Life Insurers, Variable Annuities and Mutual Funds: A Critical Study
Life Insurers, Variable Annuities and Mutual Funds: A Critical Study
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DOI：
10.2307/251521
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发表时间：
1970-03
影响因子：
1.9
通讯作者：
W. R. Sloane
中科院分区：
文献类型：
--
作者：
W. R. Sloane
本文考察了寿险公司进入共同基金和可变年金的程度、原因和影响。在考察了保单准备金、个人储蓄、年度保费、可支配收入、金融机构资产和个人金融资产等数据后，主要结论是，保险公司没有失去产生个人储蓄的准备金份额，而是经历了个人持有的金融资产份额的下降。如果是这样，那么新的活动对该行业来说是一个根本性的变化，对该行业、保险公司和经济都有重大影响。对开发的可取性没有任何价值判断，但强烈敦促该行业重新审查其关于为什么要进入这些新领域的声明，并仔细审查这种从根本上偏离其传统活动的影响。目前，保险业正在发生一个非常重要的现象，应该进行详细的研究。人寿保险公司进入共同基金子公司的所有权或从属关系，以及越来越多的公司提供可变年金，可能是该行业性质的根本性变化。这份文件的目的是(1)研究这种新的参与的当前程度和对进一步发展的预期，(2)研究这种发展的必要性或可取性经常被给出的理由，(3)从对个人储蓄和整个金融市场的影响来讨论这种发展对宏观经济的影响，以及(4)讨论这种发展对保险业本身的影响。1968年3月对保险专员进行的一项调查表明，威廉·R·斯隆博士是德雷克大学工商管理学院的副教授。这篇论文于1968年9月提交。列举50多家已经向个人、团体或两者都提供可变年金的保险公司。(见附录I)。然而，可以肯定的是，这只是一个开始，因为大多数州都需要立法允许提供可变年金，而且大部分州保险部门的答复清楚地表明，无法确定更多公司的一个原因是，他们的立法机构刚刚通过了必要的法律，或者正在这样做。答复表明，有相当数量的公司在等待授权立法。保险部门的回复显示，他们无法透露拥有共同基金或与共同基金有关联的公司的名字，因为这一领域将受到美国证券交易委员会(SEC)的监管。缺乏控制权，甚至不知道寿险公司的共同基金安排，都是暴露出来的，可能是一个令人不安的事实。而关于共同基金隶属关系的数据
This paper examines the extent, reasons, and implications of the entry of life insurers into mutual funds and variable annuities. After an examination of data on policy reserves, personal saving, annual premiums, disposable income, assets of financial institutions, and financial assets of individuals, the main conclusion is that insurance companies are not losing their share of reserve producing savings of individuals, but are experiencing a declining share of financial assets held by individuals. If this is so, then the new activity is a fundamental change for the industry, having significant implications for the industry, insureds, and the economy. No value judgment is made on the desirability of the development, but the industry is strongly urged to re-examine its pronouncements concerning why it is entering these new fields and to examine carefully the implications of this fundamental departure from its traditional activities. A phenomenon of great importance is presently occurring in the insurance industry, one that should be studied in detail. The entry of life insurance companies into ownership or affiliation with mutual fund subsidiaries and the increasingly large number of companies offering variable annuities may be a fundamental change in the nature of the industry. It is the purpose of this paper to (1) examine the present extent of this new involvement and the expectation of further development, (2) examine the reasons frequently given for the necessity or desirability of this development, (3) discuss the macro-economic implications of this development in terms of the effect on personal savings and the finance market in general, and (4) discuss the implications of this development for the insurance industry itself. A survey of insurance commissioners conducted in March, 1968 served to idenWilliam R. Sloane, Ph.D., is Associate Professor in the College of Business Administration at Drake University. This paper was submitted in September, 1968. tify over 50 insurance companies that were already offering variable annuities to individuals, or groups, or both. (See Appendix I). It is certain, however, that this is only a beginning because most states require legislation permitting the offering of variable annuities and the replies from a large percentage of the state insurance departments clearly indicated that one reason no more companies could be identified is that their legislatures had just passed the necessary laws or were in the process of doing so. The replies indicated that there were a substantial number of companies waiting for the enabling legislation. The insurance department replies revealed that they were unable to name any companies owning or affiliated with mutual funds because this area would be regulated by the Securities and Exchange Commission. Tlis lack of control, or even knowledge of the mutual fund arrangements of life companies is revealing and may be a disturbing fact. While data on mutual fund affiliations