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Discontinued German life insurance portfolios: rules-in-use, interest rate risk, and Solvency II : Table of Contents

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Abstract:
Purpose – This paper seeks to provide an overview on potential impacts German primary life insurers are exposed to in relation to upcoming Solvency II regulation and potential strategic choices, especially in the light of halting low-interest rates. Given a large degree of complexity, the paper aims at giving some guidance to decision makers considering a discontinuation of underwriting. Design/methodology/approach – The paper builds upon current observations made in the German primary life insurance industry, especially, recent strategic decisions of two market participants to discontinue their life insurance carriers. On the background of low-interest rates but yet guaranteed interest participations and additional capital requirements arising from Solvency II, the paper illustrates the strategic options life insurers have in the German market, given the specific market environment. Findings – Regulatory capital requirements of Solvency II will sanction guarantee products in a way that for some insurers life products will become unattractive. As there is evidence in the market that some participants have started to consider the run-off option for selected carriers, the paper finds that this option may represent an appropriate consequence not only for foreign insurers ceasing their business in Germany but also for domestic insurance groups. Given the specific rules-in-use in the German primary life insurance market, the paper discusses the controlled run-off approach as a strategic option for selected life insurers, enabling a harvesting strategy through maximizing cash flows from existing liabilities while avoiding further investments. Originality/value – Discussions in this paper help to bring into focus the strong challenges by both the upcoming regulatory Solvency II and current market conditions. The brief case study included in this paper may illustrate the implications as well as some crucial success factors of discontinued life business.

Compensating victims of bankrupted financial institutions: a law and economic analysis : Table of Contents

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Purpose – The purpose of this paper is to understand the incentive effects of existing compensation mechanisms in case of the bankruptcy of a financial institution. Design/methodology/approach – The paper uses insights of law and economics to predict the effects of compensation mechanisms on the incentives of depositors, financial institutions, financial regulators and government. Findings – The paper shows that the current compensation system in The Netherlands will not provide sufficient incentives for all stakeholders to prevent the failure of a financial institution. Adjustments to this system are necessary to improve these incentives. Original/value – The paper examines for the first time the impact of different compensation mechanisms on the incentives of multiple stakeholders. It also shows how these mechanisms influence each other regarding their incentive generating capability. These findings offer important insights for policy makers.

The institutional framework against money laundering and its underlying predicate crimes : Table of Contents

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Purpose – The purpose of this paper is to underscore the current supranational anti-money laundering (AML) regimes articulating challenges of harnessing them as a robust framework. Some aspects of the above framework are created under the auspices of the United Nations treaties, some are regional-based initiatives while others are ad hoc arrangements. Design/methodology/approach – The paper was written on the basis of the supranational framework against money laundering such as the United Nations Convention against drug trafficking and other psychotropic substances. Owing to the limitations of the above AML model law, the paper utilised a qualitative research methodology, exploring a wide range of the current AML regimes. The paper has also exploited the revised AML framework which expands the scope of the offence to encompass, not only proceeds from drug trafficking but also serious criminal activities (smuggling, fraud, serious financial crimes, and the sale of stolen goods). Ideally, the paper has been written based on the provisions of the United Nations Convention against transnational organised crimes and its attendant three protocols adopted in Palermo (2000); and the Financial Action Task Force (2004). The foregoing regimes underscore an essential framework for the study of money laundering and its attendant predicate offences globally. Findings – The findings of the study clearly demonstrate that the current AML framework is not robust enough to caution countries against the threat of money laundering. There is a gaping gap in the law of money laundering within and between regions even though there is a global framework in place. This is presumably the reason why some countries have not fully transposed some aspects of current AML regimes locally. Social implications – The gaps in the law against money laundering – both in relation to the way they are created and enforced signify that states still need to do more collectively to stem the threat of money laundering. The current intransigence in application of AML laws in some countries sign-post the inherent challenges of globalisation of international finance. Originality/value – While there is a growing body of literature generated on supranational AML regimes, this paper is distinctly based on the interplay of global and local factors in harnessing it. Thus, the research design of this paper is connected by two strands – a review of existing supranational AML framework and the inherent challenges faced by individual states in domesticating it. The paper is also written based on some practical experiences of harnessing global AML regimes in some countries.

1st Quarter 2011 Review of Florida Property Writers Released by Demotech, Inc.

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COLUMBUS, Ohio, July 22, 2011 /PRNewswire/ -- As a recognized industry leader providing Financial Stability Ratings® (FSRs) for the Property & Casualty insurance industry, Demotech, Inc. has released the Florida Quarterly Review (FQR) - 1st Quarter 2011 at the request of reinsurance brokers

Visa Inc. Board of Directors Declares Dividend

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SAN FRANCISCO, July 22, 2011 /PRNewswire/ -- Visa Inc. (NYSE: V) announced that its Board of Directors had declared a quarterly dividend in the aggregate amount of $0.15 per share of class A common stock (determined, in the case of class B and class C common stock, on an as-converted basis) payable

Fidelity National Timber Resources, Inc. Announces Plans to Open a Tom Weiskopf Designed Golf Course in Spring 2012

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JACKSONVILLE, Fla., July 22, 2011 /PRNewswire/ -- Fidelity National Timber Resources, Inc. ("FNTR") a wholly-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), is pleased to announce its plans to open the Tom Weiskopf designed golf course tentatively named The Rock Creek Club of Idah

EmanuelDerman: @umairh Reminds me of line from Tender is the Nite "I taught my children manners so that the world wouldn't have to knock manners into them"

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EmanuelDerman: @umairh Reminds me of line from Tender is the Nite "I taught my children manners so that the world wouldn't have to knock manners into them"

Guter Artikel in der #WIWO über High Frequency Trading http://v.gd/lX43uz Gewinne des HFT ~ 20 Mrd $ jährlich #DeusExMachina #Algotrader


EmanuelDerman: DT @theocasey My editor said she'd email it to you. Give her till Mon, else I'll email my rough PDF.

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EmanuelDerman: DT @theocasey My editor said she'd email it to you. Give her till Mon, else I'll email my rough PDF.

âIt's a very sensitive market right now. You have any bit of news, bad or good, and the Hedge Funds are all over... http://fb.me/1am6p6kFN

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“It's a very sensitive market right now. You have any bit of news, bad or good, and the Hedge Funds are all over... http://fb.me/1am6p6kFN

FT.com / Capital Markets - Hedge funds wary of high leverage http://lnkd.in/n6NVTd

Poll: 64% say RAISE TAXES on Hedge Funds http://ow.ly/5KO1N @JoeNBC @morningmika @michaelsteele @Peggynoonannyc #P2 #P2b

People need to understand liquidity - 3,000 hedge funds can't buy Italian CDS at the top and expect to get paid- trade ranges

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People need to understand liquidity - 3,000 hedge funds can't buy Italian CDS at the top and expect to get paid- trade ranges

K1 Hedge Fund Founder Kiener Is Jailed for 10 Years in Ponzi-Scheme Fraud http://bit.ly/nhABuJ

K1 Hedge Fund Founder Kiener Is Jailed for 10 Years in Ponzi-Scheme Fraud: Kiener used funds from BNP to acquire... http://bit.ly/ojRYaj

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K1 Hedge Fund Founder Kiener Is Jailed for 10 Years in Ponzi-Scheme Fraud: Kiener used funds from BNP to acquire... http://bit.ly/ojRYaj

â¦against hedge fund Highland Capital Management LP over a failed debt deal, ruling that the issues involved had already been decided.

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…against hedge fund Highland Capital Management LP over a failed debt deal, ruling that the issues involved had already been decided.

CDS moves in Europe this morning imply a number of hedge fund blowups, fyi

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CDS moves in Europe this morning imply a number of hedge fund blowups, fyi

Ray Dalioâs Richest and Strangest Hedge Fund http://t.co/WEdlWv8 via @NewYorker

The Head Of The World's Biggest Hedge Fund Sees "Economic Collapse" Due To Money Printing By Early 2013 http://t.co/aNMz3wU

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The Head Of The World's Biggest Hedge Fund Sees "Economic Collapse" Due To Money Printing By Early 2013 http://t.co/aNMz3wU

Ray Dalioâs Richest and Strangest Hedge Fund : The New Yorker http://t.co/3otn7gt via @NewYorker

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