文档介绍：Non-bank Financial Institutions
Federal Reserve Bank of New York
Central Banking Seminar
Preparatory Workshop in Financial Markets,
Instruments and Institutions
e Zanjani
October 17, 2005
Financial Assets of Some . Financial Institutions, 3/31/2005
Institution Trillions of Dollars
Life panies
Other panies
Private Pension Funds
Government Retirement Funds
Mutual Funds
panies
Security Brokers and Dealers
Source: Flow of Funds Accounts
Non-bank Financial Institutions
•Their products and services
•How they operate
•How they are regulated
Life panies
Basic roles
1) Provide protection from mortality risk
2) Help finance retirement and bequests
Basic products
1) Whole life insurance
2) Term insurance
3) Annuities
Operation
1) Collect premiums
2) Invest premiums in financial assets
3) Pay obligations to policyholders
Assets - High-grade bonds, mortgage loans, equities
Liabilities - Reserves for expected payments to policyholders
Regulation
•State-level regulation, cooperation through NAIC
•Solvency, prices, and market conduct under state supervision
•Guaranty funds to protect policyholders
Life-Health Insurance Industry
Distribution of Assets as of December 31, 2003
Stock
3%
Mortgage loans
and real estate
10%
Bonds
73% Policy loans
4%
Cash and short-
term investments
3%
Other assets
7%
Source: Best’s Aggregates and Averages
Other panies
Basic roles
1) Provide protection from risk
2) Other services - loss control, underwriting, claims-handling
Types of insurance
•Health
•Property-casualty
- automobile, homeowners’(60%)
- business property
- business liability
- workers’ compensation
Operation and Balance Sheet - Similar to panies
Regulation
- State-level (McCarran-Ferguson Act 1945)
- More rate regulation, less solvency regulation than life insurance
- Guaranty funds
Property-Casualty Insurance Industry
Distrib