiciles are Bermuda, Cayman and the US state of Vermont. These locations are primarily focused on US corporations and attract a limited amount of business from outside the USA. Elsewhere, the captives of European parents tend to be located in Guernsey, Luxembourg, Ireland and the Isle of Man. Lloyd’s has also admitted captives as member syndicates.
2021 年，共有 5,985 家自保公司，世界上最大的自保公司住所是百慕大、开曼和美国佛蒙特州。这些地点主要关注美国公司，并吸引了少量来自美国以外的企业。在其他地方，欧洲母公司的自保公司往往位于根西岛、卢森堡、爱尔兰和马恩岛。劳合社也接纳自保公司作为成员集团。
There is much competition to attract captives between these locations. As a domicile there is a balance to be struck between being ‘friendly’ and providing incentives for businesses to locate there, and maintaining credibility as, for instance, a regulator of, and legislator for, those businesses.
这些地点之间在吸引自保公司方面竞争激烈。作为住所，需要在“友好”和为企业提供在那里落户的激励措施与保持信誉（例如作为这些企业的监管者和立法者）之间取得平衡。
The choice of domicile by a parent will depend on, among other criteria, physical proximity to the parent domicile, the quantity and quality of transport and communication links, operation costs and fee levels, infrastructure for business, applicable taxes, regulation (in particular, capital requirements), political stability and legal framework.
母公司选择注册地将取决于以下标准：与母公司注册地的物理距离、交通和通信连接的数量和质量、运营成本和费用水平、商业基础设施、适用税收、监管（特别是资本要求）、政治稳定性和法律框架。
The parent company’s industry may also impact on domicile as some specialise in particular types of risk. For example, Vermont is a leader in captives for medical malpractice coverage and risk retention groups, and Cayman in captives for healthcare.
母公司的行业也可能对注册地产生影响，因为有些母公司专门从事特定类型的风险。例如，佛蒙特州在医疗事故保险和风险保留团体自保公司方面处于领先地位，开曼群岛在医疗保健自保公司方面处于领先地位。
C5 Advantages and disadvantages of captives（自保公司的优点和缺点）
The advantages can be summarised as follows:
• to reduce and/or stabilise insurance costs; predictability is important to chief financial officers: – no overheads or profit or capital costs of the insurance company to bear, – the reinsurance market offers flexibility; for example, if the underwriting cycle is at a stage where cover is expensive, greater risk can be retained;
• efficient claim settlements, wordings, coverage;
• cash flow from investment income on retained funds and favourable terms of trade from reinsurance firms (e.g. accounts quarterly in arrears) – the capital and retained funds represent the captive’s surplus (excess of premiums paid compared to claims paid);
• capacity and leverage against insurance firms: – access to reinsurance markets with their lower costs, flexible programmes and capacity, – captive’s surplus (ability to write new risks or offer supply if there is a lack of market coverage), – consolidation within (re)insurance markets reduces choice for clients;
• insurance arrangement continuity: the insurance industry still prefers not to offer longterm contracts if possible; and
• risk management activities communicated: – financial statements to summarise risk financing activities, – segregated funds for risk management purposes only; no appropriations, – senior management aware of risk issues, – focus on risk management by all staff.
优点可以总结如下：
• 降低和/或稳定保险成本；可预测性对首席财务官很重要：– 保险公司无需承担管理费用、利润或资本成本， – 再保险市场提供灵活性；例如，如果承保周期处于保险费用昂贵的阶段，则可以保留更大的风险；
• 高效的索赔结算、措辞、保险范围；
• 保留资金的投资收益和再保险公司的优惠交易条件产生的现金流（例如，按季度拖欠的账目）——资本和保留资金代表自保公司的盈余（支付的保费超过支付的索赔额）；
• 能力和对保险公司的杠杆作用：——进入成本较低、计划灵活、能力强的再保险市场，——自保公司的盈余（在缺乏市场覆盖的情况下，能够承保新的风险或提供供应），——（再）保险市场内的整合减少了客户的选择；
• 保险安排的连续性：保险行业仍然倾向于尽可能不提供长期合同；以及
• 传达风险管理活动：——财务报表总结风险融资活动，——仅用于风险管理目的的独立资金；没有拨款，——高级管理层意识到风险问题，——所有员工都关注风险管理。
The disadvantages of captives are outlined as follows:
• capital requirements: the investment funds are tied up in the captive;
• captive management costs;
• limited spread of risk;
• possibility of crippling loss;
• traditional covers are often competitive on price;
• they tie up senior management time; and
• may experience prejudicial tax treatment if set-up in the state or country of the parent domicile.
自保公司的缺点概述如下：
• 资本要求：投资资金与自保公司捆绑在一起；
• 自保管理成本；
• 风险分散有限；
• 可能造成严重损失；
• 传统保险通常在价格上具有竞争力；
• 占用高级管理人员的时间；并且
• 如果在母公司所在州或国家设立，可能会受到不利的税收待遇。
Noted: In the USA, businesses usually go out-of-state for their captive formations. Forming in-state captives rarely makes sense because of state premium or independently procured taxes.
请注意： 在美国，企业通常会在州外设立自保公司。由于州保费或独立采购的税收，在州内设立自保公司几乎没有意义。
C6 Reinsurance of captives（自保公司的再保险）
A captive insurer may operate as either a direct insurer or a reinsurer:
• As a direct writing captive issuing policies to its insureds, the captive purchases reinsurance in the commercial reinsurance market. Retentions will typically be high and aimed at low frequency and high severity losses.
• As a reinsurance captive, the captive will issue policies to commercial (or fronting) insurers licensed and admitted in the location of the original risks. In this way, the fronting companies transfer the entire risk to the captive reinsurer.
自保保险公司可以作为直接保险公司或再保险公司运营：
• 作为向其投保人签发保单的直接承保自保公司，自保公司在商业再保险市场购买再保险。自留额通常很高，旨在应对低频率和高严重程度的损失。
• 作为再保险自保公司，自保公司将向在原始风险所在地获得许可和认可的商业（或前置）保险公司签发保单。这样，前置公司将全部风险转移给自保再保险公司。
In the USA, such fronting arrangements enable captives to comply with laws, imposed by many states for automobile liability and workers compensation insurance, that require insureds to provide evidence of coverage written by an admitted insurer. They may also enable insureds to satisfy contractual requirements from business contracts – for example, leases or service contracts – for cover from insurers with certain minimum financial ratings.
在美国，这种前置安排使自保公司能够遵守许多州针对汽车责任和工人赔偿保险制定的法律，这些法律要求投保人提供由认可的保险公司签发的保险证明。它们还可以使投保人满足商业合同（例如租赁或服务合同）的合同要求，以获得具有某些最低财务评级的保险公司的承保。
Insurers have access to claims handling and risk control services, and to excess risk transfer capacity in a cost effective manner. In return, they receive a percentage of the gross written premium and are careful to require collateral to secure the captive’s obligation. For example, a letter of credit, a trust agreement funded by the captive’s assets and/or the retention of original premium.
保险公司可以以经济有效的方式获得索赔处理和风险控制服务以及超额风险转移能力。作为回报，他们获得一定比例的毛承保保费，并谨慎地要求提供抵押品以担保自保公司的义务。例如，信用证、由自保公司资产资助的信托协议和/或保留原始保费。
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