• Title/Summary/Keyword: 보험회사

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The Risk Implication of Ownership Structure: Focused on Korean Life Insurance Companies (유배당보험상품에 대한 재무론적 분석)

  • Lee, Kun-Ho;Wee, Kyeong-Woo;Jun, Sang-Gyung
    • The Korean Journal of Financial Management
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    • v.24 no.2
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    • pp.147-181
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    • 2007

  • Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

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A Study on the Separate Account related with the Valuation of Investment Securities and Profits Sharing in Korea Life Insurance Company (생명보험회사 투자유가증권평가 및 이익배분과 관련한 구분계리에 관한 연구)

  • O Dong-Il
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.7 no.3
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    • pp.483-493
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    • 2006

  • The purpose of the study is to make a proposal of how to improve the separate account in Korean life insurance accounting and regulations. A separate account is required to improve the transparency of accounting and fairness of dividing the profit between company and lift insurance contractors. A separate account may be the first step to solve this conflict by clearing the profit sharing of shareholder's and contractor's of the insurance with dividend. The separate account should be designed to reflect the real economic consequences of insurance company and consider the real outcome of the performance-based insurance commodities. The separate account should contain the rules of IASs and KASs. If a separate account is successfully settled down, the portions of contractor's dividend and the dispute about initial public offering of insurance companies can be solved gradually.

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A Study on Data Interface for Payment Business Process on ERP Implementation (ERP 구축을 통한 지급 프로세스 개선을 위한 데이터 공유 사례 연구)

  • Seong-Woon Cheong;Hyunsik Choi
    • Annual Conference of KIPS
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    • 2008.11a
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    • pp.466-468
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    • 2008

  • 대외 기관과의 통신이 필요한 대부분의 시스템은 운영의 효율성을 고려하여 대외 망을 한 시스템에서 집중 관리 하고 있다. D-보험회사에서는 이러한 기능을 회계시스템으로 관리하고 있다. ERP(Enterprise Resource Planning) 시스템 구축을 통하여 보험회사 지급 프로세스는 개선 되었다. 이러한 지급 프로세스가 개선되기 위하여는 기본적으로 ERP 시스템과 회계 시스템과의 인터페이스를 통한 데이터공유가 필요하다. 본 논문에서는 D-보험회사에 적용된 데이터 공유 모델(EAI 시스템을 통한 비동기식방식)을 설명하며, 그 결과로 지급 프로세스 개선을 통한 지급업무 상위부서 집중화, 부실 증빙 방지, 사업비 통제의 효과를 제시한다.

  • https://doi.org/10.3745/PKIPS.y2008m011a.466 인용 PDF