The Effect of Solvency Regulations and Accounting Standards on Long-Term Investing : Implications for Insurers and Pension Funds

Clara Severinsoni ; Juan Yermoi iOECD

Organisation for Economic Co-operation and Development

关键词: long-term investing;    pension fund;    defined benefit;    accounting;    solvency;    funding;    insurer;    fair value;    economic value;   

DOI  :  https://doi.org/10.1787/5k8xd1nm3d9n-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

This report reviews recent as well as planned changes to accounting and solvency regulations affecting insurers and pension funds and how they may impact long-term investing by these institutions. The review of existing evidence focuses mainly on the impact of risk-based solvency requirements, identifying instances where such regulations may have driven changes in investment strategies and potentially led to pro-cyclical investment behaviour such as the fire-sale of assets in market downturns. The report concludes with a note of caution regarding the application of strict fair value and risk-based solvency rules.