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Theoretical approaches to life insurance: Problems and ways to overcome them

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dbryz@inbox.ru )

Journal: Financial Analytics: Science and Experience, #4, 2018

Subject This article discusses the life insurance in the key scientific theories, its features, advantages and disadvantages.
Objectives The article aims to identify factors hampering the definition of life insurance in the framework of basic insurance theories. It is also to develop a new scientific approach to the study of life insurers activities.
Methods The work uses substance-over-form concepts as well as the principles of significant insurance risk occurrence as an obligatory criterion of an insurance contract and activities.
Results Insurance risk combinations and insurance payment conditions allow to divide the life insurers' activities into insurance business and financial mediation.
Conclusions and Relevance The main problems of life insurance definition are associated with the heterogeneity of insurance companies' activities. One should divide life insurers' activities into meeting the needs in insurance coverage and attraction of free funds. The allocation of new insurance business requires an individual approach to regulation including financial stability, information disclosure, policyholders' rights protection. Insurance companies can apply the developed approach to insurance classification in accounting, management, and while developing insurance programs. Insurance market regulators can use it in the process of improving the supervision over life insurers.


The process of internal audit in the insurance company during the adoption of a new chart of accounts and sectoral accounting standards

Tsyganov A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( al_ts@rambler.ru )

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dbryz@inbox.ru )

Journal: International Accounting, #9, 2016

Importance Insurance companies in the Russian Federation are to adopt a new Unified Chart of Accounts and sectoral accounting standards starting from 1 January 2017, as prescribed in the Information Letter of the Central Bank of Russia On Commencement of Using the Chart of Accounts and Sectoral Accounting Standards for Non-Credit Financial Institutions.
Objectives The research reviews some aspects of implementing the Unified Chart of Accounts and sectoral standards.
Methods Using general scientific methods of cognition, we examined the process of adopting the new Chart of Accounts and sectoral accounting standards.
Results We propose our own methods for arranging the internal audit of adopting the new Chart of Accounts and sectoral accounting standards in the insurance company. The article provides our recommendations for preparing the plan and report of the internal auditor in the insurance company.
Conclusions and Relevance The adoption of the Unified Chart of Accounts and sectoral accounting standards can be considered as one of the most outstanding facts in the rearrangement of business process in the latest history of the insurance market of the Russian Federation. The internal auditor of the insurance company should be involved in the process. The proposed methods will allow the head of the internal audit department to find the most material aspects of internal audit when the company adopted a new Chart of Accounts and sectoral accounting standards, thus improving the performance of the department.


Specifics of insurance companies' transition to the new Chart of accounts and the industry accounting standards

Bryzgalov D.V. Institute for Financial and Economic Research of Financial University under Government of Russian Federation, Moscow, Russian Federation ( dbryz@inbox.ru )

Journal: International Accounting, #26, 2015

Subject In 2017, Russian insurance companies will have to transfer to a new Chart of Accounts and industry-specific accounting standards. The documents developed by the Bank of Russia introduce significant innovations in accounting practices of insurers, thus approaching to a maximum extent the International Financial Reporting Standards. Over 2015-2016, insurers will need substantial efforts to develop and implement a transition plan and to provide the Bank of Russia with progress reports.
     Objectives The study aims to review the specifics of the transition of insurance organizations to the new Chart of Accounts and industry-specific accounting standards.
     Methods I performed a comparative analysis of the accounting methodology under the current accounting requirements and the accounting methodology based on the new Chart of Accounts and industry standards developed by the Bank of Russia. The article highlights and describes two groups of innovation, i.e. by form and by content, and offers approaches to the development of the new Chart of Accounts and accounting policies under the new requirements.
     Results I have shaped a structure of the transition plan, described the specifics of the new Chart of Accounts and accounting policy, and characterized approaches to computer-aided accounting systems modification.
     Conclusions In 2015-2016, the accounting practices of insurance companies will be influenced by the new Chart of Accounts and industry-specific accounting standards. In particular, insurers will have to develop documents on accounting and reporting methodology, modification of computer-aided accounting systems, and training of accounting personnel in the new accounting requirements.


The specificity of competition and provision of information to policyholders when selling insurance services through dealerships

Bryzgalov D.V. Institute of Financial and Economic Research, Financial University under Government of Russian Federation, Moscow, Russian Federation ( dbryz@inbox.ru )

Journal: Financial Analytics: Science and Experience, #20, 2015

Importance Seeing a drop in sale of new cars, dealerships face a new issue of increasing their income from related activities, first of all, by acting as insurance intermediaries. Insurance intermediaries offer motor insurance and insurance services. In these circumstances, dealers have to pay special attention to the compliance with the insurance legislation in terms of informing the insured, while insurers should consider the specifics of competition in selling insurance services through intermediaries.
     Objectives The objective of the research is to examine the specifics of selling insurance services through car dealerships, including the competition and communication with the insured. The article specifies features of inter-channel competition, describes external and internal factors of insurance companies' competitiveness.
     Methods Using the mystery shopping approach, I examine the insurance companies' recommendations in 90 car dealerships of Moscow.
     Results I scrutinize the approaches car dealerships use to inform the insured in accordance with the effective insurance legislation. According to statistical data of the Central Bank of Russia, I review trends in premiums provided through Moscow-based car dealerships, thus formulating the current external and internal factors of insurers' competitiveness.
     Conclusions and Relevance Following the research, I conclude the insurers should develop internal factors in car dealerships and improve their competitiveness through providing complete information on insurance services to the insured. In selling insurance services through car dealerships, the competition may be regarded as inter-channel competition that is based on intermediary's reference.


Applying insurance mechanisms to increase the availability of mortgage loans for the Russian population

Tsyganov A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( al_ts@rambler.ru )

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( al_ts@rambler.ru )

Yazykov A.D. Financial University under Government of Russian Federation, Moscow, Russian Federation ( usdss@mail.ru )

Semenyuk A.G. Agency for Housing Mortgage Lending, Moscow, Russian Federation ( al_ts@rambler.ru )

Journal: Financial Analytics: Science and Experience, #1, 2015

Importance The problems of acquiring or obtaining affordable housing concern Russian citizens at all times. Mortgage lending is one of possible solutions to the problem of housing, and one of the ways to increase the availability of purchasing an apartment using a mortgage loan is mortgage insurance.
     Objectives The article discusses the conditions, under which the availability of certificate of mortgage insurance reduces the final cost of the purchased dwelling.
     Methods The paper analyzes the data of market survey conducted in 2013 by the Chair of mortgage lending and mortgage insurance of the Financial University under the Government of the Russian Federation on the subject "Research of information environment of the mortgage insurance market in the Russian Federation". These results are based on questionnaires received from 43 credit institutions. The study covered almost all Russian banks involved in mortgage lending except for institutions with State interest in equity.
     Conclusions and Relevance The undertaken study showed that mortgage insurance may lead to additional increase in the mortgage market at the level of 10-15%. The use of mortgage insurance reduces bank's exposure to credit risk, which leads to increased profitability of mortgage lending, and in the future, under competitive environment, to reduction in credit rates and, consequently, enhanced affordability of dwelling purchase and construction.


An impact of Solvency II on the insurance market of the Russian Federation

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( dbryz@inbox.ru )

Journal: Financial Analytics: Science and Experience, #13, 2015

Importance Whereas the insurance market expects some components of Solvency II Directive to be introduced and, in particular, the need to consider insurance risk for purposes of statutory solvency margin calculation, it is relevant to study whether the Russian insurers are prepared for the requirements in question, and what effect the requirements may have on the insurance market of Russia.
     Objectives The research aims at evaluating the effect of Solvency II on the Russian insurance market and forecasting possible modifications arising from the adoption of Solvency II. To achieve the ultimate objective, the research addresses the following tasks: it describes the requirements of Solvency II for the EC in qualitative and quantitative terms, conditions for applying them in the Russian insurance market, and forecasts a possible change in the Russian insurance market influenced with the quantitative requirements of Solvency II.
     Methods Using the economic methods, I analyze quantitative requirements of Solvency II to be ratified for the insurance market and compare qualitative requirements of Solvency II with the Russian regulations and legislation.
     Conclusions and Relevance I conclude that, if some quantitative requirements of Solvency II are adopted in the Russian insurance market in 2015, the Russian market should expect not only the accelerated reduction in numbers of insurance companies, but also changes in the supply shifting to low risk insurance. It is possible to forecast a growth in quantitative requirements in the insurance market in relation to other significant risks, such as credit risk, market risk, and liquidity risk. As for the quantitative requirements of Solvency II, I note the concordance of the Russian legislation with the EC regulations in terms of internal control and audit, and information transparency. Additional improvements should address risk management systems in insurance companies.


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