Conditions for ensuring the financial stability of insurance companies. Financial stability of an insurance organization Bank requirements for the stability of an insurance company

The financial stability of an insurance company is understood as such a state of its financial resources, in which the insurer is able to fulfill its current and future financial obligations to all entities at the expense of its own and borrowed funds in a timely manner and in the prescribed volume.

Along with the concept of the financial stability of an insurance company, there is a narrower concept, namely the financial stability of insurance operations. This is the ability of the insurer to maintain a balance between income from insurance activities and the costs of fulfilling obligations to policyholders. A sign of the financial stability of insurance operations is considered to be a deficit-free financial result from their conduct.

The concept of financial stability in the field of insurance activities is somewhat different from the same concept applicable to other sectors of the economy. A non-insurance company, using borrowed funds, usually knows exactly when and how much it needs to pay its business partners.

In an insurance company, things are different. The insurer forms the main part of its assets at the expense of borrowed funds, however, it can estimate the timing and amount of upcoming payments with a high degree of probability. This circumstance forces the insurer, when fulfilling his insurance obligations, to focus not only on the funds of insurance reserves specially intended for making insurance payments, but also on his own funds, free from fulfilling any other obligations.

The financial stability of the insurance company is ensured by external and internal factors that have certain characteristics (Table 4.7).

Table 4.7. Factors for ensuring the financial stability of an insurance organization

(unmanaged)	1. The state of the country's economy
	2. State of the insurance market
	3. State regulation of insurance activities
	4. The state of the insurance market
	5. State of the infrastructure of the insurance market
	6. State of the stock market
	7. Solvency of the population, etc.
Internal (managed)	1. The size of the insurance organization, its specialization
	2. Development and sustainability of the client base
	3. Organizational structure of management
	4. Balanced insurance portfolio
	5. Composition and structure of insurance reserves
	6. Tariff policy
	7. Reinsurance policy
	8. Investment policy
	9. Cost management, etc.

Of particular importance are, first of all, external circumstances that the company cannot change and to which it is forced to adapt.

External factors include the general state of the national economy, state regulation of insurance activities, the situation in the insurance and stock markets, solvency and consumer preferences of the population.

Internal factors for ensuring financial stability cover the manageable parameters of the insurance organization, including the organizational structure, the balance of the insurance portfolio, the tariff, reinsurance investment policy of the insurer, and so on.

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

The degree of scarcity of funds of the insurance company largely depends on the size of the insurance portfolio (the totality of insurance premiums). To determine the degree of probability of shortage of funds, the coefficient of Professor F.V. Konshin is used:

K \u003d 1 - T / n x T,

where T is the average tariff rate for the insurance portfolio;

n is the number of insured objects.

To assess financial stability as the ratio of income to expenses

for the tariff period, you can use the coefficient of financial stability

insurance fund (K):

K \u003d D + Zf / R,

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

Zf - the amount of funds in reserve funds;

P - the amount of expenses for the tariff period.

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

The financial stability of an insurance company as a system that adapts to changes in the external environment has two features: solvency, that is, the ability to pay its obligations, and the availability of financial potential for development in order to meet possible changes in external conditions.

Solvency is the most important indicator of the reliability of an insurance company, its financial stability and, therefore, the main indicator of the company's attractiveness to potential customers.

The financial potential of an insurance organization is the financial resources that are in financial circulation and used for insurance operations and investment activities.

The financial potential of an insurance organization consists of two main parts - equity capital and borrowed capital, and the attracted part of the capital largely prevails over the equity capital of the insurance company.

In almost all OECD countries, except Korea, one of the conditions for issuing a permit to conduct insurance activities is that the insurance company has a minimum capital, the requirements for which are different in different countries, and in EU countries vary by type of insurance1. In addition to equity or equivalent funds, many EU countries require an organizational fund, which is deposited for several years.

In accordance with Art. 25 of the Law on Insurance guarantees to ensure 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 only their members) include authorized capital, reserve capital, additional capital, retained earnings.

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 this Law.

The minimum amount of the authorized capital of the insurer is determined by paragraph 3 of Art. 25 of the law on insurance.

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 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 law on insurance;

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

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 (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 insured.

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.

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

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 02.11.01 No. 90n as amended on 14.01.05 No. 2n), the equity capital of the insurer is calculated as the sum of the authorized (reserve), 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 redeemed from shareholders, intangible assets and receivables, whose maturity has expired.

The normative ratio of assets and accepted insurance liabilities is understood as the amount within which the insurer must have equity free from any future liabilities, except for 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 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.

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 - the year (12 months) preceding the reporting date and is equal to 16% of the amount of insurance premiums (contributions) accrued under insurance contracts, co-insurance and contracts accepted for reinsurance, for the calculated 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 to the reserve of preventive measures for 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;

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 correction factor is calculated as sum ratio:

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

Changes in the reserve for reported but not settled losses and the reserve for incurred but not reported 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 sum(not excluding the share of reinsurers):

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

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

In the absence of insurance payments under insurance contracts, co-insurance and accrued under contracts accepted for reinsurance in the billing period, the adjustment coefficient is taken = 1.

If, according to the calculation, the correction factor is less than 0.5, then for the purposes of further calculation it is taken equal to 0.5; if greater than 1, then equal to 1.

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

If the actual data on transactions in the type of compulsory insurance for at least 3 years indicate stable positive financial results for each year for the specified type of insurance and if the amount of insurance premiums (contributions) for this type of insurance is at least 25% of the amount of insurance premiums ( premiums) for insurance other than life insurance, then in agreement with

When calculating the first and second indicators for this type of insurance, the Ministry of Finance of Russia may accept less, but not less than two-thirds of the above values.

At the same time, the standard solvency margin for insurance other than life insurance is determined as the sum of the standard solvency margins calculated separately for the types of compulsory insurance indicated above and other types of insurance other than life insurance.

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 the standard solvency margin for insurance other than life insurance

If the standard size of the solvency margin of the insurer is less than the minimum amount of the authorized (share) capital established by the law on insurance, then the legally established minimum amount of the authorized (share) capital is taken as the standard size of the solvency margin of the insurer.

Calculation of the ratio between the actual and standard solvency margin is carried out by the insurer on a quarterly basis.

Actual solvency margin of the insurer should not be less normative solvency margin.

If at the end of the reporting year the actual size of the solvency margin of the insurer exceeded the standard solvency margin by less than 30%, the insurer is obliged to submit a plan to improve its financial position for approval by the Ministry of Finance of Russia. An exemplary financial recovery plan was approved by the order of the insurance supervision of October 24, 1996 No. 02-02/21.

The calculation described above can be presented in a somewhat simplified form:

The following conditions must be met on a quarterly basis:

At the end of the year, this condition is strengthened:

F ≥ 1.3 (Nzh + Ni),

where: N g – the standard size of the life insurance solvency margin is equal to the product of the sum of life insurance reserves and the correction factor K amr 〈 0.85;

Ni is the standard solvency margin for other types of insurance, equal to:

max ( 0.16(S–S rastor –R pm–S obligatory); 0.23 × 1/3 (Payment + ΔRZU + ΔRPNU)) × K correction, where K correction ≥ 0.5

From the analysis of the methodology for calculating solvency described above, we can conclude that with sufficiently large volumes of accepted insurance liability (accrued insurance premiums) for types of insurance other than life insurance, the first indicator of the standard solvency margin will exceed the equity capital of the insurer, free from any future obligations and the actual size of the insurer's solvency margin will be less than its standard size. Therefore, the external development of an insurance company due, for example, to an increase in the volume of insurance must necessarily be accompanied by its internal development (an increase in the authorized capital, reserve capital, profits, etc.)

The net asset value of insurance companies established in the form of joint-stock companies, necessary for assessing the adequacy of the authorized capital, is estimated according to the accounting report in the manner established by the Ministry of Finance of Russia and the Federal Commission for the Securities Market as the difference between the amount of assets accepted for calculation and the amount of liabilities accepted for calculation.

If, at the end of the second and each subsequent financial year, the value of the net assets of an insurance company in the form of a joint-stock company (limited liability company) turns out to be less than the authorized capital, the company is obliged to declare and register in the prescribed manner the reduction in the authorized capital in accordance with the requirements of the legislation of the Russian Federation (Article 90 and 99 of the Civil Code of the Russian Federation).

Under financial stability An insurance organization is understood as the stability of its financial position, provided by a sufficient share of its own capital (net assets) as part of the sources of financing. An external manifestation of the financial stability of an insurance organization is its solvency, which, in turn, should be understood as the ability of the insurer to fulfill obligations to pay the sum insured or insurance compensation to the insured or the insured person under insurance contracts.

In accordance with Ch. 3 of the Law on Insurance, which determines the procedure for ensuring the financial stability of insurers in the Russian Federation, the guarantees for ensuring the financial stability of insurance companies are:

• economically justified insurance rates;
• insurance reserves sufficient to fulfill obligations under contracts of insurance, co-insurance, reinsurance, mutual insurance;
• own funds;
• reinsurance system.

Own funds of insurers include authorized capital, reserve capital, additional capital, retained earnings. Sufficient size authorized capital ensures the financial stability of the company at the time of its creation and for the initial period of activity, when the volume of insurance premiums is small. The minimum amount of the authorized capital is determined by the current legislation and the constituent documents of the company. It can be used both to ensure the statutory activities and to cover the costs of insurance payments in case of insufficiency of insurance reserves and insurance proceeds.

The next condition for ensuring financial stability is creation of insurance reserves and funds, which reflect the size of the insurer's obligations for insurance payments that have not been fulfilled at the moment.

The obligation of insurers to form insurance reserves is enshrined in the Insurance Law. In accordance with it, insurers form from the received insurance premiums the insurance reserves necessary for future insurance payments for personal insurance, property insurance and liability insurance.

It should be noted that if an insurance company carries out several types of insurance, then the reserves for each type are formed separately.

Insurance reserves must be formed and placed in accordance with the rules approved by the FFMS of Russia in the following regulations:

• 1) Order of the Ministry of Finance of Russia dated July 2, 2012 No. 100n "On Approval of the Procedure for Placement of Insurance Reserve Funds by Insurers";
• 2) Order of the Ministry of Finance of Russia dated October 18, 2002 No. 24-08/13 "On Examples of Calculation by Insurers of the Reserve for Occurred But Undeclared Losses and the Stabilization Reserve".

The insurer has the right to form insurance reserves in accordance with the regulations contained in the above regulations, as well as in agreement with the Ministry of Finance of the Russian Federation in cases provided for by the Rules for the formation of insurance reserves for insurance other than life insurance, approved by order of the Ministry of Finance of Russia dated June 11, 2002 51n, may calculate other insurance reserves and (or) use other methods of their calculation. The structure of insurance reserves is resulted on fig. 3.2.

Rice. 3.2.

The next factor that ensures the financial stability of the insurer is observance of the normative ratio between assets and liabilities assumed.

Insurers are obliged to comply with the normative ratios between assets and insurance liabilities assumed by them in the amount of the so-called the standard solvency margin. The methodology for calculating these ratios and their standard values ​​are established by the Federal Agency for Supervision of Insurance Activities in accordance with the Regulations on the procedure for calculating by insurers the standard ratio of assets and insurance liabilities assumed by them, approved by order of the Ministry of Finance of the Russian Federation dated November 2, 2001 No. 90n. This methodology does not apply to insurance medical organizations in terms of operations for compulsory medical insurance.

The normative ratio between the assets of the insurer and the insurance liabilities assumed by it (the normative solvency margin) is understood as the amount within which the insurer, based on the specifics of the contracts concluded and the volume of insurance liabilities assumed, must have its own capital, free from any future liabilities, with the exception of the rights claims of the founders, reduced by the amount of intangible assets and receivables, the maturity of which has expired (the actual size of the solvency margin).

The essence of the current methodology for assessing the solvency of an insurance company is to compare the actual size of the solvency margin with the se standard size, calculated according to the data of the assessed insurance company in accordance with the named provision.

Actual margin the solvency of the insurer is calculated as the sum of:

• authorized capital;
• additional capital;
• reserve capital;
• retained earnings of the reporting year and previous years;
• reduced by:
• – uncovered losses of the reporting year and previous years;
• – .debts of shareholders (participants) on contributions to the authorized capital;
• – own shares repurchased from shareholders;
• – intangible assets;
• - Accounts receivable that have expired.

The normative margin is calculated on the basis of the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them separately for life insurance and for insurance other than life insurance.

The normative size of the insurer's solvency margin for insurance other than life insurance is equal to the largest of the two indicators considered below, multiplied by a correction factor.

The first indicator is an indicator calculated on the basis of insurance premiums (contributions) for the 12 months preceding the reporting date. This indicator is equal to 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) but to insurance contracts, co-insurance in cases provided for by the current legislation, for the billing period.

The second indicator is an indicator calculated on the basis of insurance payments, the calculation period for its calculation is three years (36 months) preceding the reporting date. This indicator is equal to 23% of 1/3 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 transferred to the insurer, which the insured (insured, beneficiary) has against the person liable for losses reimbursed in as a result of insurance, 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 for the billing period.

An insurer that has less than three years (36 months) passed from the date of receipt in accordance with the established procedure of a license for insurance other than life insurance until the reporting date does not calculate the second indicator.

The calculation period for calculating the adjustment factor is the year (12 months) preceding the reporting date. The adjustment coefficient is defined as the ratio of the sum of: 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 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, 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 contracts, co-insurance 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 for the billing period.

In the absence of insurance payments under insurance contracts, co-insurance contracts and contracts accepted for reinsurance in the billing period, the adjustment coefficient is taken equal to 1.

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.

An insurer that has less than a year (12 months) elapsed from the date of receipt in accordance with the established procedure of a license for insurance other than life insurance until the reporting date, uses the period from the date of receipt of the license to the reporting date as the calculation period when calculating the adjustment factor.

If the actual data on transactions by type of compulsory insurance for at least three years indicate stable positive financial results for each year for the specified type of insurance and if the amount of insurance premiums (contributions) for this type of insurance is at least 25% of the amount of insurance premiums (contributions) for insurance other than life insurance, then, in agreement with the FFMS of Russia, the interest rates used to calculate the first and second indicators for this type of insurance can be used in amounts less than provided for in the above Regulation, but not less than 2/3 of the set values.

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

If the standard size of the solvency margin of the insurer is less than the minimum amount of the authorized (share) capital, established by Art. 25 of the Law on Insurance, then the legally established minimum amount of the authorized capital is taken as 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 size of the 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 a plan to improve the financial situation. This plan may provide for a change in the size of the authorized capital, the expansion of reinsurance operations, a change in the tariff policy, a reduction in receivables and payables, a change in the structure of assets, as well as the use of other methods of maintaining solvency that do not contradict the legislation of the Russian Federation.

Calculation of the ratio between the actual and standard solvency margin is carried out by the insurer on a quarterly basis.

Another important condition for ensuring the financial stability of insurance organizations is use of the reinsurance system.

The transfer of part of the risks to reinsurance allows solving a number of important problems, including stabilization of the results of the insurer's activities for a long period in case of negative results for the entire insurance portfolio throughout the year; expanding the scale of activities (taking on a large number of risks) and increasing competitiveness; protection of own assets under adverse circumstances. However, the insurance organization must evaluate the economic efficiency of this solution.

The advantage of reinsurance is that the insurer, reinsuring the risks assumed, creates additional guarantees for its financial stability. Consequently, the policyholder receives additional confidence in the full and timely compensation for damage.

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 by 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 amount 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 size of the 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 a plan to improve the financial situation.

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.

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 related to 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 Ministry of Finance of Russia 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 to analyze their financial position on the basis of accounting and reporting data on a quarterly basis.

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.

The concept of financial stability and factors of its components

Financial stability is a broad concept, one of the factors of which is solvency. In addition to solvency, which is one of the determining factors of financial condition, the quality of the latter is influenced by many other factors.

The financial stability of the insurer is determined, firstly, by its solvency reserve, i.e. the value of own funds, and secondly, the degree of protection from catastrophic accidents, i.e. the quality of the insurance portfolio.

The level of inflation has a significant impact on the financial stability of insurance companies. Inflationary processes undermine the incentives for economic growth, increasing the efficiency of production on the basis of scientific and technological progress.

First, there is an impact on the compliance of insurance reserves with the obligations assumed by the insurer.

Secondly, the impact of inflation is different depending on the duration of the insurer's obligations.

Thirdly, inflation has a huge impact on the placement of insurance reserves. In general, in this area of ​​activity, inflation poses the same problems for the insurer as for any other financial companies.

Fourth, inflation affects the investment income of an insurance company as the basis for indexing liabilities.

Finally, fifthly, inflation affects the composition of the insurer's reserves. One of the most common methods of dealing with the outflow of policyholders in a period of inflation is their participation in the profits of the insurer.

Paid up authorized capital; reasonable insurance rates; compliance with the normative correlation of acts and obligations of the insurer; insurance reserves and their placement - components of the financial stability of the insurer

Article 25 of the new version of the Law "On the organization of insurance business in the Russian Federation" provides that "insurers must have a fully paid authorized capital, the amount of which must not be lower than the established minimum amount of the authorized capital." For insurance companies engaged in personal insurance (except for accumulative types of insurance) and property insurance, the minimum authorized capital must be at least 30 million rubles. Insurance organizations engaged in personal insurance, including accumulative types of insurance, as well as property insurance, must have a minimum authorized capital of 60 million rubles.

It is traditionally believed that equity is the indicator that gives a generalized description of the financial stability, size of the company and serves as the main source of acquisition of non-current assets. Long-term financing is of decisive importance for the development of the company. Depending on the chosen strategy, one or another part of equity capital can be considered as a source of coverage of current assets necessary for the company to carry out its statutory activities. In the theory of financial analysis, this part is called own (net) working capital.

In accordance with the current legislation, insurers are obliged to comply with the normative ratios between assets and insurance liabilities assumed by them. The methodology for calculating these ratios and their standard sizes are established by the federal executive body for supervision of insurance activities. In development of this requirement of the law of the Russian Federation "On the organization of insurance business in the Russian Federation", by order of the Ministry of Finance of the Russian Federation dated November 2, 2001 No. 90n, the "Regulation on the procedure for calculating the normative ratio of assets and insurance liabilities assumed by insurers" was approved.

The instruction approved by the order of Rosstrakhnadzor stipulates that in order to ensure solvency, the amount of free assets of the insurer, calculated as the difference between the total amount of assets and the amount of its liabilities, must correspond to the standard amount, i.e. must be respected:

where A is the actual size of the insurer's assets;

About - the actual volume of obligations of the insurer;

H - normative (i.e.

The minimum allowable) amount of excess of the insurer's assets over its liabilities.

At the same time, the normative ratio between the assets of the insurer and the insurance obligations assumed by it (the normative solvency margin) 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 its own capital, free from any future obligations, beyond except for the rights of claim of the founders, reduced by the amount of intangible assets and receivables, the maturity of which has expired.

In accordance with the Rules for the formation of insurance reserves for insurance other than life insurance, approved by order of the Ministry of Finance of the Russian Federation dated June 11, 2002 No. 51n with the latest amendments dated June 23, 2003. In accordance with these Rules, insurance reserves for risky types of insurance include:

Unearned premium reserve;

Loss reserves: a reserve for reported but unsettled losses and a reserve for incurred but unreported losses;

stabilization reserve;

Loss equalization reserve for compulsory civil liability insurance of vehicle owners;

Reserve to compensate for the costs of making insurance payments for compulsory civil liability insurance of vehicle owners in subsequent years;

Other insurance reserves (catastrophe reserve, loss fluctuation reserve).

Reinsurance as a financial transaction that allows achieving financial stability

Reinsurance makes it possible to provide for all these accidents, and therefore the need for reinsurance can be formulated as follows:

Compensation for damage on a single risk;

Compensation for one very large risk;

Compensation for damage associated with the occurrence of one catastrophic event.

Major damage may result from:

Addition of losses for one insured event;

Higher than average number of insured events;

More losses within one year, contrary to the prevailing trend.

Reinsurance has a decisive influence on ensuring the financial stability of the insurer. Firstly, in each individual type of insurance, there are inevitably a large number of very large or especially large risks that one insurance company cannot take on entirely. As far as particularly large risks are concerned, it can either limit its acceptance in accordance with its financial capabilities and choose to co-insure with other insurance companies operating in the same market, or even in different markets, or accept a large share of the risk with the expectation of transferring it part of another insurance or reinsurance company. Which way the insurance company will go depends on the type of insurance chosen, but at the same time, most importantly, this will allow the insurance company to better protect itself in the event of particularly large risks, reducing the level of liability compared to the obligations assumed. In other words, the "large risks" in her portfolio are reduced to a level that allows the insurance company to safely take them.

Secondly, with the help of reinsurance, it is possible to even out fluctuations in the performance of an insurance company over a number of years, since the same principle of risk distribution operates in reinsurance as in insurance. The performance of an insurance company in one year may be adversely affected either by significant losses from a large number of insurance payments caused by the occurrence of one insured event, or by very poor results for the entire insurance portfolio during the year. Reinsurance evens out such fluctuations, thereby achieving stability in the performance of the insurance company over a number of years, and this is extremely important for ensuring the financial stability of the insurer.