| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w6837
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| 来源ID | Working Paper 6837
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| Regulatory Free Cash Flow and the High Cost of Insurance Company Failures |
| Brian J. Hall
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| 发表日期 | 1998-12-01
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | Why is the cost of resolving insurance company failures so high? Evidence in this paper suggests that the state insurance regulatory bodies in charge of the liquidation process turn over an average of only 33 cents for each $1.00 of pre-insolvency assets to the guaranty funds (the state agencies responsible for paying claims). This very low ex ante regulatory failure -- the assets of the company are not worth much, reflecting regulatory problems prior to liquidation. Or the low recovery rate could reflect ex post regulatory failure -- a regulatory version of the 1986). In this latter case, cash-rich liquidators, who pay their own expenses out of the liquidation receipts first, are reluctant to turn over the money from asset sales to the guaranty funds. The evidence suggests that the low recovery rates arise from both types of regulatory failure. |
| URL | https://www.nber.org/papers/w6837
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564348
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推荐引用方式
GB/T 7714 |
Brian J. Hall. Regulatory Free Cash Flow and the High Cost of Insurance Company Failures. 1998.
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文件名：
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w6837.pdf
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格式：
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Adobe PDF
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