Solvency and financial stability of the insurance company. Solvency and financial stability of insurance organizations The concept of financial stability and solvency of an insurance organization

Chapter III. ENSURING FINANCIAL STABILITY AND SOLVENCY OF INSURERS

Commentary on Article 25 of the Federal Law “On the organization of insurance business in Russian Federation»

The provisions of this article are aimed at ensuring the stability of insurers operating on Russian market. In this regard, the Law establishes special requirements for such legal entities, which differ to a large extent from the general requirements of the Civil Code of the Russian Federation. The Law forms such requirements as guarantees for ensuring financial stability and solvency.

Financial stability of the insurer is its ability to fulfill its obligations under insurance contracts in case of any change in the economic situation. The basis of the financial stability of insurers is the presence of their paid authorized capital and insurance reserves, as well as a reinsurance system<24>.

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<24>The commentary to this article is presented taking into account the studies contained in the following publication: Mamedova E.A., Shahverdiyeva Z.T. Analysis of the financial stability of the insurer and the assessment of insurance operations // Problems of the modern economy. 2011. N 1 (37); URL: http://www.m-economy.ru/art.php?nArtId=3472.

The financial stability of the insurer is achieved by:

— increase in authorized capital and other own funds insurance organization (along with the authorized capital, own funds include additional and reserve capital, special purpose funds, retained earnings);

— bringing the amount of the authorized capital in line with the amount of net assets in accordance with the law;

- application of properly calculated, differentiated and sufficiently flexible insurance rates;

— formation, in accordance with the procedure established by regulatory and methodological documents, of insurance reserves that guarantee insurance payments;

— compliance with the standard of maximum liability of the insurer for a particular risk;

— reinsurance with insurance of large risks;

— observance of the normative size of the ratio between the assets and liabilities of the insurer;

— reduction of accounts receivable and accounts payable.

To obtain reliable information about the financial stability of the insurer, a number of methods are used. financial analysis, which is based on four evaluation criteria: liquidity (solvency), profitability (profitability), business activity and turnover of financial resources.

If, in practice, financial stability is defined as the potential (balance sheet) ability of a company to pay off its obligations and is associated with an analysis of the structure of the company's sources of funds, then liquidity (solvency) is the ability to cover (pay) liabilities with assets. The solvency of the insurer is determined by the amount of unobligated reserves. To ensure solvency, the value of these free reserves should be the greater, the greater the volume of operations of the insurance company.

The specificity of the concept of the insurer's solvency is manifested in the peculiarities of the formation of obligations and resources for their fulfillment, as well as in the need for additional financial guarantees for the fulfillment of obligations as a reaction to the risky nature of the insurance company's activities. The insurer can guarantee the unconditional fulfillment of its obligations only with its own capital, which acts as an additional financial guarantee of the insurer's solvency. Such a guarantee is the solvency reserve, which, in terms of economic content, represents the insurer's funds free from obligations. If the need for insurance reserves is generated by insurance risk, then the need for a solvency reserve is generated by the risk of the insurer's activities in market conditions.

The main solvency criteria can be formulated as follows:

- due to the fact that the mirror financial condition the insurer is its balance sheet, it determines the solvency indicator. The objectivity of the solvency indicator is determined by the quality accounting;

- solvency - an estimated indicator, and as such should provide an opportunity for comparison both in dynamics (solvency increases or decreases), and territorially (solvency between regions, districts, etc.);

- the solvency indicator is a complex, aggregated indicator. The accuracy of its calculation is determined both by the accuracy of the initial data and by their coincidence in time;

— one of the conditions for ensuring the solvency of insurers is compliance with the normative ratios between the assets and the insurance obligations they have accepted.

Guarantees are the means, methods and conditions by which the implementation of professional activities by the insurer is ensured.

Financial stability (stability) is not only the absence of crises. A system can be considered stable if it:

- Facilitates efficient distribution economic resources both in space and time, as well as other financial and economic processes (for example, saving and investing funds, lending and borrowing, the creation and distribution of liquidity, the formation of asset prices and, ultimately, the accumulation of wealth and the growth of production);

— allows you to evaluate, quote and distribute financial risks and manage them;

— retains the ability to perform these important functions even in the face of external shocks or growing imbalances.

Thus, the purpose of the commented article is the formation of such means and methods that will allow an individual subject to work in the insurance market for the longest possible time.

The law defines a list of guarantees to ensure the financial stability and solvency of the insurer, which include:

1) economically justified insurance rates - the payment of an insurance premium per unit of the sum insured, taking into account the volume of insurance and the nature of the insurance risk. It is usually set as a percentage of the sum insured. The tariff system is built in such a way that there is a range of rates insurance rate, there is a system of discounts, a system of coefficients;

2) insurance reserves sufficient to fulfill obligations for insurance, co-insurance, reinsurance, mutual insurance - funds formed by insurance organizations to guarantee payments insurance compensation;

3) own funds (capital) - funds formed directly by the insurance companies themselves, their founders;

4) reinsurance - a set of relations between insurers for risk insurance. The insurer, accepting a risk for insurance that exceeds its ability to insure such a risk, transfers part of the risk to another insurer.

Own funds (capital) of insurers (with the exception of mutual insurance companies) include authorized capital, reserve capital, additional capital and retained earnings.

Authorized capital represents the amount of funds initially invested by the owners to ensure the statutory activities of the organization. The authorized capital determines minimum size property of a legal entity that guarantees the interests of its creditors. The authorized capital ensures the financial stability of the company at the time of its creation and for the initial period of activity, when the volume of insurance premiums is small.

The minimum amount of the authorized capital is determined by the current legislation and the constituent documents of the company. It can be used both to ensure the statutory activities and to cover the costs of insurance payments in case of insufficiency of insurance reserves and insurance proceeds.

Reserve capital- this is the organization's insurance capital, intended to cover losses from economic activities, as well as the redemption of the organization's bonds and the redemption of its own shares in the absence of other funds.

The creation of reserve capital is carried out in accordance with the legislation of the Russian Federation and the constituent documents of the organization at the expense of its net profit.

Reserve capital (reserve fund) must be created by joint-stock companies. At their own discretion, enterprises of other forms of ownership can also create it, if this is provided for by their constituent documents and accounting policy. In joint-stock companies, a reserve fund is created in the amount provided for by the charter of the company, but not less than 5% of its authorized capital. The reserve fund of the company is formed by mandatory annual deductions until it reaches the amount established by the charter of the company. The amount of annual deductions is provided for by the charter of the company, but cannot be less than 5% of net profit until the amount established by the charter of the company is reached. The reserve fund of the company is intended to cover its losses, as well as to redeem the company's bonds and buy back the company's shares in the absence of other funds. The reserve fund cannot be used for other purposes (for more details see Article 35 federal law dated December 26, 1995 N 208-FZ "On Joint Stock Companies").

Extra capital represents a part of the organization's capital, not related to the contributions of participants and capital gains from profits accumulated over the entire period of the organization's activities.

The sources of additional capital formation are:

— increase in the value of non-current assets based on the results of revaluation;

— share premium;

— positive exchange rate differences arising from the contribution foreign exchange in the authorized capital of the organization;

- funds allocated from the budget and used to finance long-term investments, etc.

Use of additional capital funds:

— repayment of the amount of the decrease in the value of non-current assets as a result of revaluation;

— negative exchange rate differences resulting from the contribution of foreign currency to the authorized capital;

— increase in the authorized capital of the organization;

— distribution of additional capital funds between the founders of the organization;

— in case of disposal of a previously revalued fixed asset<25>.

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<25>See: Bychkova S.M. Accounting financial accounting: Textbook. M: Eksmo, 2008.

retained earnings is the final financial result obtained as a result of the activities of the organization for reporting year; characterizes the increase in capital for the reporting year and for the entire period of the organization's activity (capital accumulation for this period). Distinguish between retained earnings without taking into account the decision to pay dividends (distribution of profits between participants) and retained earnings, taking into account the decision to pay dividends (distribution of profits between participants); the first is shown in the income statement as net income, the second - in the balance sheet.

The profit of the organization can be directed to:

— payment of dividends (income) to the founders (participants) of the organization;

— formation of reserve capital;

— coverage of losses of previous years;

— replenishment of the authorized capital;

— other directions according to the accounting policy.

Thus, the funds of retained earnings can also be used as an additional resource for paying off the obligations assumed by the insurer.

Insurers must invest their own funds (capital) on the terms:

A) diversification. Diversification, i.e. expanding the scope of the campaign by expanding the range, developing new areas of activity, etc. At the same time, it should be taken into account that in relation to insurance companies, the current legislation establishes a number of restrictions, including in terms of permissible types of activities and sources of income. They are not entitled to engage in activities other than insurance and related activities. In this regard, the diversification of insurance reserves and the insurer's own funds in most cases is achieved by expanding the types of insurance activities;

b) liquidity. Liquidity is the most effective indicator that indicates the value of the insurer's assets, i.e. their real market valuation, taking into account the company's position in the market. The insurance reserves and own funds of the insurer must be highly liquid in order to guarantee its stable existence in the market. However, at present, in most cases, the assets of insurers do not have high liquidity, which leads to a massive suspension and revocation of licenses for the right to carry out insurance activities;

V) recurrence. Return - the principle of financial, monetary relations, according to which loan funds, received by the borrower for temporary use, are subject to mandatory and timely return to the creditor, the owner of the funds. The law does not specify in which case the principle of repayment is implemented in relation to the activities of insurers. The practice of the activities of these entities indicates that the principle of repayment is implemented by attracting such a number of clients that will allow compensating the amounts of insurance compensation payments made;

G) profitability. Profitability provides for its different understanding and perception. However, with regard to insurers, it seems appropriate to consider this concept as the rate of profitability and efficiency of the insurer.

Insurers are not entitled to invest their own funds (capital) in promissory notes of legal entities, individuals and issue loans at the expense of their own funds (capital), except for cases established by the insurance supervisory authority.

The insurance supervisory authority, depending on the specialization of insurers, the characteristics of insurance conditions, the introduction of new investment projects establishes a list of assets allowed for investment, as well as the procedure for investing own funds (capital), providing for requirements for issuers of securities and (or) issues of securities depending on the assigned ratings, inclusion in quotation lists by organizers of trade in the securities market, to the structure of assets , in which it is allowed to place part of the own funds (capital) of insurers (including requirements providing for the maximum permitted percentage of the value of each type of asset or group of assets from the amount of the insurer's own funds (capital) or part thereof).

Investment of own funds (capital) is carried out by insurers independently or by transferring part of the funds to the trust management of the management company.

In its activities, any legal entity is faced with a situation in which it is necessary to change the previously established amount of the authorized capital, and such changes can be either upward or downward.

An increase in the authorized capital may be carried out in the following cases:

— attraction additional funds from participants (founders) or additional admission of participants (founders), as well as additional issue of shares or increase in their face value;

- directions for its increase in retained net profit, additional capital, as well as accrued founder's income (dividends);

— receipt by unitary enterprises of additional funds in the form of subsidies from state and municipal authorities.

The authorized capital may be reduced in the following cases:

- withdrawal of participants (founders) from the organization or buyback of shares by a joint-stock company with their subsequent cancellation;

— bringing the size of the authorized capital to the value of the net asset value and repayment at the expense of its uncovered loss, as well as covering the loss by reducing the size of the contributions (shares) of the participants or face value shares;

- Withdrawal of a part of the authorized capital of a unitary enterprise.

The founders can decide to reduce or increase the authorized capital, based on both their own interests and the requirements of the law, which is fully implemented in relation to insurers.

The current legislation imposes special requirements on insurers, since their activities are connected not only with the conclusion of insurance contracts, but also with the production of payments under such contracts. In this regard, as a special guarantee of ensuring the rights and legitimate interests of policyholders, the Law establishes increased requirements for the size of the minimum allowable authorized capital of an insurer, within which the company is liable for its obligations. The amount of such capital directly depends on the potential damage, which is determined by the occurrence of the corresponding insured event. The Civil Code of the Russian Federation provides that the authorized capital of a company determines the minimum amount of the company's property that guarantees the interests of its creditors. It cannot be less than the amount provided for by the Law, i.e. commented normative act.

In para. Clause 1, Clause 3 of this Article imperatively establishes that insurers (with the exception of mutual insurance companies) must have a fully paid authorized capital, the amount of which must not be lower than the minimum amount of authorized capital established by the commented Law.

In this regard, the provisions of the commented Law restrict the freedom of activity of the founders of an insurance company in terms of reducing the authorized capital if its amount is equal to the minimum allowable, taking into account the coefficients established by the Law. Thus, insurers in most cases can make changes in the authorized capital only by increasing it.

Another significant restriction on the freedom of activity of the insurer is the procedure for amending its constituent documents. The law allows for the possibility of changing the size of the authorized capital no more than once every two years, with the obligatory establishment of a transition period (see paragraph 3, paragraph 3 of the commented article). Thus, the Law guarantees the stability of the legal status of the insurer for a certain period of time, as well as the possibility of gradual introduction of changes into force during the transition period, and it should be noted that there are no regulatory requirements for such a period, including its duration, as well as the beginning, end and set of activities to be carried out during this period.

In this regard, the introduction of a transitional period is aimed at the fulfillment of obligations, including for previously incurred payments in a general manner, regardless of the changes made to the constituent documents.

A special guarantee of the stability of insurers is the requirement to contribute exclusively the own funds of the founders (participants) of the respective company to the authorized capital. The explicit prohibition is not formulated, however, in sec. Clause 4, paragraph 3 of the commented article establishes a ban on contributing to the authorized capital of the insurer borrowed money and pledged property. By general rule, established by the Civil Code of the Russian Federation, execution can be levied only on property belonging to the debtor on the basis of ownership. In the case of borrowed funds, the insurer cannot act as their owner, but only uses them on the terms and within the terms established by the relevant agreement. Upon the expiration of the term of the loan (credit), these funds must be returned to their owner - the lender. Property encumbered with a pledge is first of all used to pay off obligations towards the pledgee, if the pledgor has not fulfilled his obligations in a timely manner. The priority of the claims of the pledgee indicates that the claims of other creditors cannot be repaid at the expense of such property, which neutralizes the value of the authorized capital and does not allow ensuring the rights and legitimate interests of policyholders in the event of an insured event.

The minimum amount of the insurer's authorized capital consists of two main components: the basic amount of capital and the coefficients applied to certain types of insurance. The constant component is determined by the provisions of the commented Law.

In para. 2, paragraph 3 of this article provides that the minimum amount of the authorized capital of an insurer engaged exclusively in health insurance, is established in the amount of 60 million rubles. The minimum amount of the authorized capital of another insurer is determined on the basis of the basic amount of its authorized capital, equal to 120 million rubles, and the following coefficients:

1 - for the implementation of insurance of objects provided for in paragraphs 2 - 6 of Art. 4 Laws;

1 - for the implementation of insurance of objects provided for in paragraphs 2 and 3 of Art. 4 Laws;

2 - for the implementation of insurance of objects provided for in paragraph 1 of Art. 4 Laws;

2 - for the implementation of insurance of objects provided for in paragraphs 1 - 3 of Art. 4 Laws;

4 - for the implementation of reinsurance, as well as insurance in combination with reinsurance.

The list of documents confirming the fulfillment of the requirements for the authorized capital of the insurer established by the commented Law is established by the insurance supervisory authority.

Currently, the Order of the Ministry of Finance of the Russian Federation of May 23, 2011 N 63n continues to operate, which approved the List of documents confirming the fulfillment of the requirements for the authorized capital of the insurer, and documents confirming the sources of origin Money, contributed by the founders of the license applicant - individuals to the authorized capital.

Confirmation of payment by the founders (shareholders, participants) of the authorized capital of the insurer in cash is made by submitting the following documents:

- copies of payment orders and (or) other settlement documents confirming the transfer of funds of the founder (shareholder, participant) of the insurer to the settlement account of the insurer as payment for its authorized capital, certified by the signatures of the head and chief accountant and the seal of the bank;

- bank statements on account transactions confirming the transfer of funds as payment for the authorized capital of the insurer, certified by the head, chief accountant and the seal of the bank.

In the case of a non-monetary expression of a share in the authorized capital, the fact of its contribution is confirmed:

- notarized copies of documents confirming the ownership of the founder (shareholder, participant) of the insurer to the property, which is a contribution to the authorized capital of the insurer;

- a copy of the act of acceptance and transfer by the founders (shareholders, participants) of the property insurer as payment for the authorized capital of the insurer;

— a copy of the conclusion of an independent appraiser confirming the valuation of the property contributed as payment for the authorized capital of the insurer;

— a copy of documents confirming the compliance of an independent appraiser with the requirements of Federal Law No. 135-FZ of July 29, 1998 “On Appraisal Activities in the Russian Federation”;

- an extract from the register of rights to real estate and transactions with it, confirming the transfer of ownership of real estate from the founders (shareholders, participants) of the insurer to the insurer, as well as the absence of encumbrances with collateral;

— financial statements of the founders (shareholders, participants) of the insurer, drawn up as of the reporting date preceding the date of registration of the insurer's charter (changes made to the insurer's charter due to an increase in the authorized capital), with a mark tax authority and attaching copies of audit reports (if any);

— the financial statements of the founders (shareholders, participants), the insurer, compiled for the reporting period in which the payment of the authorized capital was made (after the date of submission of the next interim or annual financial statements (respectively), a copy of the said financial statements for the last completed reporting period by as of the reporting date following the deposit of funds to pay for the authorized capital), with a note from the tax authority and copies of audit reports (if any);

- an extract from the book of accounting for income and expenses of organizations and individual entrepreneurs applying a simplified taxation system containing information on the total amount of income and expenses taken into account when calculating the taxable base (income of taxpayers who have chosen income as an object of taxation), from Section I "Income and Expenses" with a certificate attached to Section I for the last completed reporting the period and photocopies of the last page of the said book, containing the signature of the head and the seal of the legal entity, as well as the signature of the official of the tax authority and his seal, certifying the number of pages contained in this book - if the founders (participants, shareholders) of the insurer apply the simplified taxation system;

- copy tax return on tax paid in connection with the application of the simplified taxation system, for the last taxable period— if the founders (participants, shareholders) of the insurer apply the simplified taxation system;

— a certificate from the founder (shareholder, participant) of the insurer on borrowed funds attracted by him over the past two years, containing data on the amount of borrowed funds, the dates and terms of their attraction, the purposes of attracting and directions of actual use, as well as the dates and amounts of repayment of borrowed funds;

- a copy of the agreement on the establishment (creation) of the insurer (or the decision of the sole participant).

Documents drawn up on two or more sheets must be bound, the sheets numbered. On the back of the last sheet of each such document, an appropriate entry must be made on the number of sheets, which is certified by the seal and signature of an authorized person of the organization - the compiler of the document.

Insurers must comply with:

1) requirements for financial stability and solvency in terms of:

— formation of insurance reserves (see commentary to Article 26 of the Law);

— the procedure and conditions for investing own funds (capital) and insurance reserve funds (see Order of the Ministry of Finance of the Russian Federation of July 2, 2012 N 100n “On approval of the Procedure for placing insurance reserve funds by insurers”, Order of the Ministry of Finance of the Russian Federation of July 2, 2012 N 101n "On Approval of the Requirements for the Composition and Structure of Assets Accepted to Cover the Insurer's Own Funds");

— the normative ratio of own funds (capital) and assumed liabilities (see Order of the Ministry of Finance of the Russian Federation of November 2, 2001 N 90n “On approval of the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them”);

2) other requirements established by the commented Law and regulations insurance supervisory authority.

The parent insurance company of the insurance group is also obliged to comply with the listed requirements on a consolidated basis.

The procedure for calculating by an insurance company the normative ratio of own funds (capital) and assumed liabilities (including the determination of the indicators used for such calculation) is established by the insurance supervisory authority. In accordance with the Order of the Ministry of Finance of the Russian Federation dated November 2, 2001 N 90n "On approval of the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance obligations assumed by them" under normative ratio between the assets of the insurer and the insurance liabilities assumed by it(hereinafter referred to as the standard solvency margin) is understood as the amount within which the insurer, based on the specifics of the concluded contracts and the volume of insurance obligations assumed, must have its own capital, free from any future obligations, with the exception of the rights of claim of the founders, reduced by the amount intangible assets And accounts receivable, the maturity of which has expired (hereinafter - the actual size of the solvency margin).

The standard size of the solvency margin of the insurer for insurance other than life insurance is calculated on the basis of data on insurance premiums (contributions) and insurance payments under insurance contracts (main contracts), co-insurance and contracts accepted for reinsurance, related to insurance other than life insurance.

The normative solvency margin of a life insurer is equal to the product of 5 percent of the life insurance reserve and the adjustment factor. The adjustment factor is defined as the ratio of the life insurance reserve minus the share of reinsurers in the life insurance reserve to the value of the specified reserve. If the correction factor is less than 0.85, it is taken equal to 0.85 for calculation purposes.

The normative solvency margin of an insurer providing life insurance and insurance other than life insurance is determined by adding the normative solvency margin for life insurance and the normative solvency margin for insurance other than life insurance.

The actual size of the solvency margin of the insurer is calculated as the sum of the authorized (share) capital, additional capital, reserve capital, retained earnings of the reporting year and previous years, reduced by the amount:

— uncovered losses of the reporting year and previous years;

— debts of shareholders (participants) on contributions to the authorized (share) capital;

— own shares repurchased from shareholders;

— intangible assets;

- Accounts receivable that have expired.

Calculation of the ratio between the actual and standard solvency margin is carried out by the insurer on a quarterly basis. The actual size of the solvency margin of the insurer must not be less than the standard size of the solvency margin of the insurer. The insurer is obliged to quarterly monitor compliance with the ratio between the actual and standard solvency margin.

When calculating the normative ratio of own funds (capital) and assumed liabilities, an insurance company has the right to take into account subordinated loans received by it in the amount not exceeding one-fourth of its own funds (capital).

Under subordinated loan in relation to the commented Law, it is understood that an insurance organization attracts funds under a loan agreement containing the following conditions:

- the provision of funds to an insurance organization is carried out for a period of at least five years without the right to demand them by the lender before the expiration of the specified period;

– the maximum amount of interest accrued on the loan amount cannot exceed the current one on the date of conclusion loan agreement(loan agreement) the refinancing rate of the Bank of Russia increased by 1.2 times.

When determining the normative ratio of own funds (capital) and assumed liabilities, an insurance company is not entitled to take into account subordinated loans received from other insurance companies. This provision does not apply to insurance companies that are subsidiaries and dependent companies of the insurance organization - the lender.

The amounts of subordinated loans issued by an insurance company to its subsidiaries and affiliates are excluded from the calculation of the standard ratio of own funds (capital) and assumed liabilities of the insurance company that issued these subordinated loans.

In case of violation by the insurance organization of the normative ratio of own funds (capital) and the obligations assumed, it is obliged to submit to the insurance supervisory authority a plan for improving the financial situation, the requirements for which are established by the insurance supervisory authority.

Order of the Ministry of Finance of the Russian Federation dated November 2, 2001 N 90n “On Approval of the Regulations on the Procedure for Calculating the Regulatory Ratio of Assets and Insurance Liabilities by Insurers”, in particular, provides that if at the end of the reporting year the actual size of the solvency margin of the insurer exceeds the standard the solvency margin is less than 30%, the insurer submits a financial recovery plan as part of the annual financial statements for approval to the insurance supervisory authority.

The financial recovery plan should include measures to ensure compliance with the ratio between the actual and standard solvency margin at the end of each financial year during which it is planned to be implemented.

The plan indicates specific measures that contribute to the stabilization of the financial situation, indicating the duration of the event and the amount of income (savings) planned to be received from this event. The financial recovery plan is accompanied by a calculation of the ratio between the actual and standard solvency margin planned for the end of each financial year during which the plan is supposed to be implemented. When drawing up a plan, priority should be given to measures that lead to the improvement of the financial situation of the insurer in the shortest possible time.

The plan for improving the financial position may provide for a change in the size of the authorized capital, the expansion of reinsurance operations, a change in the tariff policy, a reduction in receivables and payables, a change in the structure of assets, as well as the use of other methods of maintaining solvency that do not contradict the legislation of the Russian Federation.

The financial recovery plan approved by the head of the insurance organization shall be submitted in two copies. If the plan provides for a change in the authorized capital at the expense of the founders (shareholders), the plan must be agreed with the founders (the date and number of the minutes of the founders' meeting are indicated).

Based on the analysis of the reporting and the submitted financial recovery plan, the insurance supervisory authority makes recommendations to the insurer on improving the financial situation, and also monitors the implementation of measures provided for by the financial recovery plan.

An insurance organization, along with other institutions (banks, stock exchanges, investment funds etc.) constitutes an organic element financial system public economy. The principle of accumulation and subsequent distribution of significant cash flows predetermines the composition and structure of the capital of an insurance company, allocating financial resources as its main part. The latter most often represent, in fact, attracted capital, which for some time constitutes a group of temporarily free funds of the insurer.

The circulation of funds of an insurance organization is not limited to the implementation of insurance operations, it is complicated by the constant involvement of part of the funds in the investment process. This allows you to designate the funds in the turnover of the insurer as its financial potential.

financial potential insurance company are called financial resources that are in economic circulation and used to conduct insurance operations and carry out investment activity.

The mechanism of formation and use of the capital of an insurance company, studied by Professor G. Lukarsh, is shown in fig. 3.3.

At the time of the organization of an insurance company, the first and basic element is equity, which is replenished in the process of activity from various sources.

Carrying out insurance operations involves the accumulation of insurance premiums, and the collection of contributions from all participants insurance fund accompanied by the facts of the fulfillment of the obligations of the insurer to pay insurance compensation to only some of them. From the amount of collected payments (insurance premiums), the insurance company's expenses for doing business, included in the tariff structure, are repaid. The structure of financial resources of the insurance company is presented on fig. 3.4.

Rice.

Rice. 3.4.

The problems of finding the optimal approach to the analysis of the financial condition of insurance companies are not new. Recently, various coefficients and indicators have been widely used to characterize the financial stability and solvency of the insurer, methodically justified and practically tested. IN this section an attempt is made to offer some general methodological approaches to the analysis of the financial stability and solvency of an insurance company.

Under the financial stability of the insurance company is understood as such a state of the organization's financial resources, in which it is able to fulfill its current and future financial obligations to counterparties at the expense of its own and borrowed funds in a timely manner and in the prescribed amount. The basis of the financial stability of insurers is the presence of their paid authorized capital, insurance reserves, as well as a reinsurance system.

Financial stability has certain limits. Upon reaching the lower critical point, i.e. minimum allowable values of indicators of financial stability, the reduction of financial resources may lead to insolvency and bankruptcy of the insurance company.

In addition to the two extreme points - financial stability and insolvency - there are two transitional financial states of the insurance organization - unstable and threshold (Table 3.3).

Table 3.3

Possible options for the financial condition of the insurance company

	Financial condition			Financial insolvency
	sustainable	unstable	threshold		bankruptcy
Solvency	Normal	Variable		Limited	No or limited
Liquidity	Sufficient	low, can increase	low, can increase	rises
Adaptation to the environment			Variable		Variable
Deviations from financial regulations		irregular, individual	Regular	Irregular
Structure	Healthy	Normal	Required restructuring	Required restructuring	Restructuring

An approximate algorithm for analyzing the financial stability of an insurance company.

1. The starting point in determining the approaches to the analysis of the financial stability of an insurance company is to determine the objectives of this analysis. So, the general goal of analyzing the financial stability of an insurance company is to obtain objective, reliable data on its financial position, solvency, financial stability, changes in these indicators in various economic situations, depending on various factors of influence.
2. At the second stage, particular tasks of analyzing the financial stability of an insurance company are determined, which are differentiated according to the following positions depending on:
- - from the use of the results of the analysis: internal or external use, within the framework of public reporting or private;
- - the order of the analysis: planned or unscheduled, comprehensive or selective, mandatory or voluntary, etc.;
- - users of the analysis results: state control bodies, management and founders of the insurance company, insurers, creditors, partners, etc.
3. The given general positions serve to determine the methods, techniques used in the analysis of the financial stability of an insurance company.
4. An analysis of the financial stability of an insurance company can currently be based on the following levels of requirements for its implementation:
- - legislative, i.e. taking into account and within the framework of the requirements and norms of Russian (other) legislation;
- - individual, taking into account and depending on the requirements, claims of users of the analysis results. In this case, author's, systematized and non-systematized approaches are used, including those taking into account the requirements of the law.
5. An analysis of the financial stability of an insurance company can be represented as a management operation consisting of the following elements: subject, object, subject, principles, method (techniques), technique and technology, process, collection and processing of initial data for its implementation; result and costs for its implementation; the subject making the decision based on the results (in particular, it may be the subject of the analysis); making a decision based on the results of the analysis.

Achieving the goals of analyzing the financial stability of an insurance company is possible only with the effective organization of such a process, which in turn depends on the following factors:

- staffing of the analysis: qualifications, professionalism and competence of specialists performing the analysis;
- information support of the analysis: the completeness and reliability of the initial data on the object of analysis, on the basis of which the analysis is carried out;
- scientific and methodological support: objectivity, quality, efficiency and complexity of the analysis, which are ensured by the perfection of the methods of analysis used.
6. The choice of indicators of the financial stability of the insurance company. Indicators of financial stability are generally recognized as the most capacious indicators of the activity of an insurance company, as they characterize its ability to fulfill its obligations both under existing conditions and in the event of probable adverse changes in the external and internal environment.

Indicators characterizing the financial stability and solvency of an insurance company are divided into the following main groups:

1) indicators generated for official reporting in accordance with the requirements of legislation and insurance supervisory authorities;
2) indicators determined depending on the goals of customers, users of the analysis: ratings, expert assessments, etc.

Main indicators (factors) of financial stability insurance company, the status and influence of which is taken into account in any analysis, regardless of its defining characteristics, are as follows:

- tariff policy;
- reinsurance;
- placement of assets;
- sufficient own capital;
- liabilities (including technical reserves).

The last two factors are the basis for determining the financial stability of an insurance company and its solvency in the framework of official financial statements.

Sufficiency analysis equity and liabilities is carried out when calculating the ratio of free assets and assumed liabilities of the insurer.

If the actual amount of the insurer's free assets based on the results of work for the reporting period turns out to be lower than the standard, then measures are taken to improve the financial situation by increasing the size of the authorized capital, expanding reinsurance operations, changing the tariff policy, changing the structure of assets, reducing receivables and payables and etc.

Financial stability of the insurance fund the insurance company is also determined by the indicator of the degree of probability of a shortage of funds (V.F. Konypin's coefficient) in any year:

where TS avg - the average tariff rate for the entire insurance portfolio; P- number of insured objects.

The lower the value of the coefficient, the lower the degree of variation in the volume of the total insurance fund and the higher its financial stability.

The financial stability of the insurance organization is ensured by controllable and uncontrollable factors. Of particular importance are external circumstances that the organization cannot change and is forced to adapt to them, namely:

- the state of the public economy, the economy;
- state regulation of insurance activities;
- conjuncture of insurance and stock market;
- solvency and consumer preferences of the population.

Controlled factors of financial stability cover

internal parameters of the organization, including the following:

- the size of the organization, its specialization;
- development and sustainability of the client base;
- organizational structure management;
- balance of the insurance portfolio;
- composition and level of insurance reserves;
- tariff policy;
- reinsurance policy;
- investment policy;
- cost management, etc.

The concept of financial stability is usually associated with the ability of an insurance organization in any current and future period to fulfill its obligations, primarily under concluded insurance contracts. The level of financial stability of an insurance organization on a specific reporting date is characterized by solvency.

Solvency of the insurance organization- the ability of the insurance company to fulfill all obligations on a specific reporting date. Solvency is an "instant indicator" of financial stability, as it characterizes the financial condition of the insurer at the time of the analysis.

The solvency of the insurer depends on the adequacy of the formed insurance reserves. However, due to the probabilistic nature of risk processes, even an accurate calculation of insurance reserves is not a guarantee of their sufficiency. That's why solvency guarantee is that the insurer has sufficient free, i.e. non-binding funds. These funds are formed from two sources: paid-in authorized capital and profit. To ensure solvency, their size must correspond to the amount of obligations assumed under insurance contracts. The part of free funds that can be used to fulfill obligations under claims in the event of a shortage of insurance reserves is called solvency margin.

Solvency indicators of the insurance company. Solvency indicators include normative indicators for assessing the solvency of determining the amount of net assets, assessing the current solvency.

1. Indicators for determining the value of net assets and comparison with the paid and declared authorized capital serve to determine the correspondence between the size of net assets and the paid (declared) authorized capital. In addition to absolute indicators, relative indicators of the level of net assets in relation to the actually paid authorized capital and indicators of the share of net assets in assets are used.
2. Indicators of current solvency include indicators of current solvency for the company as a whole, as well as for types of insurance activities. The indicators reflect the adequacy of the inflow of funds in the form of insurance premiums to cover current expenses for insurance payments (completed losses) and current expenses for doing business. The optimal value of the indicator is more than 100%, which is possible with the stable operation of the insurance company with a gradual increase in the volume of activities. The indicator can be defined:

Insurance premiums (minus the share of reinsurers) / Insurance payments (completed losses - for types of insurance other than life insurance) + Operating expenses (all indicators minus the share of reinsurers).

3. Solvency indicators used by rating agencies Standard&Poors, Moody's Investors and others:
- - the level of solvency of an insurance company (Solvensy Margin), the minimum values of which in different countries, including Russia, have minor differences and are within 20%, is defined as:

own funds / net premium in reporting period;

Capital Adequacy Ratio, or CAR, is calculated using the following formula:

where Uf (n) - the actual (normative) level of solvency.

The values of the CAR index are given in Table. 3.4.

Table 3.4

Qualitative assessment of the adequacy of coverage by own funds

4. Indicators of the solvency margin or the ratio of the normative and actual sizes of free assets in accordance with the methodology used in the European Union, they characterize the solvency of the insurance company, which is confirmed if the actual value of their own funds corresponds to the standard size, which is considered in three indicators: solvency margin, guarantee fund, minimum guarantee fund.
5. Determination of the actual level of solvency. Certain positions are legally established, which can be considered as free, unobligated own funds. These include:
- - revealed hidden reserves;
- - own capital minus intangible assets (according to the balance sheet);
- - in mutual insurance companies - possible surcharges;
- - in life insurance - expected profits.

Other indicators of impact on the financial stability of the insurance company, their calculation and evaluation of values are given in Appendix 4.

6. The choice of indicators, their grouping, the definition of an integral indicator. At this stage, the relationship between various indicators is revealed, they are grouped or ungrouped to exclude interdependent coefficients. The analysis procedure consists in calculating the distribution and coordination coefficients, as well as in comparing the reporting values with the base ones (planned, average, reporting for previous periods, industry average, competitors' indicators, theoretical, critical) and in constructing their time series. Indicators characterizing the financial stability of an insurance company are divided into groups: absolute, large-scale, structural, relative, incremental. As a general indicator of financial stability a single (integral) indicator can be adopted, obtained depending on the final representation of the financial stability of the insurer, for example:
1) comparison of the values of indicators of the financial stability of an insurance company with the corresponding values for another company, with the average for the insurance market of the region (Russia), for the same company in the previous period, according to standards, planned or expert calculations;
2) calculation and comparison of a complex rating. A comparative conclusion in this case can be made on the basis of the integral indicator of the rating, calculated as the sum of private indicators taken with significance coefficients;
3) identifying a trend in changing the value of the financial stability of an insurance company (determining average values, dispersion, comparing growth, constructing a linear regression);
4) identifying the causes of changes in the indicators of the financial stability of the insurer: identifying correlations, conducting factor analysis, etc.
7. Analysis results control. It is supposed to make certain management decisions that ensure the maintenance or improvement of the indicators of the financial stability of the insurance company. In this regard, special attention should be paid to the issues of financial planning, budgeting of the insurance company.

The methodology for calculating the solvency margin for insurance other than life insurance was established by Directive 73/239/EEC of 24 July 1973, and the Method for calculating the solvency margin for life insurance was established by Directive 79/267/EEC of 5 March 1979.

At present, Directive 79/267/EEC on life insurance has been replaced by Directive 2002/12/EC "Solvency I Life Directive" (the first directive on solvency for life insurance companies), and Directive 73/239/EEC on insurance otherwise, than life insurance, replaced Directive 2002/13/EC "Solvency 1 Non-life Directive" (the first solvency directive for insurance companies providing insurance other than life insurance).

Methodology for calculating the solvency margin used in Russia, approved by the Order of the Ministry of Finance of Russia dated November 2, 2001 No. 90n “On Approval of the Regulations on the Procedure for Calculating the Regulatory Ratio of Assets and Insurance Liabilities by Insurers” and is based on the methodology developed and used in the EU countries since the 70s of the XX century.

According to this provision, the solvency margin is calculated on the basis of accounting and reporting data of the insurer.

The actual solvency margin of the insurer is calculated as the sum of:

- authorized (share) capital;
- additional capital;
- reserve capital;
- retained earnings of the reporting year and previous years, reduced by the amount:

uncovered losses of the reporting year and previous years, debts of shareholders (participants) on contributions to the authorized (share) capital, own shares repurchased from shareholders, intangible assets,

receivables that have expired.

The normative solvency margin of a life insurance insurer is equal to the product 5% life insurance reserve by the adjustment factor.

The adjustment factor is defined as the ratio of the life insurance reserve minus the share of reinsurers in the life insurance reserve to the value of the specified reserve.

If the correction factor is less than 0.85, it is assumed to be 0.85 for calculation purposes.

The normative size of the insurer's solvency margin for insurance other than life insurance is equal to the largest of the following two indicators, multiplied by the adjustment factor.

The first of them is an indicator calculated on the basis of insurance premiums (contributions). The calculation period for calculating this indicator is the year (12 months) preceding the reporting date.

The first indicator is equal to 16% of the amount of insurance premiums (contributions) accrued under insurance contracts, co-insurance contracts and contracts accepted for reinsurance for the billing period, reduced by the amount:

- insurance premiums (contributions) returned to policyholders (reinsurers) in connection with the termination (change of conditions) of insurance contracts, co-insurance and contracts accepted for reinsurance for the billing period;
- deductions from insurance premiums (contributions) under insurance contracts, co-insurance to the reserve of preventive measures for the billing period;
- other deductions from insurance premiums (contributions) under insurance contracts, co-insurance in cases stipulated by the current legislation, for the billing period.

An insurer that has less than a year (12 months) passed from the date of obtaining a license for insurance other than life insurance in accordance with the established procedure until the reporting date, uses the period from the date of obtaining a license to the reporting date as the calculation period when calculating the first indicator.

The second is an indicator calculated on the basis of insurance payments. The calculation period for calculating this indicator is 3 years (36 months) preceding the reporting date.

The second indicator is 23% of one third of the amount:

- insurance payments actually made under contracts of insurance, co-insurance and accrued under contracts accepted for reinsurance, minus the amounts of proceeds associated with the realization of the right of claim transferred to the insurer, which the insured (insured, beneficiary) has against the person liable for losses reimbursed as a result of insurance, for the billing period;

An insurer that has less than 3 years (36 months) passed from the date of receipt in the established manner of a license for insurance other than life insurance until the reporting date does not calculate the second indicator.

The calculation period for calculating the adjustment factor is the year (12 months) preceding the reporting date.

The correction factor is defined as the ratio of the sum:

- insurance payments actually made under contracts of insurance, co-insurance and accrued under contracts accepted for reinsurance, minus the accrued share of reinsurers in insurance payments for the billing period;
- changes in the reserve for reported but not settled losses and the reserve for incurred but not reported losses under insurance, co-insurance contracts and contracts accepted for reinsurance, minus changes in the share of reinsurers in these reserves for the billing period, to the amount (not excluding the share of reinsurers):
- insurance payments actually made under insurance, co-insurance contracts and accrued under contracts accepted for reinsurance for the billing period,
- changes in the reserve for reported but not settled losses and the reserve for incurred but not reported losses under insurance, co-insurance contracts and contracts accepted for reinsurance for the billing period.

In the absence of billing period insurance payments under contracts of insurance, co-insurance and contracts accepted for reinsurance, the adjustment coefficient is taken equal to 1.

If the correction factor is less than 0.5, then for calculation it is taken equal to 0.5, if more than 1 - equal to 1.

An insurer that has less than a year (12 months) elapsed from the date of receipt in accordance with the established procedure of a license to carry out insurance other than life insurance until the reporting date, uses the period from the date of receipt of the license to the reporting date as the calculation period when calculating the adjustment factor.

If the actual data on transactions by type compulsory insurance for at least 3 years indicate stable positive financial results for each year for the specified type of insurance and if the amount of insurance premiums (contributions) for this type of insurance is at least 25% of the amount of insurance premiums (contributions) for insurance other than life insurance , then, in agreement with the Ministry of Finance of the Russian Federation, the amounts of interest used to calculate the first and second indicators for this type of insurance can be used in amounts smaller than provided for in paragraph 7 of the Regulation, but not less than two thirds of the values \u200b\u200bestablished by this paragraph.

At the same time, the standard solvency margin for insurance other than life insurance is determined as the sum of the standard solvency margins calculated separately for the types of compulsory insurance specified in the first paragraph of this clause and other types of insurance other than life insurance.

If the standard size of the solvency margin of the insurer is less than the minimum amount of the authorized (share) capital, established by Art. 25 of the Law on the organization of insurance business in the Russian Federation, then the legally established minimum amount of the authorized (share) capital is taken as the standard size of the solvency margin of the insurer.

The actual size of the solvency margin of the insurer must not be less than the standard size of the solvency margin of the insurer. Calculation of the ratio between the actual and standard solvency margin is carried out by the insurer on a quarterly basis.

If at the end of the reporting year the actual size of the solvency margin of the insurer exceeds the standard size of the solvency margin by less than 30%, the insurer submits a financial recovery plan as part of the annual financial statements for approval by the Ministry of Finance of Russia.

The plan indicates specific measures that contribute to the stabilization of the financial situation, indicating the duration of the event and the amount of income (savings) planned to be received from this event. The financial recovery plan is accompanied by a calculation of the ratio between the actual and standard solvency margin planned for the end of each financial year, during which the plan is supposed to be implemented. When drawing up a plan, priority should be given to measures that lead to the improvement of the financial situation of the insurer in the shortest possible time.

If the insurer fails to comply with the ratio between the actual and standard solvency margin, fails to take measures to improve the financial situation, sanctions are applied to the insurer in accordance with the Law on the Organization of Insurance Business in the Russian Federation.

Ratings of financial stability of insurance companies. A mandatory element of the infrastructure of a developed insurance market are specialized rating agencies that carry out independent assessments of the reliability of insurance companies. Rating- this is a comprehensive assessment of the activities of an insurance company, characterizing its ability to fulfill its obligations to customers in a timely and complete manner. Based on the rating, ranging insurance organizations, i.e. assignment of a certain reliability class.

Rating agencies abroad regularly publish ratings of insurance companies and analytical reviews of their activities. Six rating agencies have worldwide recognition in the field of insurance: A.M. Best Co, Duff&Phelps, Moody's Investor Service Inc., Standard&Poors Corp., Weiss Research Inc. and Fitch Ratings.

International Financial Strength Ratings insurance companies (IFS) assess the financial stability of an insurance company and its ability to timely service priority obligations to policyholders and contractual obligations. A Financial Strength Rating is assigned directly to a company and not to its liabilities, unless otherwise stated (for example, Fitch Ratings may assign a separate rating to an insurance company's debt). IFS can be assigned to insurance and reinsurance companies operating in any of the insurance market segments, including life and medical insurance, property and casualty insurance, mortgage insurance, financial guarantee and title insurance, and the managed care sector .

The Financial Strength Rating does not measure the readiness of an insurance company's management to meet obligations or the quality of its claims handling procedures. In the case of an IFS, the timeliness of payments is considered in relation to both the terms of the contracts and/or the terms of the policies. It also recognizes the possibility of tolerable delays caused by circumstances specific to the insurance industry such as claims handling, fraud investigations and collateral disputes.

The IFS is based on a comprehensive analysis of relevant factors that significantly assess the financial strength of an insurance company, including regulatory solvency characteristics, liquidity, operating performance, financial flexibility, balance sheet strength, management quality, competitiveness and long-term performance.

Ratings are placed in Rating Watch list to notify investors of the existing likelihood of a reasonable change in the rating, as well as the direction of such a change. Typically, a rating is placed on the Rating Watch list for a relatively short period of time.

National rankings are not affected by sovereign risk and allow the use of all levels of the rating scale, from AAA to C. It is important to note that the national rating scale is specific to each country and is designed to meet the needs of a particular local market.

The national scale of a certain country is not linked to the financial strength rating scale of any other national market. Thus, the national scales of different countries or the national scale of a certain country and the international scale of financial strength ratings are not comparable with each other, and their comparison would lead to erroneous conclusions. In order to accurately identify the national market to which a particular rating relates, a special suffix is added to national rating definitions to identify the relevant sovereign state, such as AAA(rus).

Short-term financial strength rating insurance companies, assigned by Fitch (hereinafter referred to as the CS IFS), provides an assessment of the financial condition of an insurance company in the short term and the ability of such a company to meet priority obligations to policyholders and contractual obligations with an expected maturity within one year. The analysis carried out when assigning a CS IFS includes consideration of all the same factors as when assigning financial strength ratings to insurance companies. However, it places more weight on short-term liquidity, financial flexibility, and a company's regulatory solvency characteristics, while less weight is given to longer-term factors such as competitiveness and earnings trends.

Quantitative Financial Strength Rating insurance companies differs from a traditional IFS in the methodology that agencies use. A traditional IFS is determined by an agency rating committee using a methodology that includes a comprehensive analysis of both quantitative and qualitative factors. In such assessments, as a rule, detailed discussions with the management of the rated companies play an important role.

Unlike traditional IFSs, quantitative IFSs are determined solely using a statistical model using data financial reporting. This model incorporates a "rating logic" that reflects the quantitative analysis used in traditional IFS assignments and is subject to review by the rating committee. However, individual ratings are not assigned and are not considered by the rating committee.

A statistical model typically requires at least three years of financial statement data. Despite the limitations associated with using a strictly quantitative rating approach (for example, such factors as the quality of management and relations with affiliates / parent companies are not considered), quantitative IFS allow a reasonable assessment of the independent financial strength of the company and the characteristics of its operations.

The letter “q” is added to the definitions of quantitative IFS. Ratings are reviewed at least once a year. These ratings are not subject to a rating outlook and are not placed on the Rating Watch list, unlike traditional IFSs.

Rating insurance of insurance organizations in Russia began to develop only recently, along with the development of a free market of insurance services. In 2001, the Expert RA rating agency for the first time assigned a reliability rating to several insurance companies. In organizational terms, the rating procedure of the Expert RA agency is similar to the procedures used by foreign rating agencies. However, the modern Russian insurance market is too specific and most classical methods of analysis are not suitable for it. Therefore, the rating scale of international agencies is not yet acceptable for Russian insurers.

The essence of the "Expert RA" methodology is to assess the current level of solvency of an insurance organization and a comprehensive analysis of the possibilities of covering future obligations, i.e. its financial stability (Table 3.5).

	Name	Description
	High level of solvency with high financial stability	In the medium term, there is a high probability of fulfilling obligations under insurance contracts even in the face of significant adverse changes in macroeconomic and market indicators
	High level of solvency with acceptable financial stability	In the short term, the company is highly likely to ensure the timely fulfillment of financial obligations, both current and arising in the course of insurance activities. In the medium term, a high probability of fulfilling obligations under insurance contracts is possible only in conditions of stable macroeconomic and market indicators
	High level of solvency with low financial stability	In the short term, the company is highly likely to ensure the timely fulfillment of financial obligations, both current and arising in the course of insurance activities.

Continuation

Class Name	Description
W Sufficient level of solvency with high financial stability	In the short term, the company is highly likely to ensure the timely fulfillment of all current obligations, as well as minor and medium-sized obligations arising in the course of insurance activities. There is a possibility of financial difficulties in the current state of financial flows in the event of obligations requiring significant payments. However, the company has real opportunities for financial maneuvering in order to fulfill emerging obligations. In the medium term, there is a high probability of fulfilling obligations under insurance contracts even in the face of significant adverse changes in macroeconomic and market indicators
B 2 Sufficient level of solvency with acceptable financial stability	In the short term, the company is highly likely to ensure the timely fulfillment of all current obligations, as well as minor and medium-sized obligations arising in the course of insurance activities. There is a possibility of financial difficulties in the current state of financial flows in the event of obligations requiring significant payments. However, the company has real opportunities for financial maneuvering in order to fulfill emerging obligations. In the medium term, a high probability of fulfilling obligations under insurance contracts is possible only in conditions of stable macroeconomic and market indicators
B 3 Sufficient level of solvency with low financial stability	In the short term, the company is highly likely to ensure the timely fulfillment of all current obligations, as well as minor and medium-sized obligations arising in the course of insurance activities. There is a possibility of financial difficulties in the current state of financial flows in the event of obligations requiring significant payments. However, the company has real opportunities for financial maneuvering in order to fulfill emerging obligations. In the medium term, the probability of fulfilling obligations under insurance contracts depends both on the stability of macroeconomic and market indicators, and on the performance of the company itself in the coming period

Ending

The need to assign a reliability rating to an insurance company is due to the needs of policyholders and other counterparties of insurers and the insurers themselves. Rating of insurance companies indirectly has a positive impact on the development of the insurance market due to open and correct procedures for identifying the reliability of insurance companies.

Under financial stability insurance companies understand the ability to fulfill their obligations with all the property it has. Naturally, the insurer has external and internal obligations. It is accepted to subdivide external obligations into insurance and non-insurance (other). Unless otherwise specified, due to the special significance of insurance obligations, financial stability is primarily understood as the ability of the insurer to fulfill its insurance obligations 1 .

The financial stability of an insurance organization is ensured by sufficient and paid-up authorized capital, insurance reserves adequate to the assumed obligations, as well as by the adopted reinsurance system. The use of the reinsurance system assumes that only those risks remain on the insurer's responsibility, for which he can fulfill obligations, based on his financial capabilities. The criterion of financial stability of the insurer is usually considered to be the sufficiency of insurance reserves and own free funds to fulfill the obligations of the insurer. The most important indicator of the financial stability of the insurer, its reliability, is solvency.

Under solvency insurance company is understood as its ability to fulfill its obligations at any point in time. As in the case of financial stability, when assessing solvency, usually, unless otherwise stated, they understand its ability to fulfill, first of all, insurance obligations.

The condition on the solvency of the insurer is more significant than the condition on financial stability, since it imposes an additional requirement on the company's assets.

_______________________

1 Recently on the world insurance market the practice of selling not insurance, but the so-called financial product, which, along with insurance, includes other services of a financial and credit nature, is developing more and more. For this reason, the importance of other (non-insurance) liabilities of an insurance organization increases, which makes it necessary to take into account all external liabilities, and not just insurance ones, when assessing its financial stability and solvency. The internal obligations of the insurance organization do not have special specifics.

In addition to the fact that they should be sufficient, they should be liquid to the extent necessary to fulfill insurance obligations at any time.

19.4. Assessment of the solvency of an insurance organization

The financial security for the fulfillment of obligations on insurance payments for the insurer is the formed insurance reserves, as well as own funds free from obligations, called net assets. The significance of the last element is due to the fact that the funds of insurance reserves, as a rule, are not enough to fulfill insurance obligations. This is primarily due to the random nature of insurance payments and the fact that in their professional activities the insurer constantly faces technical, non-technical and investment risks (Fig. 19.3)

Since insurance reserves are calculated according to special methods, and therefore their size is quite certain, the assessment of the solvency of an insurance company can be reduced to assessing the adequacy of the size of the insurer's own free funds (net assets), which, together with assets covering insurance reserves, are used to fulfill insurance obligations ( Fig. 19.4)

The excess of the insurer's assets over its liabilities confirms the existence solvency margin(net assets of the insurer) - a positive difference between all the assets of the insurer and its liabilities, which is used to fulfill insurance obligations in case of insufficient funds of insurance reserves. The essence of the current methodology for assessing the solvency of an insurance company is to compare the actual size of the solvency margin (the actual size of the net assets of the insurer) with its standard size, calculated according to the assessed insurance company in accordance with the guidance materials.

The assessment of solvency is carried out in three stages.

Stage 1. Calculation of the standard size of the solvency margin (the standard value of the net assets of the insurer), due to the specifics of the concluded insurance contracts, as well as the volume of obligations accepted for fulfillment.

The instruction assumes an assessment of solvency for an insurance company engaged in life insurance and other types of insurance at the same time, therefore the total standard solvency margin is calculated as the sum of two terms - for life insurance and types of insurance other than life insurance. For other types of insurance than life insurance, the private standard size of the solvency margin, Нр., is calculated by the formula:

Indicator P1 indicates the minimum amount of net assets that an insurance company must have based on its insurance obligations. It is calculated by the formula:

where PR is the amount of insurance premiums for the period for which solvency is assessed (as a rule, one year) under insurance contracts, co-insurance and accepted for reinsurance, reduced by the annual amount of returned insurance premiums, deductions to the preventive measures reserve and other deductions provided for by law.

The P 2 indicator indicates the minimum amount of net assets that an insurance company must have based on the insurance obligations it has fulfilled. It is calculated by the formula:

where CV is the sum of average annual changes in loss reserves and actual insurance payments under insurance contracts, co-insurance and accepted for reinsurance for the previous three years, minus payments received under recourse claims.

The adjustment factor k vyp is calculated for the year preceding the reporting date as the ratio of the amount of net insurance claims (total claims minus the participation of reinsurers) and net changes in loss reserves (total changes minus the participation of reinsurers) to the total amount of insurance claims of changes in loss reserves. In the case when the actual value of the coefficient does not exceed 0.5, its value is taken equal to 0.5; if there was no reinsurance, the coefficient is equal to 1.

For life insurance, the standard size of the solvency margin Nszh is calculated by the formula:

where RSZh - life insurance reserve as of the last reporting date; k - correction factor, calculated as the ratio of the life insurance reserve minus the participation of reinsurers to the value of the specified reserve. In the case when the actual value of the coefficient is less than 0.85, its value is assumed to be 0.85; if there was no reinsurance, the coefficient is equal to 1.

The normative size of the total solvency margin H is calculated by the formula:

If the company is engaged in life insurance and other types of insurance and the calculated standard solvency margin H is less than the minimum authorized capital required by law, H is set equal to this statutory value.

Stage 2. Determination of the actual size of the solvency margin PLf -net assets.

Under Russian law, the actual size of the solvency margin, which indicates the actual solvency, is calculated by the formula:

Mpf \u003d (UK + DC + RK + NP) - (NU + ZA + AP + NA + DZP), where UK is the authorized capital; DK-additional capital; RK-reserve capital; NP - retained earnings of the reporting year and previous years, NU - uncovered losses of the reporting year and previous years; FOR - debt of shareholders (participants) on contributions to the authorized capital; AP - own shares purchased from shareholders; ON - intangible assets; DZP - overdue accounts receivable.

Stage 3. Comparison of the actual size of the solvency margin with the normative one.

If the actual solvent standard is H, i.e. if the ratio Pf ≥ H is observed, we can conclude that the insurance company is solvent. Otherwise, control over the financial recovery of the insurer; carried out by the insurance supervisory authorities.

Within the European Union, solvency assessment is carried out separately for risk insurance companies and life insurance companies. The accession of the Russian Federation to the WTO and the European Union implies, in particular, that the assessment of the solvency of Russian insurance companies should be brought into line with European and world standards.

Introduction

The purpose of this work is to consider the concept of the financial stability of an insurance company: to reveal the essence of the phenomenon, the influencing factors and the possibilities of managing them, as well as the methodology for monitoring the solvency and financial stability of the insurer. The insurance market is an important area of the country's financial and credit system. The specificity of the insurance business and its socio-economic significance requires increased attention to the organization of the work of insurers, their stability and solvency, and the ability to meet their obligations. This problem is especially acute in times of crisis.

The first chapter discusses the factors affecting the financial stability of an insurance company, as well as guarantees of its solvency, taking into account the requirements of Russian legislation.

The second chapter provides an example of an analysis of the financial stability of an insurance company, explains the significance of indicators and their interpretation, and draws general conclusions about the state of OSAO "RESO-Garantia".

In the third chapter, the possibilities of influencing the financial performance of an insurance company are considered, measures are proposed to improve and improve their activities.

The appendices provide a methodology for calculating the financial stability indicators of an insurance company based on reporting: balance sheet(f. 1) and income statement (f. 2).

When writing the work, textbooks were used as sources of theoretical knowledge, legal documents of the Russian Federation. Research publications and Internet resources were used to determine the methodology for assessing the financial stability of insurers.

The concept and guarantees of financial stability and solvency of an insurance company

The insurance business is different from other types of entrepreneurial activity in many ways. First of all, this is a high responsibility that lies on the insurer: due to one mistake of a manager, due to one incorrectly calculated step, not only the activities of the insurer will be endangered, but also damage will be caused to a large circle of insurers. Meanwhile insurance activity is aimed at protecting the property interests of individuals and legal entities in the event of certain events at the expense of monetary funds formed from insurance premiums paid by insurers. Thus, the financial collapse of the insurer affects the interests of a significant number of people.

In order to prevent the insolvency and bankruptcy of insurance companies, it is necessary to identify insurers whose financial condition causes concern at an early stage.

In the insurance business, a financial mechanism is a mechanism for solving complex, usually unstructured problems, with a high degree uncertainty.

The financial stability of the insurer is the preservation of the optimal qualitative and quantitative state of assets and liabilities, allowing the insurance company to ensure the smooth implementation of its activities and its development. This stability is manifested in the constant balance or excess of the insurer's income over its expenses.

In practice, it is customary to distinguish between financial stability and liquidity. Financial stability is defined as the potential (balance sheet) ability of a company to pay off its obligations and is associated with an analysis of the structure of the company's sources of funds. Liquidity (solvency) is the ability to cover assumed liabilities with assets in a specific period of time.

Factors affecting the financial stability of the insurer can be divided into two groups - external and internal. External factors do not depend on the effectiveness of the insurance company, they include economic, political factors, the legislative framework.

Among the internal factors affecting the financial condition of the insurance company, we can distinguish the following:

Policy in the field of setting tariff rates;

Sufficiency of insurance reserves in relation to the assumed obligations under insurance contracts (otherwise, losses and loss of solvency are possible);

Liquidity of own funds, placed mainly in real estate, and sufficient authorized capital;

The effectiveness of the investment policy, excluding the withdrawal from profitable turnover or the loss of part of the funds of insurance reserves and equity;

Balanced insurance portfolio that combines increased risks (up to notorious losses) with modern insurance products.

The policy in the field of establishing tariff rates is reduced to ensuring that the amount of insurance tariffs corresponds to the degree of insurance risk under the contract being concluded. The amount of income of the insurance organization largely depends on the size of insurance tariffs. If the insurer, in order to attract policyholders, regularly underestimates the amount of tariff rates, this will lead to the fact that the amount of collected insurance premiums will be lower than the amount of insurance payments that the insurer will have to make in connection with insured events, which will entail losses from insurance activities. . On the other hand, if the tariff rates are too high, the insurer may lose some of the clients who insure themselves in other insurance organizations.

Financial management in an insurance organization plays a special role in making decisions on the organization of the structure financial turnover while minimizing all the risks of the insurer's activities. Its task is to ensure the stability of the financial position of the insurance organization, to develop measures for the effective management of the financial flows of the insurer. This is done through the use of financial analysis as the basis for optimizing the activities of the insurance company. Its main financial indicators are:

Gross income (receipt of income from insurance and non-insurance activities);

Expenses (insurance payments and general business expenses);

Financial results (profit or loss);

Profitability.

An insurance organization may have income from insurance activities, investments, risk management, consultations, personnel training, from property rental, profit from the sale of fixed assets, material assets and other assets. Income from insurance operations is formed on the basis of insurance payments. They include:

insurance premiums;

The amount of reduction of insurance reserves;

Remuneration and bonuses under co-insurance and reinsurance contracts;

Amounts of reimbursement by reinsurers of the share of insurance payments on risks transferred to reinsurance;

The amount of interest on the deposit of premiums on risks accepted for reinsurance;

Service fees insurance agent, broker and other income received in the course of insurance activities.

Income from the investment activities of insurance companies is divided into income received from the placement of insurance reserves, and income received from the investment of compulsory insurance reserves.

The insurer's expenses are formed in the process of distribution of the insurance fund. The composition and structure of expenses determine two interrelated economic processes: the repayment of obligations to policyholders and the financing of the activities of an insurance organization. In connection with this, the following classification of expenses has been adopted in the insurance business:

Expenses for the payment of insurance compensation;

Contributions to reserves;

Expenses for doing business: organizational, acquisition, collection, liquidation, management.

Organizational costs are associated with the establishment of an insurance company. They belong to the assets of the insurer, as they are investments.

Acquisition costs are related to attracting new insurers and concluding new insurance contracts through insurance agents.

Collection expenses - expenses associated with servicing the cash flow of receipts of insurance payments. These include the costs of preparing receipt forms for receiving insurance payments and accounting registers.

Liquidation expenses are incurred after the occurrence of an insured event and are associated with the elimination of damage from it.

Management expenses include administrative and managerial staff salaries, administrative and maintenance expenses, and expenses for the development of insurance. In financial management, it is believed that in the absence of an “infusion” of funds, a corporation may go bankrupt if the profitability of its operations is below the profitability threshold. That is, the insurance company can afford to reduce the insurance premium as much in competition (to cross the profitability threshold for insurance operations) as much as real profits for other activities allow it to do.

According to Art. 25 of the Law of the Russian Federation of November 27, 1992 No. 4015-1 (as amended on November 29, 2007) “On the Organization of the Insurance Business in the Russian Federation”, the guarantees for ensuring the financial stability of the insurer are:

Economically justified insurance rates;

Insurance reserves sufficient to fulfill obligations under insurance, co-insurance, reinsurance, mutual insurance;

Own funds;

Reinsurance.

Insurance reserves are a set of funds for a designated purpose, formed at the expense of insurance premiums received by the insurer and used by him to ensure insurance obligations assumed. Insurance reserves are formed by the insurer for each type of insurance and in the currency in which insurance is carried out. An insurance organization calculates the amount of insurance reserves when determining financial results from insurance activities as of each reporting date. The insurer forms the following reserves:

1 insurance reserves for types of insurance other than life insurance, which include:

Unearned premium reserve (URP);

Reserve for reported but unsettled losses (RZU);

Reserve for occurred but unreported losses (IBNR);

Stabilization reserve (SR);

Reserve for compensation of expenses for the implementation of insurance payments and direct compensation for losses on compulsory insurance of civil liability of vehicle owners in subsequent periods;

Other insurance reserves.

2 life insurance reserve.

The unearned premium reserve represents the basic insurance premium received under insurance contracts in force in the reporting period and related to the period of validity of the insurance contract that is outside the reporting period. To calculate RNP, types of insurance activities are divided into three accounting groups, each has its own calculation option.

The reserve for reported but unsettled losses is formed by the insurer to ensure the fulfillment of its obligations under insurance contracts that arose in connection with insured events that occurred before the reporting date and the fact of the occurrence of which was declared to the insurance company before the end of the reporting period, but insurance payments for which reporting date were not made.

The reserve for occurred but undeclared losses is intended to ensure the fulfillment by the insurer of its obligations under insurance contracts that arose in connection with the occurrence of insured events during the reporting period, the occurrence of which was not declared to the insurance company in accordance with the procedure established by law or the insurance contract as of the reporting date.

The stabilization reserve is an assessment of the insurer's obligations related to the implementation of future insurance payments in the event of a negative financial result from carrying out insurance operations as a result of the action of factors beyond the control of the insurer, or in the event that the coefficient of completed losses exceeds its average value.

The completed loss ratio is calculated as the ratio of the amount of insurance payments made in the reporting period for insured events that occurred in this period, the reserve for reported but unsettled losses and the reserve for incurred but undeclared losses calculated for losses that occurred in this reporting period, to the amount of insurance earned awards for the same period.

The stabilization reserve for compulsory insurance of civil liability of vehicle owners is formed to compensate the insurer's expenses for making insurance payments and direct compensation for losses in subsequent periods in the implementation of compulsory insurance of civil liability of vehicle owners. It is an assessment of the obligations of the insurer related to the implementation of future insurance payments in the event of a negative financial result from the compulsory insurance of civil liability of vehicle owners as a result of factors beyond the control of the insurer.

The optimality of insurance reserves is understood as the adequacy of their structure and size to the obligations assumed by the insurer under insurance contracts. Evaluate insurance reserves in terms of their sufficiency should be based on the nature of the operations carried out by the insurer. At the same time, the establishment of any standards is quite problematic. Although, if a number of insurance organizations carry out similar insurance operations and the volumes of these operations are comparable, then the size of the insurance reserves formed by them should be commensurate, which means that we can talk about the possibility of establishing uniform criteria. With regard to companies dealing with insurance of rare risks, it is unlikely that any indicator can be introduced here. The insurer's own funds include: authorized capital, additional capital, reserve capital, retained earnings. They are formed at the expense of contributions of the founders and at the expense of the profit received as a result of the activities of the insurer. According to the legislation of the Russian Federation, the minimum size of the authorized capital of an insurer is determined on the basis of the basic size of its authorized capital, equal to 30 million rubles, and coefficients from 1 to 4, depending on the specialization of the insurance company.

In order to ensure their solvency, insurers are obliged to comply with the normative ratio between assets and insurance liabilities assumed by them (normative solvency margin) established by the insurance supervisory authority. Insurers are required to calculate the solvency margin on a quarterly basis.

Insurers that have assumed obligations in volumes exceeding the ability to fulfill them at the expense of their own funds and insurance reserves can insure the risk of fulfilling the corresponding obligations with reinsurers.

The presence of sufficient equity capital is an additional measure designed to ensure the ability of the insurer to meet its obligations. The formation of only insurance reserves does not fully ensure the financial stability of the insurer for the following reasons:

Technical reserves may turn out to be insufficient both due to subjective reasons (insufficient qualification of personnel, weak information base, costs in organizing accounting, deliberate underestimation of them in order to maximize profits), and due to objective circumstances (general deterioration of the situation on the insurance market, manifestation of negative view of unprofitability of factors);

Possible inadequacy of tariff rates to assumed obligations;

The real value of insurance reserves may turn out to be much lower than the value shown in the balance sheet due to a decrease in the value of assets covering insurance reserves;

The insurer may need to expand the range of its operations. The obligations arising from this at the first time cannot be covered by insurance reserves, therefore, their function at this time is performed by free reserves.

Investment activity is another source of income for insurance organizations, which in some cases even compensates for the losses that insurers may have from directly carrying out insurance activities. The risks associated with these operations force insurers to pursue a rather cautious investment policy. The main requirements that it must meet are reliability and profitability. The principles that should guide insurers in the implementation of investment activities are diversification, repayment, profitability and liquidity.

The principle of repayment implies the most reliable placement of assets, ensuring their return in full. The principle of liquidity implies that the general structure of investments should be such that at any time there are liquid funds or capital investments that are easily converted into them. According to the principle of diversification, the predominance of any type of investment over others should not be allowed. The principle of return on investment states: assets must be placed while ensuring these principles, taking into account the situation on the investment market, and at the same time bring a constant and sufficiently high income.

Of fundamental importance in the implementation of investment activities is the assessment of the risk of loss of funds due to the insolvency of organizations in which the funds of insurers are invested. The types of assets in which insurance reserves can be placed are established by Order of the RF Ministry of Finance No. 100-n “On Approval of the Rules for Placement of Insurance Reserve Funds by Insurers”. Usually the foundation investment portfolio insurers are such long-term and liquid investments, such as real estate, which, on the one hand, have high level reliability and can bring significant income, but, on the other hand, their sale can be associated with significant costs. At the same time, such medium- and short-term investments with high liquidity as shares, government securities, funds in bank accounts, must meet the urgent and sudden needs of insurance companies in cash.

The financial condition of an economic entity is a characteristic of its financial competitiveness, that is, solvency, availability, placement and use of financial resources and capital, fulfillment of obligations to the state and other economic entities. The financial condition is the result of the financial policy of the insurer and is determined by the totality of financial and economic factors of the insurance company.

A sufficient amount of own funds or free reserves of the insurer guarantees its solvency under two circumstances - the availability of reasonable insurance reserves and the correct investment policy. At the same time, it is necessary that the insurer's portfolio consists of a very large number of approximately equal risks, or a small number of risks commensurate with the size of the insurer's own funds, which can be achieved through the reinsurance system. Failure to comply with this condition may lead to the fact that in the event of even one insured event, the insurer will become bankrupt.

Since the financial stability of insurers depends on a large number of different factors, the analysis of their financial condition can only be carried out on the basis of a study of a group of indicators that allow one to get an idea of the various aspects of the activities of an insurance organization.

UDC 368(075.8)

FACTORS FOR FINANCIAL SUSTAINABILITY AND

SOLVENCY OF AN INSURANCE ORGANIZATION

Solonina Svetlana Viktorovna Candidate of Economics, Associate Professor

Ovsyanitsky Eduard Sergeevich undergraduate

Krasnodar branch of the Financial University under the Government of the Russian Federation, Krasnodar, Russia

Anufrieva Anna Petrovna teacher

Krasnodar Cooperative Institute (branch) of the Russian University of Cooperation, Krasnodar, Russia

The article considers the factors of ensuring the solvency and financial stability of the insurance company. The classification of types of financial stability and solvency of insurance companies is carried out, the assessment of the tariff policy of the organization is given and the essence of reinsurance is disclosed

Key words: FINANCIAL STABILITY, SOLVENCY, REINSURANCE, TARIFF POLICY OF THE ORGANIZATION, INSURANCE PREMIUM

FACTORS TO ENSURE FINANCIAL STABILITY AND SOLVENCY OF AN INSURANCE COMPANY

Solonina Svetlana Viktorovna Cand.Econ.Sci., associate professor

Ovsyanitsky Edward Sergeevich undergraduate student

Krasnodar branch of the Financial University of the Government of the Russian Federation, Krasnodar, Russia

Anufrieva Anna Petrovna lecturer

Krasnodar Cooperative Institute (branch) of Russian University of Cooperation, Krasnodar, Russia

The article discusses the factors to ensure solvency and financial stability of the insurance company"s howl. It shows the classification of types of financial stability and solvency of insurance companies; assesses the tariff policy of organizations and reveals the essence of reinsurance

Keywords: FINANCIAL STABILITY, SOLVENCY, REINSURANCE, TARIFF POLICY OF ORGANIZATIONS, INSURANCE BONUS

The problem of ensuring the financial stability and solvency of insurance organizations is of particular importance for the effective functioning of the modern economy, since the possibility of implementing the insurance protection of society, designed to ensure economic security, continuity and stability of social reproduction in a dynamic economic environment, depends on its solution.

Due to the fact that the insurance business provides insurance coverage society, the requirements for financial stability and solvency of insurance companies are significantly higher than similar requirements for financial stability and solvency of consumers of insurance services. If for the insurance organizations themselves the provision of financial

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Since the stability and solvency is a direct condition for their existence in the insurance market, then for consumers of insurance services, the financial stability and solvency of insurance organizations acts as a guarantee of the stability of their economic activities. And contribute to the stabilization economic system Insurance companies can, only having financial stability and solvency in a dynamically changing market environment. Maintaining the financial stability and solvency of insurance organizations thus serves as a way to resolve the contradiction between the general goal of insurance - the insurance protection of customers - and its commercial goals as a type of business activity.

The concepts of financial stability and solvency of insurance organizations are intensively studied in the economic literature. However, in the definition economic essence of these categories and their correlation, no single approach has been achieved. Some researchers equate the concepts of financial stability and solvency. So, N.M. Rapnitskaya defines the financial stability of an insurance company as “such a state (quantity and quality) of its financial resources that ensures the fulfillment of accepted insurance obligations, that is, solvency in the face of adverse factors and changes in economic conditions” . GV Chernova believes that the financial stability of an insurance company is “providing guarantees of payments to policyholders by an insurance company under insurance contracts” . S.V. Lukonin understands the financial stability of an insurance company as "its ability to maintain the current level of solvency for some time under possible external and internal impacts on financial flows" . Thus, the financial stability of the insurance organization is associated

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only with the fact that at each moment of time it can make mandatory payments at that moment; it does not matter whether it manages to maintain liquidity, efficiency, etc.

The position of the authors, who do not identify these categories and consider solvency as an external form of manifestation of the organization's financial stability, seems to be more reasoned. Financial stability reflects the internal aspects of the financial condition, characterizing the balance of income and expenses, invested funds and sources of their formation, while solvency characterizes the ability to pay off their payment obligations in a timely manner using available financial resources. At the same time, solvency has an inverse effect on the financial stability of the enterprise, since the full and timely fulfillment of all types of obligations arising from the operations carried out by the insurance organization contributes to maintaining financial stability.

The financial stability and solvency of an insurance organization is determined by the impact of a complex of factors that can be classified according to various criteria (Figure 1).

From the standpoint of a systematic approach, representing insurance organization as a special system economic relations, these factors can be divided into intra-system (internal) and extra-system (external).

Such a classification is the most appropriate for the purposes of managing the financial stability and solvency of an insurance company, since it allows foreseeing certain internal changes in response to external influences that ensure a balance between the external and internal financial environment of an economic entity.

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Figure 1 - Classification of factors of financial stability and solvency of an insurance company

External factors are the result of the impact on the insurance organization of the external environment. They do not depend on the insurance organization and the effectiveness of its work. Among the external factors of an economic nature that have a significant impact on the financial stability and solvency of an insurance company, include the dynamics of bank interest, inflation, the state of the stock market and the taxation system; internal - underwriting, tariff, investment policy of the organization, the availability of insurance reserves in the required amount, the use of the reinsurance system, equity capital adequacy, etc.

Unlike external, internal factors depend on the activities of a particular insurance company. The most important among the internal factors that determine the financial stability of an insurance company are the stability of the insurance portfolio and the stability of the investment portfolio.

Each of these factors is formed under the influence of a number of second-order factors. Thus, among the factors influencing the stability of the insurance portfolio, one can distinguish: underwriting policy (the policy related to the conclusion of insurance contracts), the policy in

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areas of setting tariff rates, the availability of insurance reserves in the required amount, the use of the reinsurance system, the adequacy of own capital.

External and internal factors are closely interrelated. A change in some factors can cause a change in others, and, therefore, their influence on the level of financial stability of an insurance company is interdependent. In particular, the rates for insurance services are formed under the influence of both external (economic situation, risk level, etc.) and internal factors (balance and size of the insurance portfolio, the state of the investment portfolio, the current level of expenses for doing business, etc.).

The state of the investment portfolio is largely determined by the state financial market, the costs of doing business depend on the rate of inflation, the size of the insurance portfolio is determined by the volume of the insurance field, which, in turn, is determined by demographic, social, economic and other factors, in particular such significant ones as business cycle. Thus, the renewal cycle of fixed capital significantly expands the insurance field and opportunities for the growth of the insurance portfolio, both in terms of business risks and property insurance. Thus, the economic cycle acts as one of the important external factors that determine the stability of an insurance company, since it characterizes the possibility of forming a sufficiently large and balanced insurance portfolio. The value of the external environment of the insurance organization is increasing in the context of systemic global and macroeconomic shifts, especially in conditions of financial instability.

A systematic approach to the classification of factors that form the financial stability and solvency of an insurance company, and the study of the scale and nature of the influence of external factors in conditions

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specific economic situation makes it possible to determine the boundaries of the regulation of the activities of the insurance company. It can be concluded that the less stable the economy is, the more opportunities for adaptation the system of financial relations of an insurance organization should have in order to have the characteristics of stability and solvency.

The concentration of the insurance fund is achieved with a steady increase in the number of policyholders and insured objects.

The problem of ensuring the financial stability of the insurance fund can be considered in two ways: as determining the degree of probability of a shortage of funds in any year and as the ratio of income and expenses of the insurer for the past tariff period.

To determine the degree of probability of a shortage of funds in the foreseeable future, the coefficient F.V. Konshin, which is a kind of coefficient of variation (1):

where q is the average tariff rate for the entire insurance portfolio;

n is the number of insured objects.

This coefficient can be applied in cases where the insurance portfolio of the insurer consists of objects with approximately the same sums insured.

The smaller the value of K, the smaller the degree of variation in the volume of the total insurance fund, the higher its financial stability.

The value of the indicator K, as can be seen from the formula, is not affected by the amount of the insurance amount of the insured objects (its value is not in this formula). The indicator is inversely related to the number of

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forged objects and the size of the average tariff rate. In other words, the more insured objects and the higher the insurance rate, the lower will be K, i.e. the degree of variation, and, accordingly, the higher the financial stability of insurance operations.

To assess the financial stability of the insurance fund as the ratio of income to expenses for the tariff period, you can use the following formula:

where is the coefficient of financial stability of the insurance fund;

"- the amount of the insurer's income and funds in reserve funds -

dakh for the tariff period;

^ sum of expenses for the tariff period.

The value of the financial stability ratio should be considered normal when it exceeds one, i.e. when the amount of income for the tariff period, taking into account the balance of funds in reserve funds, exceeds all expenses of the insurer for the same period.

The above formula shows that in order to exceed the income over expenses for the tariff period on the basis of optimal tariffs, it is necessary to have a sufficient concentration of the insurance fund and the availability of a system of reserve funds that allows in unfavorable years to compensate for extraordinary damage and thus ensure the distribution of damage over time.

The problem of strengthening the financial stability of insurance operations is closely related to the equalization of the amounts insured for which various objects are insured. Only in this case, as shown

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F.V. coefficient Konshina, financial stability does not depend on the size of the sum insured. The desire of insurers to equalize the sums insured gave rise to the need for reinsurance, i.e. in the transfer to another insurer of individual objects or part of their value. Reinsurance has become widespread in modern economy. The main task that the reinsurer decides is what part of the cost of large risks to transfer to reinsurance and what part to leave in his insurance portfolio. Among the insurers, specialized clubs are created that deal only with reinsurance.

Thus, reinsurance makes it possible to create an insurance portfolio of an insurer, consisting of risks that are homogeneous in value, and thereby ensure the necessary financial stability of insurance operations.

One of the instruments for forming a balanced insurance portfolio is the reinsurance of certain types of accepted risks. So, for example, prof. F.V. Konshin considers the scatter of the approximate coincidence of the size of insurance sums to be an indicator of the balance of the insurance portfolio, which can be achieved by excess reinsurance. In case of quota reinsurance, if the loss ratio exceeds a certain level, depending on the amount of commissions paid on accepted risks and received on risks transferred to reinsurance, part of the losses will fall on the reinsurers, which will reduce losses and somewhat even out the results.

The size of the incoming insurance premium is determined by the tariff policy of the organization, by which we mean not only the calculation of insurance tariffs as the forecast price of the insurance service, taking into account all the necessary risk factors, discounts and surcharges for specific groups of policyholders / insured objects, but also the further assignment of the actual price when concluding the contract insurance, when additional

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but the prices prevailing in the market are taken into account. Thus, the tariff policy responsible for the formation of one of the incoming cash flows is one of the factors of the insurer's financial stability. Moreover, the ratio of the volume of this flow to the volumes of other incoming flows, as well as the fact that the tariff, in fact, sets the planned profitability of the insurer's work, makes tariff policy one of the most important sustainability factors.

List of used literature:

1. Law of the Russian Federation "On the organization of insurance business in the Russian Federation" dated 27.11. 1992 No. 4015-1 with additions and changes. Art.2., Clause 1. - Reference legal system Consultant Plus. - URL: http://www.consultant.ru.

2. Igonina L.L., Bazyk E.F. Management of financial stability of insurance organizations. - Krasnodar: Atria, 2010.

3. Lukonin S.V. Financial stability of insurance companies and ways to improve it / Insurance business. - 2003. - No. 5.

4. Orlanyuk-Malitskaya L. A. Solvency of an insurance company. - M.: Ankil, 2008. - 152 p.

5. Rapnitskaya N. M. Factors of financial stability of insurance companies in modern conditions / Bulletin of MSTU. - 2010. - V. 13. - No. 1.

6. Chernova G.V. Fundamentals of the economics of an insurance organization for risky types of insurance. - St. Petersburg: Peter, 2005.

7. Molchan A.S. Methodological approaches to anti-crisis financial management /

A. S. Molchan, E. V. Korolyuk; Krasnodar Center for Scientific and Technical Information. Krasnodar, 2008.

8. Starchak Yu.N. Collection of definitions, concepts and terms for the course "Insurance":

tutorial/ Yu. N. Starchak, O. M. Shupilo, A. S. Molchan. Krasnodar, 2010.

1. Zakon RF "Ob organizacii strahovogo dela v Rossijskoj Federacii" dated 27.11. 1992 No. 4015-1 s dopolnenijami i izmenenijami. St.2., p.1. - Spravochnaja pravovaja sistema Kon-sul "tant Pljus. - URL: http://www.consultant.ru.

2. Igonina L.L., Bazyk E.F. Upravlenie finansovoj ustojchivost "ju strahovyh organizacij. - Krasnodar: "Atrii", 2010.

3. Lukonin S.V. Finansovaja ustojchivost "strahovyh kompanij i puti ee povyshenija / Strahovoe delo. - 2003. - No. 5.

4. Orlanjuk-Malickaja L.A. Platezhesposobnost" strahovoj organizacii. - M.: Ankil, 2008. - 152 p.

5. Rapnickaja N.M. Faktory finansovoj ustojchivosti strahovyh kompanij v sovremen-nyh uslovijah / Vestnik MGTU. - 2010. - T. 13. - No. 1.

6. Chernova G.V. Osnovy jekonomiki strahovoj organizacii po riskovym vidam straho-vanija. - SPb.: Peter, 2005.

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7. Molchan A.S. Metodicheskie podhody k antikrizisnomu finansovomu upravleniju /

A. S. Molchan, E. V. Koroljuk; Krasnodarskij Centr nauchno-tehnicheskoj informacii.

Krasnodar, 2008.

8. Starchak J.N. Sbornik opredelenij, ponjatij i terminov po kursu "Strahovanie": uchebnoe posobie / Ju. N. Starchak, O. M. Shupilo, A. S. Molchan. Krasnodar, 2010.

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