The Effect of Solvency Regulations and Accounting Standards on Long-Term Investing : Implications for Insurers and Pension Funds

[摘要] This report reviews recent as well as planned changes to accounting and solvency regulations affecting insurers and pension funds and how they may impact long-term investing by these institutions. The review of existing evidence focuses mainly on the impact of risk-based solvency requirements, identifying instances where such regulations may have driven changes in investment strategies and potentially led to pro-cyclical investment behaviour such as the fire-sale of assets in market downturns. The report concludes with a note of caution regarding the application of strict fair value and risk-based solvency rules.

[发布日期] 2012-12-07 [发布机构] Organisation for Economic Co-operation and Development

[学科分类] 社会科学、人文和艺术（综合）

[关键词] long-term investing;pension fund;defined benefit;accounting;solvency;funding;insurer;fair value;economic value