課程資訊
課程名稱
保險財務管理
THEORY OF INSURANCE FINANCE 
開課學期
95-1 
授課對象
管理學院  財務金融學研究所  
授課教師
周國端 
課號
Fin5007 
課程識別碼
723 U2400 
班次
 
學分
全/半年
半年 
必/選修
選修 
上課時間
星期五2,3,4(9:10~12:10) 
上課地點
管203 
備註
主修保險組必選。
總人數上限:20人 
 
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課程概述

Course Title
The Financial Management of Life Insurance Cooperation
Instructor: David G.Jou, Ph.D. Insurance and Finance

Textbook:
The Financial Dynamics of the Insurance Industry, by Altman and Vanderhoof. Irwin
Related research papers

Grade:
Class Partication: 20%
Paper presentation: 30%
Final exam: 50%

Office Hours: by appointment

Topic I
The Evolution of Life Insurance Industry Operation Risk, Insolvency,
And, Financial Early Warming System
2/23 Introduction
3/2 The analysis of life insurance operation risk: C1, C2, C3, C4
Definition of insurance company insolvency
Reading materials:
1. Special report by NAIC 1994
2. Best review 1992: special report of insolvency study
3/9 The study of life insurance insolvency
Reading material:
1. Cummins(1991), Safety margin
2. Concepts and trends in the Study of Insurer`s Solvency: Kahane, Tapiero, and Jacques
3/16 Comparative studies of early warming system
The review of Financial Early Warming System I
Reading materials:
The special report of risk-based capital by NAIC 1996
3/23 The review of Financial Early Warming System II
IRIS: NAIC regulation
3/30 Insurance Co. Financial Management: Black and Skipper, Ch 30, 31, 32
4/6 The review of Financial Early Warming System III
Classifying Financial Distress in the Life Insurance Industry: Hershbarger, JRI 1990, p118-136
4/13 Risk-based Capital Requirement for Property-Liability Insurers: Cummins, Harrington, and Niehaus

Topic II
Insurance Asset Pricing and Capital Structure

4/20 Insurance Asset Pricing Theory: Uritta, Geneva paper
4/27 The Relationship Between Capital Structure, Interest Rate Sensitivity, and Market Value in the P/L Insurance Industry: Staking and Babbel, JRI 1995, p690-718

Topic III
Asset and Liability Management

5/3 Cash Flow Approach I:
General Insurance Company in terms of Emerging Costs: Daykin
5/10 Cash Flow ApproachI I:
General Insurance Company in terms of Emerging Costs: Daykin
5/17 Asset Liability Matching in the Life Insurance Industry:
David Babbel

Topic IV
The Fair Value of Insurance Liabilities

5/24 Background on fair value accounting of insurance company assets and liabilities
Reading materials:
Wilkins, and Disks
5/31 Fair valuation of life insurance company liabilities
Reading materials:
Doll et al.----This is a big cake, watch it carefully
6/7 Assets portfolio analysis, Investment vehicles studies, and the examination of Taiwan life insurance investment regulation
6/14 Final exam


 

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