Issues in the Regulation of Annuities Markets
AbstractAnnuities are a vital aspect of a growing number of reformed pension systems around the world, and will be of increasing relevance in Europe as reform of generous social security schemes gathers pace. This paper addresses the regulation of annuities, essential to ensure integrity of the system, from three sides; prudential regulation of insurance companies, conduct of business regulation of insurance companies and the regulation of annuities within the overall pension system. We also consider some broader systemic issues that may arise. It is highlighted that the main risks in annuities are traditionally held to relate to errors in mortality and interest rate assumptions, but increasingly credit and broader systemic risks are also coming to the fore. Thematically, we suggest that research into the appropriate response of regulation to the dynamics of competition among annuity providers and the implications of ageing warrant particular study. Further issues bearing directly on regulatory regimes are raised by the Equitable Life debacle and the Japanese experience of life company failure.
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Bibliographic InfoPaper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 26.
Length: 42 pages
Date of creation: Oct 2002
Date of revision:
Publication status: published in Fornero E. and E. Luciano (eds), "Developing an Annuity Market in Europe", Cheltenham: Edward Elgar, 2004
financial regulation; insurance; pensions; annuities;
Find related papers by JEL classification:
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
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- Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, October.
- Ferro, Gustavo, 2008. "On annuities: an overview of the issues," MPRA Paper 20209, University Library of Munich, Germany, revised Oct 2009.
- Monika BÜTLER, 2003. "Mandated Annuities in Switzerland," Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP) 03.08, Université de Lausanne, Faculté des HEC, DEEP.
- Ferro, Gustavo, 2008.
"Un impulso al mercado de rentas vitalicias en España
[Promoting the annuities market in Spain]," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.
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