پژوهشنامه بیمه
سال سی و چهارم شماره 3 (پاییز 1398)

The main purpose of this paper was to present a more efficient method for measuring the insurance market risk of insurance companies in the model of solvency protocol No. 69 of the Supreme Council of Insurance. The market risk factors of the solvency model address two main issues: firstly, the various methods of calculating these factors and their efficiency have not been properly evaluated and secondly, these factors are for normal conditions and in calculating them, the economic shocks effects are not considered to extract volatility under stress conditions.

We propose a new method that combines two models of Autoregressive Distributed Lags (ARDL) and Generalized Autoregressive Conditional Heteroscedasticity (GARCH). Using the statistical data of Tehran Stock Exchange Index (TEPIX), Economic Growth, Inflation Rate and Exchange Rate in the period of 1999 to 2017 and using the Value at Risk measure (VaR), we modeled the investment market risk in stocks. Three simple variance-covariance methods, AR-GARCH and ARDL-EGARCH models were used. Finally, using the Kupiec back testing, the ARDL-EGARCH model was selected as the best model

Using the method presented in this paper, the risk factor estimation of the market risk of solvency model is more efficient than the other methods

Using the introduced model, the risk factor of investing in the stock market of financial corporations is 39% under normal economic conditions and 86.4% in crisis and stress conditions.

In recent decades, attention has been paid to the dimensions of corporate governance in theoretical research in the field of economic institutions, in particular insurance companies. The purpose of this study is to investigate the impact of corporate governance mechanisms on the solvency of listed insurance companies by using a more efficient model and it compliance with related theories.

This paper explains the impact of selected components of corporate governance (ownership concentration, non-executive members, managerial ownership, and post segregation) and four variables on financial performance (profitability, liquidity, size, and growth of firms) on financial solvency of insurance companies using panel regression, generalized method of moment and artificial neural networks during the period from 2011 to 2017.

The results of this study confirm the relations among solvency ratio and the components of ownership concentration and the existence of a non-executive member of the board of directors in the corporate governance domain, as well as the variables of profitability and size in the field of financial performance of insurance companies in all three models. The results also provide implicit confirmation of agency theory and also it show that nonlinear models are more efficient than linear models in explaining the relationship between financial empowerment and corporate governance and financial components of the company.

Large shareholders have more incentives for management monitoring because the costs associated with management monitoring are less than the expected benefits of large shareholders in the company. In central-owned companies, major shareholders can act as supervisors capable of enhancing the quality of management as well as enhancing the level of performance of the company. Profitability (return on assets) derived from non-operating earnings in insurance companies can lead to overall improvement in corporate fortunes. Larger insurers also tend to offer more information to smaller investors than do smaller companies, which increase the use of equity-based financing.

Surrender of life insurance is one of the issues in the insurance industry, which causes dissatisfaction of customers, their misadvertisement, disturbance of companies' investment plans, lowering the GDP of the country, etc. Since most research focused on considering life insurance surrender from an economic perspective, the main goal of this study was to provide a comprehensive explanation of the causes that would lead to the surrender of life insurance policies in Iran.

Therefore, the present study, using a qualitative method and using the grounded theory strategy (Strauss & Corbin's approach), has estimated the causal conditions, interactions and consequences of the surrender of life insurance by policyholders.

Research data was obtained through interviews with top-level staff and surrender officers of life insurance in insurance companies operating in Iran.

The results show that the causal conditions include dimensions related to the life insurance structure, intervening conditions including dimensions related to the insurer and the insured, and ground conditions including aspects related to the structure of the Iranian society, which would lead to life insurance surrender. With interactions including re-consultation and provision of facilities or lack of consultation, the consequences include cancelation of the surrender and the satisfaction and continuity of life insurance or surrender, dissatisfaction, loss of trust from the insurer and viral advertising against the insurer, respectively. In addition, certain conditions such as economic or political instability at macro level and the policyholder job status and her/ his income at micro level, as well as the substantial characteristics of life insurance such as complexity, being long-term and intangibility, affect life insurance surrender. Accordingly, it is suggested that the training of agents and other sales intermediaries and their ethical behavior be considered by insurers.

The main purpose is to design a comprehensive and practical model for calculating the market risk of the insurance industry index in the stock market. The side goal is to test the behavior of the index for regime transitions in different time periods.

The approach used to achieve goals is to utilize the “Value at Risk” approach by combining the Markov regime process in body of the GARCH family models.

The results of the present study show that the return risk of the insurance industry follows regime transfers and has both feedback and leverage effects. Also, the regime behavior of this industry is based on the  distribution function. Also it is transmitted between regimes with different probabilities.

The six-step mechanism designed in this study has advantages such as capability to consider regime transitions, leverage effect, feedback effect based on symmetric and asymmetric distribution functions. The results show that the designed model has higher power than conventional models in measuring the risk index of the insurance industry index.

The present study deals with the comparative study of force majeure incompulsory insurance laws. The basic question that has been considered in this regard is, what does Force Maurer have in the compulsory insurance laws? In other words, is the compensation of the major force-damages in the event of accidents caused by the vehicles to the insurer and the fund for damages?

Descriptive-analytical- The present study is a comparative study compiled using the library method and referencing legal texts and related resources.

The findings of the research indicate that Article 4 of the Compulsory Insurance Act 1968 excludes losses caused by force majeure, such as war, flood, etc. from insurance policy obligations, but in the Law on the Amendments to the Law on Compulsory Insurance of 2008, the inclusion of out-of- The cover of the letter of insurance was deleted, and from the same time it was asked whether, with the removal of the force majeure from the inclusion of this article, compensation for the damage caused by it has been placed by the insurer and the fund. Until the adoption of the new law in 2016, the procedure for the elimination of force majeure was confirmed and repeated beyond the scope of the insurance policy, and, furthermore, the concept of the incident expanded and the phrase "any type of disaster caused by vehicle accidents due to accidents" In anticipation "joined it. What the author intends to emphasize is the comparative analysis of the compensation for major force damages in accordance with the compulsory insurance policy of the insurer and the fund for providing financial damages.

The results of the study indicate that in Iranian law, an accident is considered synonymous with force majeure, so long as the legislator makes no distinction in terms of retribution, between the unexpected incident and the force majeure. Therefore, it must be said that the unforeseen events in this law are in fact those caused by the force majeure or the power of the lawmaker, and the legislator, by obliging the insurer and the fund of indemnity damages to compensate for the unforeseen accident and accident. The responsibility is absolute.

Accounting advantage is one of the nations’ development indexes. On the other hand, investors or creditors may lose due to auditors’ ignorance in their tasks and auditors’ liability insurance can play an important role in compensating losers’ loss. But this type of insurance has not been developed in Iran and insurance companies didn’t accept its related risks. Thus formulating and planning auditors’ liability insurance strategies in Iran have undeniable importance to develop this type of insurance which has been investigated in this research.

  For this purpose research questionnaires distributed between expert members of Iran’s official auditors society (N=30). Also, for data analyzing Delphi technique, SWOT matrix, Analytical Hierarchy Process (AHP), Dematel technique and Analytical Network Process (ANP) methods were used.

Results of applying Delphi technique and SWOT matrix indicated that developing auditors’ liability insurance in Iran is faced with 6 strengths, 6 weaknesses, 6 opportunities and 7 threats. Also, results of applying AHP showed between strengths, transferring auditors’ task risk criteria, between weaknesses, the ambiguousness of auditors’ liability laws and regulations criteria, between opportunities, the nations’ future need to new insurance criteria and between threats, the low insurance culture in Iran, are prior. On the other hand, results of Dematel technique stated that in order to develop the auditors liability insurance in Iran, the low insurance culture in Iran has the first priority.

  Finally, results of ordering the development strategies of auditors’ professional liability insurance using ANP showed that the progress strategy (developing auditors’ professional liability insurance notice to the nations’ feature need) is the best strategy.