Requirements for the financial stability of organizations. Financial stability of the insurer. Factors of financial stability

The inability of an insurance company to fulfill its obligations to policyholders undermines the very idea of insurance as a way to protect against financial losses. In this regard, ensuring the solvency of the insurance company should be considered as the main goal of regulation. It was this circumstance that predetermined the need to consider issues related to financial stability and solvency.

Financial stability insurance company- such a property and financial condition in which the size and structure of own and equivalent funds, liquid assets, which are the result of the degree of perfection of the organization of insurance, the development of its new types, as well as the mass character of effective insurance operations and the savings regime, provide at any time certain level of solvency.

The financial stability of the insurance company is ensured by the size of the paid authorized capital of the insurance company; the size of insurance reserves; optimal portfolio of placement of insurance reserves; reinsurance system; reasonableness of insurance rates and other factors.

The amount of insurance reserves should fully cover the amount of forthcoming payments under existing contracts. The amount of forthcoming payments is determined on the basis of a thorough analysis of the insurer's operations and labor-intensive mathematical calculations. The more accurately these calculations are carried out, the more correctly the amount of insurance reserves will correspond to future payments for insured events.

The insurance company is responsible general requirements presented to an economic entity in market conditions, has significant specifics in the formation of both obligations and resources intended to cover them. This specificity is objectively determined, firstly, by the very nature of insurance relations, which are based on the category of risk. Secondly, the participation of an insurance company in several types of activities (actually insurance, financial, investment), each of which leads to the formation of both resources and obligations of a special kind (for example, obligations to shareholders are inadequate in content, volume, etc. obligations to policyholders). It follows that the specificity of the concept of the solvency of an insurance organization is manifested precisely in the peculiarities of the formation of obligations and resources for their fulfillment, as well as in the need for additional financial guarantees for the fulfillment of obligations as a reaction to the risky nature of the activity.

The specificity of the concept of solvency of an insurance organization is manifested in the features of the formation of obligations and resources for their fulfillment, as well as in the need for additional financial guarantees for the fulfillment of obligations as a reaction to the risky nature of the activity.

Solvency characterizes the ability of the insurance company to fulfill all obligations on a specific reporting date. It depends on the sufficiency of the formed insurance reserves, which are bound by the obligations of the forthcoming insurance indemnity payments under the current insurance contracts. The long-term practice of insurance activity has developed its own mechanism for ensuring the guarantees of the insurer's solvency - the availability of sufficient free, i.e. non-binding funds. These funds are formed from two sources: paid-in authorized capital and profit. To ensure solvency, the amount of free funds of the company must correspond to the amount of obligations assumed under insurance contracts.

Under liquidity of the insurance company is understood as its ability to satisfy the claims presented by the insurers as they arise.

Analysis liquidity should give an answer to the question of whether the insurance organization is able to meet the requirements for the obligations presented to it in the shortest possible time. If solvency characterizes the ability to meet obligations in principle, then liquidity - the ability to pay immediately. This ability is determined by a number of factors: the availability of free cash in the insurance organization, the ratio between assets and liabilities, types of assets, as well as the time during which these assets can be converted into cash for reimbursement.

For financial stability assessment insurance company, there is a whole system of indicators and published ratings of insurance companies. For a long time there have been specialized rating agencies abroad that regularly publish ratings of insurance companies and analytical reviews of their activities. The world-famous rating agencies in the USA are Standard & Poor's, Moody's Investors, Fitch Investors, Duff & Phelps, which many insurers and investors turn to to obtain qualified information about the activities of an insurer or reinsurer.

For example, Standard & Poor's (S&P) assigns the following financial strength ratings:

AAA	the highest (the highest degree of reliability);
AA+, AA, AA-	high (excellent degree of reliability);
A+, A, A-	good (good degree of reliability);
BBB+, BBB, BBB-	sufficient (sufficient degree of reliability, but financial capabilities are more vulnerable);
BB+, BB, BB-	less sufficient (financial capacity may not be sufficient to meet obligations under long-term policies);
B+, B, B-	insufficient (the financial position of the insurer is very unstable);
ССС+, ССС, ССС-	vulnerable (the financial position of the insurer is very vulnerable);
SS, S	insurers who received this rating, it is very likely that they will not be able to fulfill their obligations to the insured;
D	liquidation (insurers with this rating are in the process of liquidation).

To assign a rating to a company, a large number of financial indicators are analyzed. The management experience of the management, marketing strategy, the company's policy for the sale of policies, the company's risk-taking and reinsurance policy, the organizational and management structure, including the analysis of parent and subsidiaries, the company's investment policy, and much more are also studied. To assign the appropriate rating, more than 20 different indicators are calculated.

Some of the indicators characterizing the overall performance of an insurance company are the following:

Ø ratio of net premium to own funds:

Ø the ratio of the difference in the collection of net premium for the current and previous years to the net premium for the previous year. This ratio must be between -33% and +33% :

Ø the ratio of the product of the unearned premium given to reinsurance and the ratio of the reinsurance commission on the transferred business to the total premium given to reinsurance, to own funds. This ratio should be less than 25%.

Other indicators characterizing the level of solvency are also calculated.

Law "On the organization of insurance business in the Russian Federation" Chapter III. SECURITY

The financial stability of insurance operations is understood as a constant balancing or excess of income over expenses for the insurance money fund, formed from insurance premiums (premiums) paid by policyholders.

The basis of the financial stability of insurers is the presence of their paid authorized capital, insurance reserves, as well as a reinsurance system.

The problem of ensuring financial stability is considered in two ways: as determining the degree of probability of a shortage of funds in any year and as the ratio of income to expenses for the past tariff period.

1) To determine the degree of probability of shortage of funds, the coefficient of Professor F. V. Konyshina is used (K) =

where T - average tariff rate for the insurance portfolio;

P - the number of insured objects.

The smaller the coefficient TO, the higher the financial stability of the insurer.

Example 2 Estimation of the shortage of funds using the coefficient of Professor Konshin

Initial data:

a) insurance company A has an insurance portfolio of 550 concluded contracts (n = 550), insurance company B - out of 450 (n = 450);

Solution. We determine the coefficient of Professor Konshin:

1) for insurance company A

KA =
= 0,050;

for insurance company B

KB =
= 0,053.

Conclusion: the financial stability of the shortage of funds in insurance company A is higher than that of insurance company B (KA< КБ).

2) To assess financial stability as the ratio of income to expenses for the tariff period, the coefficient of financial stability of the insurance fund Ksf is used

Xf =
;

Where D- the amount of income for the tariff period;

3F - the amount of funds in reserve funds at the end of the tariff period;

R- the amount of expenses for the tariff period.

The financial stability of insurance operations will be the higher, the greater the value of the stability coefficient of the insurance fund.

Example 3

1. Insurance company A has an income of 200 million rubles. The amount of reserve funds at the end of the tariff period - 50 million rubles. The amount of expenses - 120 million rubles, the cost of doing business - 5 million rubles.

2. Insurance company B has an income of 250 million rubles. The balance in reserve funds is 90 million rubles. The amount of expenses - 280 million rubles, the cost of doing business - 10 million rubles.

Solution. We determine the coefficient of financial stability of the insurance fund:

Conclusion: insurance company A is financially more stable than insurance company B.

Solvency of the insurer and determination of the normative ratio of assets and insurance liabilities assumed by it

The main sign of the financial stability of insurers is their ability to pay.

Solvency - this is the ability of the insurer to timely fulfill monetary obligations stipulated by law or contract to policyholders.

Solvency guarantees:

1) observance of normative ratios between assets and accepted insurance liabilities;

2) reinsurance of the risks of fulfillment of the relevant obligations, exceeding the possibility of their fulfillment by the insurer at the expense of its own funds and insurance reserves;

3) placement of insurance reserves by insurers on terms, diversification, repayment, profitability and liquidity;

4) availability of own capital.

In accordance with the order of the Ministry of Finance of the Russian Federation dated November 2, 2001 No. 90N “On approval of the regulation on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them”, insurers are required to comply with the normative ratio of assets and assumed liabilities, i.e. the actual amount of free assets insurance company (actual solvency margin) should not be less than the standard margin. Insurers are required to calculate the solvency margin on a quarterly basis. The actual solvency margin is calculated as the sum of the authorized (share), additional and reserve capital, retained earnings of previous years and the reporting year, reduced by the amount:

Uncovered losses of the reporting year and previous years;

Debts of shareholders (participants) on contributions to the authorized (share) capital;

Own shares repurchased from shareholders;

Intangible assets;

Accounts receivable that have expired.

The normative solvency margin of a life insurance insurer is equal to the product of 5% of the life insurance reserve and the adjustment factor.

The adjustment factor is defined as the ratio of the life insurance reserve minus the share of reinsurers in the life insurance reserve to the value of the specified reserve.

If the correction factor is less than 0.85, it is taken equal to 0.85 for calculation.

The standard solvency margin for insurance other than life insurance is equal to the higher of the following two indicators, multiplied by the adjustment factor.

The first indicator is 16 % of the amount of insurance premiums (contributions) accrued under insurance, co-insurance contracts and contracts accepted for reinsurance for the billing period, reduced by the amount:

Insurance premiums (contributions) returned to policyholders (reinsurers) in connection with the termination (change of conditions) of insurance contracts, coinsurance and contracts accepted for reinsurance for the billing period;

Deductions from insurance premiums (contributions) under insurance contracts, co-insurance to the reserve of preventive measures for the billing period;

Other deductions from insurance premiums (contributions) under insurance contracts, co-insurance in cases provided for by applicable law, for the billing period.

The calculation period for calculating this indicator is the year (12 months) preceding the reporting date.

The second indicator is 23% from one third of the amount:

Insurance payments actually made under contracts of insurance, co-insurance and accrued under contracts accepted for reinsurance, minus the amounts of proceeds associated with the realization of the right of claim transferred to the insurer, which the insured has against the person responsible for losses compensated as a result of insurance, for the settlement period;

Changes in the reserve for reported but unsettled losses and for the reserve for incurred but not reported losses under insurance, co-insurance and reinsurance contracts for the billing period.

The calculation period for calculating this indicator is 3 years (36 months) preceding the reporting date.

The correction factor is defined as the ratio of the sum:

Insurance payments actually made under contracts of insurance, co-insurance and accrued under contracts accepted for reinsurance, minus the accrued share of reinsurers in insurance payments for the billing period;

Changes in the reserve for reported but unsettled losses under insurance contracts, co-insurance contracts and contracts accepted for reinsurance, minus changes in the share of reinsurers in these reserves for the billing period to the amount (not excluding the share of reinsurers):

Insurance payments actually made under insurance, co-insurance contracts and accrued under contracts accepted for reinsurance for the billing period;

Changes in the reserve for reported but unsettled losses and the reserve for incurred but undeclared losses under insurance, co-insurance contracts and contracts accepted for reinsurance during the billing period.

The settlement period is the year (12 months) preceding the reporting date.

If the correction factor is less than 0.5, then for calculation purposes it is taken equal to 0.5, if more than 1 - equal to 1.

The standard solvency margin of an insurer providing life insurance and insurance other than life insurance is determined by adding the standard solvency margin for life insurance and insurance other than life insurance.

If at the end of the reporting year the actual size of the insurer's solvency margin exceeds the normative one by less than 30%, the insurer submits for approval to the Ministry of Finance of the Russian Federation as part of the annual financial statements a plan for improving the financial situation.

Example 4 Calculate the ratio between the actual and standard solvency margin for the insurance company K.

To calculate the actual solvency margin, we use data from the balance sheet of the insurer as of the last reporting date (million rubles):

Authorized capital………………………………..............................30

Reserve capital................................................ ................................2.5

Uncovered losses of the reporting year and previous years .................... 0.5

Shares of the company bought back from shareholders..................................................1.5

Intangible assets................................................ ......................0.3

Accounts receivable that have expired 0.7

Solution.

1. Determine the actual solvency margin:

30 + 2 + 2.5 - 0.5 - 1.5 -0.3 -0.7 = 31.5 million rubles.

To calculate the standard solvency margin for life insurance, we use the following balance sheet data (million rubles):

Amount of the life insurance reserve as of the calculation date 206 Share of reinsurers in the life insurance reserve 23

2. Calculate the correction factor:
= 0,888

3. Determine the standard solvency margin for life insurance:

0.05 206 0.888 = 9.146 million rubles

Calculate the standard solvency margin for insurance other than life insurance.

When calculating the first indicator, we use the following balance sheet data (million rubles):

The amount of insurance premiums for insurance other than life insurance .................... 110

Refund of insurance premiums in connection with termination (change of conditions)

contracts for the year preceding the settlement date. ................................................. ............five

Deductions from insurance premiums to the reserve | preventive measures

for the year prior to the date of calculation. ................................................. ............................... 4

Other deductions from insurance premiums for the year preceding the date of calculation ……1

4. Determine the first indicator for calculating the solvency margin:

0.16 (110 - 5 -4 -1) \u003d 16 million rubles.

To calculate the second indicator, we use the following balance sheet data (million rubles):

Insurance payments for the three years preceding the calculation date, by type

insurance other than life insurance……………………………………………..252

Receipts related to the realization of the insurer's right to subrogation for three years,

prior to the reporting date ............................................................... ................................................. ..fifty

Reserve for reported but unsettled losses:

At the beginning of the three-year billing period ……………………………………….20

On the date of calculation .............................................................. ................................................. ......................32

At the beginning of the three-year billing period ............................................... ..........................fourteen

On the date of calculation .............................................................. ................................................. .......................13

5. We determine the second indicator for calculating the solvency margin:

252 – 50 – 20 + 32 – 14 + 13

0.23 --------------- = 16.33 million rubles

We calculate the correction factor based on the following data (million rubles):

Insurance payments for types of insurance other than life insurance,

for the year preceding the date of calculation ………………………60

Reserve for reported but unsettled losses:

At the beginning of the billing year .............................................................. ..........26

As of the calculation date ………………………………………….....30

Provision for incurred but unreported losses:

At the beginning of the billing year …………………..................................15

At the end of the billing period ………………............................13

Subtotal:

60 - 26 + 30 - 15 + 13 \u003d 62 million rubles. -

Share of reinsurers in insurance claims ……………………………..25 Share of reinsurers in the reserve of reported but unsettled claims:

at the beginning of the billing period …………………………….7

At the end of the billing period …………………………….13

The share of reinsurers in the reserve of occurred but undeclared losses:

At the beginning of the billing period ………………………………4

At the end of the billing period ………………………………3 Subtotal:

25 - 7 +13 - 4 + 3 \u003d 30.0 million rubles.

6. The correction factor is:
= 0,516

Let's make the final calculation of the regulatory solvency margin for insurance other than life insurance:

a) the indicator used to calculate the solvency margin (the largest of the values obtained in the calculation of the first and second indicators) - 16 million rubles;

b) correction factor - 0.516.

7. The standard solvency margin for insurance other than life insurance will be

16 0.516 = 8.256 million rubles

Based on the obtained indicators, we calculate the total regulatory solvency margin:

8. The total standard solvency margin is 9.146 + 8.256 = 17.402 million rubles.

9. The deviation of the actual solvency margin from the normative one will be

31.5 - 17.402 \u003d 14.098 million rubles.

10. Determine the percentage of excess of the actual solvency margin:

100 = 81,02%

Conclusion: the insurer complies with the ratio between the actual and standard solvency margin, which indicates its financial stability.

Tasks for independent solution

Task 1. Determine for the insurance company the financial result from carrying out insurance other than life insurance.

Initial data from the statement of financial results for the year (thousand rubles):

Insurance premiums……………………………………….....4913

Increase in the unearned premium reserve………….....821

Paid damages……………………………………...1023

Decrease in loss provisions………………………………..45

Deductions to the reserve of preventive measures ... ..96

Contributions to fire safety funds…………..…38

Expenses for conducting insurance operations………………1377

Task 2. Determine the result from insurance operations other than life insurance, as well as the profitability of insurance operations and the payout ratio according to the income statement for the reporting year of the insurance organization (thousand rubles):

Insurance premiums - total…………………………...……….....139 992

Of which transferred to reinsurers…………………..……….105135

Increase in unearned premium reserve:

Total……………………………………………………………….40583

Increase in the share of reinsurers in the reserve…………………..25333

Completed losses - total……………………………………...10362

Share of reinsurers…………………………………………....7286

Deductions to the reserve of preventive measures…………...3710

Contributions to fire safety funds…………..………..….949

Expenses for conducting insurance operations………………………….2561

Task 3.

Authorized capital…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..24

Extra capital................................................ ...............................2

Uncovered losses of the reporting year and previous years .................... 0.9

Shares of the company repurchased from shareholders.................................................1.7

Intangible assets................................................ ......................2.4

Accounts receivable that have expired 0.8

Task 4. Determine the result of life insurance operations, as well as the level of payments according to the income statement for the reporting year of the insurance organization (thousand rubles)

Insurance premiums……………………………………….....1 848 658

Investment income……………………………………………………………………………71 842

including:

Interest receivable ……………………………..….71 842

Paid damages……………………………………….1 538571

Increase in life insurance provision…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………509 588

Expenses for conducting insurance operations……………………3470

Task 5. Spend assessment of the scarcity of funds using the coefficient of Professor F.V. Konshina

Initial data:

a) for insurance company A, the insurance portfolio consists of 500 concluded contracts, for insurance company B - from 400;

b) insurance company A has an average tariff rate of 3.5 rubles. from 100 rub. sum insured, insurance company B - 4.0 rubles. from 100 rub. sum insured. 1

Task 6. Determine the degree of probability of shortage of funds using the coefficient of Professor F.V. Konshina, and draw conclusions.

Initial data:

a) for insurance company A, the insurance portfolio consists of 850 concluded contracts, for insurance company B - from 650;

b) insurance company A has an average tariff rate of 3 rubles. from 100 rub. sum insured, insurance company B - 3.5 rubles. from 100 rub. sum insured. 1

Initial data(million rubles):

Task 8. Assess the financial stability of insurance companies in terms of the stability of the insurance fund using the following data:

1. Insurance company A has an income of 110.5 million rubles. The amount of reserve funds at the end of the tariff period is 85.0 million rubles. The amount of expenses - 86.4 million rubles, the cost of doing business - 15 million rubles.

2. Insurance company B has an income of 18.7 million rubles. The balance in reserve funds is 16 million rubles. The amount of expenses - 11.4 million rubles, the cost of doing business - 1372 thousand rubles.

Task 9. Assess the financial stability of insurance companies in terms of the stability of the insurance fund using the following data:

1. Insurance company A has an income of 112 million rubles. The amount of reserve funds at the end of the tariff period is 85.0 million rubles. The amount of expenses - 84 million rubles, the cost of doing business - 13 million rubles.

2. Insurance company B has an income of 28 million rubles. The balance of funds in reserve funds - 26 million rubles. The amount of expenses - 9.5 million rubles, the cost of doing business - 1155 thousand rubles.

Task 10. Calculate the ratio between the actual and standard solvency margin for the insurance company C.

To calculate the actual solvency margin, use the data from the insurer's balance sheet as of the last reporting date (million rubles):

Authorized capital……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….22

Extra capital................................................ ...............................2

Reserve capital................................................ .................................3

Uncovered losses of the reporting year and previous years .................... 1,2

Shares of the company redeemed from shareholders ............................................... 1.5

Intangible assets................................................ ......................1.4

Accounts receivable that have expired 0.6

Task 11.

1. Loss from life insurance operations…………………………127,659

2. Profit from insurance operations other than life insurance….136,723

Investment income……………………………………………………1,092

Administrative expenses……………………………………………….......8 971

Other income………………………………………………………………...16

Income tax……………………………………………………………..288

Extraordinary expenses………………………………………………………..88

Define:

3) net profit.

Task 12. The following data are available from the statement of financial results of the insurance company for the reporting year (thousand rubles):

1. Loss from life insurance operations…………………………157,666

2. Profit from non-life insurance operations….126,777

3. Other income and expenses not included in sections 1.2:

Investment income……………………………………………………1 022

Administrative expenses………………………………………………....…6 991

Other income………………………………………………………………...26

Income tax……………………………………………………………..385

Extraordinary expenses………………………………………………………….6

Define:

1) profit before taxation;

2) profit from ordinary activities;

3) net profit.

Introduction 3

1. Legal basis for ensuring the financial stability of insurers 5

2. Requirements for the financial stability of insurers 9

3. Financial management sustainability insurance company 13

4. Investment policy of the insurer 26

Conclusion 33

References 34

Introduction

The basis of the financial stability of insurers is the presence of their paid authorized capital and insurance reserves, as well as the reinsurance system.

Insurers are obliged to comply with the provisions of the Law and regulatory legal acts of the body insurance supervision of financial stability requirements in terms of the formation of insurance reserves, the composition and structure of assets accepted to cover insurance reserves, reinsurance quotas, the normative ratio of the insurer's own funds and assumed obligations, the composition and structure of assets accepted to cover the insurer's own funds, as well as the issuance of bank guarantees.

The insurer may transfer the obligations assumed by it under insurance contracts (insurance portfolio) to one insurer or several insurers (replacement of the insurer) that have licenses to carry out those types of insurance for which the insurance portfolio is transferred and have sufficient own funds, that is, the corresponding solvency requirements taking into account the new commitments. The transfer of the insurance portfolio is carried out in the manner prescribed by law Russian Federation.

Target term paper consider the legal basis for the financial stability of insurers and the basic requirements for the financial stability of insurers.

1. Legal basis for ensuring the financial stability of insurers

The financial stability of the insurer should be understood as its unconditional ability to fulfill obligations to make insurance payments in favor of the insured or the beneficiary. It is the financial stability of the insurance company that is the main object of control by the insurance supervisory authorities. Such control is carried out by checking the financial statements and compliance with established indicators that characterize the solvency of insurers.

According to the current legislation, the guarantees of financial stability and solvency of the insurer are:

· paid authorized capital not less than the size established by the legislation;

· insurance reserves, calculated in accordance with the established procedure and guaranteeing insurance payments;

the system of reinsurance;

Compliance with the normative ratio between assets and liabilities, reflecting the availability of the insurer's own funds free from any liabilities;

Compliance with the standard of maximum liability for accepting an individual risk for insurance

A sufficient amount of the authorized capital guarantees the fulfillment of the obligations of the insurance company at the initial stage of its activity, since the receipt of insurance premiums during this period is insignificant and the authorized capital is the only guarantee of the company's solvency. Therefore, the minimum amount of authorized capital required at the beginning of the activities of an insurance company is established by law. However, a significant authorized capital is also important for existing insurance companies, as it allows, if necessary, to expand the scope of activities, and also acts as a stabilization reserve.

The minimum amount of the paid-in authorized capital formed at the expense of funds on the day a legal entity submits documents for obtaining a license to carry out insurance activities must be at least 25 thousand minimum wages (minimum wages) - when carrying out types of insurance other than life insurance, not less than 35 thousand minimum wages - when carrying out life insurance and other types of insurance, not less than 50 thousand minimum wages - when carrying out exclusively reinsurance. The minimum amount of the paid authorized capital formed at the expense of funds on the day of submission of documents for obtaining a license to carry out insurance activities by an insurance company that is a subsidiary of a foreign investor or has a share of foreign investors in its authorized capital of more than 49 percent must be at least 250 thousand minimum wages, and in case of reinsurance only - not less than 300 thousand minimum wages.

Insurance reserves reflect the size of the obligations of the insurer for insurance payments that have not been fulfilled at the moment. The obligation of insurers to form insurance reserves is enshrined in the Law on the organization of insurance business. Insurance reserves are calculated during each type of insurance. Their size is determined as a result of a thorough analysis of the insurer's operations, based on labor-intensive mathematical calculations. Practice shows that in the presence of experienced and qualified specialists, such a calculation becomes quite reliable and knowledge of its results can largely protect the insurer from possible bankruptcy.

Reinsurance refers to the transfer by an insurer (referred to as the direct insurer, first insurer, reinsurer) of the liability assumed under the insurance contract to another insurer (referred to as the second insurer or reinsurer) to the extent that it exceeds the allowable amount of own retention. With the help of reinsurance, stability and homogeneity of the insurance portfolio are achieved. The obligation to reinsure obligations that exceed the ability to fulfill them at the expense of own funds and insurance reserves is enshrined in the Law on the Organization of Insurance Business. Relations between the insurer and the reinsurer arise by virtue of the reinsurance contract, which determines the method of reinsurance, the obligations of the parties, the conditions for the occurrence of the reinsurer's obligation to participate in the insurance payment and other necessary conditions for providing guarantees for the fulfillment by the reinsurer of obligations to the insurer.

The consent of the insured to such a transfer of responsibility is not required, since no legal relationship between the insured and the reinsurer arises during reinsurance. The direct insurer is fully responsible to the policyholder for compensation for possible damage.

In accordance with the current legislation, insurers are required to comply with the normative ratio between assets and liabilities. The methodology for calculating this ratio and the established amount of free assets (funds) required for the company are established by the Federal Insurance Supervision Authority.

To ensure the solvency of insurers, it is also necessary to comply with the maximum liability standard for insuring an individual risk

At the same time, the solvency of the insurer is significantly influenced by its investment policy and the placement of assets (or funds covering both insurance reserves and authorized capital). Indeed, let us imagine that an insurance company has correctly calculated insurance reserves, has free assets in the prescribed amount, has concluded reinsurance contracts for large risks, but invested funds in deposits of an unreliable bank or investment institution. The inability to provide insurance payments to such an insurer may be due to the bankruptcy of the bank and the inability to use the funds transferred to it. In order to minimize the risk of investing those funds of the insurer that are directly related to the fulfillment of obligations for insurance payments - in the amount of insurance reserves, the Federal Insurance Supervision Authority has the right to establish a special regime for investments made by the insurer: prohibit certain types of investments, establish maximum and (or) minimum quotas of the total amount of investments that can be used to purchase certain types of securities, deposits, real estate, currency values, etc.

Minimum conditions for ensuring the financial stability of insurers:

1. The insurer is obliged to ensure its own financial stability. The minimum conditions for ensuring financial stability include: the availability of the required amount of equity capital and insurance reserves, compliance with the standard of the minimum obligations of the insurer under a separate contract and the implementation of other mandatory norms and limits established by the authorized state body.

2. The equity capital of the insurer is defined as the value of all assets of the insurer minus the amount of insurance reserves and other liabilities (accounts payable) of the insurer.

Methods for determining the amount of assets of insurers are established by the authorized state body.

3. Insurance reserves are formed at the expense of insurance payments. The procedure and size of the formation of insurance reserves are established by the authorized state body.

In order to strengthen the positions of insurers as market entities and to assess their financial stability in the course of supervision of insurance activities by the state, there are certain standards, the observance of which is mandatory. The procedure for calculating and evaluating such standards is regulated by a number of documents, primarily the Law "On the Organization of Insurance Business in the Russian Federation". In particular, it states that economically justified insurance rates are guarantees for ensuring the financial stability of the insurer; reinsurance; own funds; insurance reserves sufficient to fulfill obligations under contracts of insurance, co-insurance, reinsurance, mutual insurance.

In accordance with Art. 25 of the Insurance Law, the guarantees for ensuring the financial stability of the Insurer are:

economically justified insurance rates;

insurance reserves sufficient to fulfill obligations under contracts of insurance, co-insurance, reinsurance, mutual insurance;

own funds;

reinsurance.

Insurance reserves and the insurer's own funds must be backed by assets that meet the requirements of diversification, liquidity, recoverability and profitability.

Own funds of insurers (with the exception of mutual insurance companies that insure exclusively their members) include authorized capital, reserve capital, additional capital and retained earnings. The composition and structure of assets accepted to cover the insurer's own funds is determined by Order No. 149n of the Russian Ministry of Finance dated December 16, 2005 (with subsequent amendments and additions).

Insurers must have a fully paid authorized capital, the amount of which must not be lower than the minimum amount of authorized capital established by the Insurance Law.

The minimum size of the authorized capital of the insurer is determined by paragraph 3 of Art. 25 of the Insurance Law.

The insurer may transfer the obligations assumed by it under insurance contracts (insurance portfolio) to one insurer or several insurers (replacement of the insurer) that have licenses to carry out those types of insurance for which the insurance portfolio is transferred and have sufficient own funds, i.e. relevant solvency requirements, taking into account the newly assumed obligations. The transfer of the insurance portfolio is carried out in accordance with the procedure established by the legislation of the Russian Federation.

The insurance portfolio cannot be transferred if:

conclusion of insurance contracts subject to transfer in violation of the legislation of the Russian Federation;

non-compliance by the insurer accepting the insurance portfolio with the financial stability requirements of the Insurance Law;

absence of written consent of policyholders, insured persons to replace the insurer;

the absence in the license issued to the insurer accepting the insurance portfolio of an indication of the type of insurance under which the insurance contracts were concluded;

the insurer transferring the insurance portfolio does not have assets accepted to secure insurance reserves (except in cases of insolvency or bankruptcy).

Simultaneously with the transfer of the insurance portfolio, assets are transferred in the amount of insurance reserves corresponding to the transferred insurance liabilities. If the insurance rules of the insurer accepting the insurance portfolio do not comply with the insurance rules of the insurer transferring the insurance portfolio, changes in the terms and conditions of insurance contracts must be agreed with the policyholder.

The sufficiency of the insurance company's own funds guarantees its solvency under two conditions: the presence of insurance reserves not below the standard level and the correct investment policy.

Another document that defines financial standards for insurance organizations is the “Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them”, approved by order of the Ministry of Finance dated 02.11.2001 No. 90-n. This Regulation establishes the methodology for quarterly calculation of the solvency margin, which is understood as the amount within which the insurer, based on the specifics of the contracts concluded and the volume of insurance obligations assumed, must have or has own capital, free from any future obligations, except for the rights of claim of the founders, reduced on the amount of intangible assets and overdue receivables. At the same time, the actual size of the solvency margin of the insurer should not be less than the standard size of the solvency margin of the insurer.

If at the end of the reporting year the actual size of the solvency margin of the insurer exceeds the standard solvency margin by less than 30%, the insurer submits for approval to the Ministry of Finance of the Russian Federation as part of the annual financial statements financial recovery plan.

The plan indicates specific measures that contribute to the stabilization of the financial situation, indicating the duration of the event and the amount of income (savings) planned to be received from this event.

When drawing up a plan, priority should be given to measures that lead to the improvement of the financial situation of the insurer in the shortest possible time.

As financial recovery measures, the following may be envisaged: changing the size of the authorized capital, expanding reinsurance operations, changing the tariff policy, reducing accounts receivable and payable, changing the structure of assets, as well as using other methods of maintaining solvency that do not contradict the legislation of the Russian Federation.

Another important document aimed at stabilizing the financial position of insurance organizations and the insurance market as a whole is the order of the Ministry of Finance dated December 16, 2005 No. 149-n, containing “Requirements for the composition and structure of assets accepted to cover the own funds of insurers” .

To a large extent, the financial stability of an insurance organization is ensured by maintaining the authorized capital at the proper level and providing it with net assets, i.e. own highly liquid funds. In accordance with paragraph 3 of article 25 of the Law, the minimum amount of the authorized capital is determined on the basis of the base amount equal to 30 million rubles, and the corresponding coefficients (from 1 to 4), established depending on the nature of the activity carried out.

The value of net assets and its positive dynamics are one of the indicators of the financial well-being of any company, so insurance organizations should regularly monitor the value of net assets. Since 2007, it has been determined in accordance with the joint order dated February 1, 2007 of the Ministry of Finance of the Russian Federation No. 7-n and the Federal Service for Financial Markets dated No. joint-stock companies". According to this document, the value of net assets is determined according to the balance sheet of the insurance company by reducing the amount of assets by the amount of liabilities (ie, the volume of liabilities) accepted for calculation. Estimation of the value of net assets must be made by the company quarterly and at the end of the year on the relevant reporting dates and disclosed in the interim and annual financial statements.

A prerequisite for ensuring the solvency of insurance companies is the observance of a certain ratio of assets and liabilities or solvency margin.

The solvency margin is a guarantee of the fulfillment of the obligations of the insurer. According to the European insurance directives, insurers must have sufficient funds in the form of a minimum guarantee fund at the beginning of the insurance activity and own funds for doing business, which serve as a reserve stock to meet obligations to the policyholders at any time.

The issues of ensuring the solvency of insurers were devoted to the works of L.A. Orlanyuk-Malitskaya, who laid the scientific foundations for the regulatory requirements for calculating the solvency of Russian insurers. .

In accordance with the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them (Order of the Ministry of Finance of Russia dated November 2, 2001 No. 90n, valid as amended by Order No. 2n dated January 14, 2005), the equity capital of the insurer is calculated as the sum of the authorized (share) capital, additional, reserve capital, retained earnings of the reporting year and previous years, reduced by the amount of uncovered losses of the reporting year and previous years, debts of shareholders (participants) on contributions to the authorized (share) capital, own shares repurchased from shareholders, intangible assets and receivables that have expired.

The normative ratio of assets and accepted insurance liabilities is understood as the amount within which the insurer must have its own capital, free from any future liabilities, with the exception of the rights of claim of the founders, reduced by the amount of intangible assets and receivables, the maturity of which has expired. This value is called the actual solvency margin.

The normative solvency margin for life insurance is equal to the product of 5% of the life insurance reserve and the adjustment factor.

The adjustment factor is defined as the ratio of the life insurance reserve minus the reinsurer's share in the life insurance reserve to the value of the specified reserve. If the correction factor is less than 0.85, then for the calculation it is taken equal to 0.85.

Correction factor , defined as the ratio of the sum including:

insurance payments actually made under insurance contracts, co-insurance and accrued under contracts accepted for reinsurance, minus the accrued share of reinsurers in insurance payments for! billing period;

change in the reserve for reported but unsettled losses and the reserve for incurred but undeclared losses under insurance, co-insurance contracts and contracts accepted for reinsurance, minus changes in the share of reinsurers in these reserves for the billing period;

to the amount (not excluding the share of reinsurers), including:

insurance payments actually made under insurance, co-insurance contracts and accrued under contracts accepted for reinsurance for the billing period;

changes in the reserve for reported but unsettled losses and the reserve for incurred but not reported losses under insurance, co-insurance contracts and contracts accepted for reinsurance during the billing period.

obligations, the exit from which causes regulatory actions” by the insurance supervision.

The standard solvency margin for insurance other than life insurance is equal to the higher of the following two indicators, multiplied by the adjustment factor.

The first indicator is calculated on the basis of insurance premiums (contributions) for the billing period - a year (12 months) preceding the reporting date, and is equal to 16% of the amount of insurance premiums (contributions) accrued under insurance, co-insurance contracts and contracts accepted for reinsurance, for billing period reduced by:

insurance premiums (contributions) returned to policyholders (reinsurers) in connection with the termination (change of conditions) of insurance contracts, coinsurance and contracts accepted for reinsurance during the billing period;

deductions of insurance premiums (contributions) under insurance contracts, co-insurance in cases provided for by the current legislation, for the billing period.

An insurer operating for less than 12 months, as the calculation period for the first indicator, takes the period from the date of obtaining a license for the first time to the reporting date.

The second indicator is calculated on the basis of insurance payments for the billing period - 3 years (36 months) preceding the reporting date, and is equal to 23% of one third of the amount:

insurance payments actually made under insurance, co-insurance contracts and accrued under contracts accepted for reinsurance, minus the amounts of proceeds associated with the realization of the right of claim (recourse) transferred to the insurer, which the insured (insured, beneficiary) has against the person liable for losses reimbursed as a result of insurance, during the billing period;

changes in the reserve for reported but unsettled losses and the reserve for incurred but not reported losses under insurance, co-insurance and reinsurance contracts for the billing period.

An insurer operating under insurance other than life insurance for less than 3 years does not calculate the second indicator.

The calculation period for calculating the correction factor is one year. The adjustment coefficient is calculated as the ratio of the amount: insurance payments actually made under insurance contracts, co-insurance.

Order No. 90n of November 2, 2001 of the Russian Ministry of Finance approved the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them.

The normative ratio between the assets and liabilities of the insurer is understood as the value (solvency margin), within which the insurer, based on the specifics of the contracts concluded and the volume of liabilities assumed, must have its own capital, free from any future liabilities, except for the rights of claim of the founders, reduced on the amount of intangible assets and receivables, the maturity of which has expired.

The Regulation establishes the methodology for calculating the solvency margin and provides for the obligation of insurers on the basis of data accounting and reporting quarterly to analyze their financial situation.

Solvency margin control is reduced to the determination of the normative and actual solvency margin and their comparison.

In accordance with this Regulation, a mixed solvency control. Firstly, insurance organizations independently control their solvency on a quarterly basis. Secondly, the insurance supervisory authorities control solvency annually. At the same time, if the normative ratio of assets and liabilities at the end of the year is not met, then the solvency report is submitted by the insurer quarterly.