Türk sigorta sektöründe hayat sigortalarının fon yaratma kapasitesi, yaratılan fonların finansal piyasalarda değerlendirilmesi ve hayat sigortalarında kar payı
Başlık çevirisi mevcut değil.
- Tez No: 71797
- Danışmanlar: PROF. DR. ÖMÜR BABAOĞLU
- Tez Türü: Doktora
- Konular: Bankacılık, Sigortacılık, Banking, Insurance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1998
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Bankacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 177
Özet
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Özet (Çeviri)
-“İl - 3.3.2.Arrangement Related The Dues in order for insurance companies to keep up with their liabilities is possible only when they collect the premiums on time. it is reguired by la.w from agencies to deposit premiums and commisions not later than the second week of the mounth to their insurance companies. Unpaid premiums express the amount that has not been paid by the insurers. Latest preparations allow insurance companies to terminate the contract without any notice when the premiums are not paid on time. 3.3.3.Monetary Regulation Related To The insurance Sector Ali nations that belive in life insurance take necessary incentive actions to develop this sector. The most important of this is the tax exemption that an insurer can deduct from his income against thr premium that is paid. 3.3.4.Arrangement Related To The Garantie And Investments Investment of insurance companies can be grouped in two sections; necessary and compalsory. insurance companies should present indemnities in comparison with the premiums that they collect. indemnities are reserved över mathematical reserves from sickness, accident and non-life branches vhich could not be more than 20 % of the premiums after deducting the cancelled policies. indemnities that are reqired by law are as follovs ; *Cash Turhish Lira ör foreign currencies that are exchanged by the Central Bank of Turkey, *Goverment bonds and goverment approved moveable assets, *Stocks of the goverment participations which holds more than 51% of the shares. *Other capital market instruments that are approved by the goverment. *Re a. l estate that an insurance company has in possesion in Turkey.-1- INTRODUCTION Funds that are created from life insurance are an important part of monetary instruments in capital markets for economically developed, prosperous nations. For an economic development; savings in societies should increase an diverted for an alternative investments. In order for life insurance companies to become an important part of monetary institution, collected premiums should be big. Larger the percentage of premium in total portfolio in life insurance-, better they can transfer funds to capital markets in the long run. Letter of guarantee that life insurance provides gets effected from inflation and does not mean anything at maturity. The best way to get protected from inflation is profit distribution. There are two main parts in our work. Those are ; Fund creating capacity of life insurance in Turkish life insurance sector, utilization of these funds in financial markets and profit sharing in life insurance. At the first part we analized in the Turkish insurance sector the capacity of creating funds and the evaluation of the created funds in the financial markets. At the second part we analized the profit sharing in life insurance. The economic importance of life insurance and its place in financial market from our country point of view, fund sources of life insurance whith economic and social functions of the created funds, factors effect life insurance creating fund capacity, usage of life insurance funds in capital market, are analized under the outline of life insurance capacity of creating funds and the evaluation of the created funds in the financial market at the first part of our work. Concept of profit sharing in life insurance and application systems for profit sharing distribution, profit sharing distribution up to present and existing problems until now, investment funds anJ life insurance are analized under the outline of profit sharing in life insurance at the second part of our work.- ”İl - 3.3.2.Arrangement Related The Dues in order for insurance companies to keep up with their liabilities is possible only when they collect the premiums on time. it is reguired by la.w from agencies to deposit premiums and commisions not later than the second week of the mounth to their insurance companies. Unpaid premiums express the amount that has not been paid by the insurers. Latest preparations allow insurance companies to terminate the contract without any notice when the premiums are not paid on time. 3.3.3.Monetary Regulation Related To The insurance Sector Ali nations that belive in life insurance take necessary incentive actions to develop this sector. The most important of this is the tax exemption that an insurer can deduct from his income against thr premium that is paid. 3.3.4.Arrangement Related To The Garantie And Investments Investment of insurance companies can be grouped in two sections; necessary and compalsory. insurance companies should present indemnities in comparison with the premiums that they collect. indemnities are reserved över mathematical reserves from sickness, accident and non-life branches vhich could not be more than 20 % of the premiums after deducting the cancelled policies. indemnities that are reqired by law are as follovs ; *Cash Turhish Lira ör foreign currencies that are exchanged by the Central Bank of Turkey, *Goverment bonds and goverment approved moveable assets, *Stocks of the goverment participations which holds more than 51% of the shares. *Other capital market instruments that are approved by the goverment. *Re a. l estate that an insurance company has in possesion in Turkey.-1- INTRODUCTION Funds that are created from life insurance are an important part of monetary instruments in capital markets for economically developed, prosperous nations. For an economic development; savings in societies should increase an diverted for an alternative investments. In order for life insurance companies to become an important part of monetary institution, collected premiums should be big. Larger the percentage of premium in total portfolio in life insurance-, better they can transfer funds to capital markets in the long run. Letter of guarantee that life insurance provides gets effected from inflation and does not mean anything at maturity. The best way to get protected from inflation is profit distribution. There are two main parts in our work. Those are ; Fund creating capacity of life insurance in Turkish life insurance sector, utilization of these funds in financial markets and profit sharing in life insurance. At the first part we analized in the Turkish insurance sector the capacity of creating funds and the evaluation of the created funds in the financial markets. At the second part we analized the profit sharing in life insurance. The economic importance of life insurance and its place in financial market from our country point of view, fund sources of life insurance whith economic and social functions of the created funds, factors effect life insurance creating fund capacity, usage of life insurance funds in capital market, are analized under the outline of life insurance capacity of creating funds and the evaluation of the created funds in the financial market at the first part of our work. Concept of profit sharing in life insurance and application systems for profit sharing distribution, profit sharing distribution up to present and existing problems until now, investment funds anJ life insurance are analized under the outline of profit sharing in life insurance at the second part of our work.-5- 2. FÜND SOÜRCES OF LİFE İNSURANCE WHITH ECONOMIC AND SOCIAL FÜNCTIONS OF THE CREATED FUNDS 2.1. Fund Sources Of Life Insurance it is possible to combine fund sources of insurance companies in 4 groups. Those are; -Paid Up Capital -Debts Arasing From Legal Funds -Funds Arasing From Economical Choses -Funds Arasing From Business Operation 2.1.1. Paid Up Capital Paid xıp capital expresses the fund contribution of stockholders för reassurance and insurance companies in order to overcome the compulsory la.ws and keeping up with the general operating facilities of the companies. Today, insurance companies are required to have 350.000.000.-Tl minimum capital and they can only be active either in non-life branch ör life brancn as specified by the lav. Maximum capital amount is adjusted according to the statistical wholesale goods index. 2.1.2. Debts Araising From Legal Sources 2.1.2.1. Statutory Reserves Every year, insurance companies should have legal reservs according to the turkish trade lav 1/20 of their l/5th net. prof it. 2.1.2.2. Technical Reserves 2.1.2.2.1.Mathemati çal Reserves insurance companies have mathematical reservs that shows up to date cash values of insured policy hol ders för their future indemnities för those people. Life mathematical reserves are the ones that corresponds only for life branches. 2.1.2.2.2.Premium Reserves Premium reserves which are not invalid at the balance of statement date but will continue for the up comlng year. The correspondani'e of premiurn rezerve is the net amount after deducting commissien from coliected premiums. remaining portion is caloulBted by daily bas î. s L^T the :ie:ct year.-“İl - 3.3.2.Arrangement Related The Dues in order for insurance companies to keep up with their liabilities is possible only when they collect the premiums on time. it is reguired by la.w from agencies to deposit premiums and commisions not later than the second week of the mounth to their insurance companies. Unpaid premiums express the amount that has not been paid by the insurers. Latest preparations allow insurance companies to terminate the contract without any notice when the premiums are not paid on time. 3.3.3.Monetary Regulation Related To The insurance Sector Ali nations that belive in life insurance take necessary incentive actions to develop this sector. The most important of this is the tax exemption that an insurer can deduct from his income against thr premium that is paid. 3.3.4.Arrangement Related To The Garantie And Investments Investment of insurance companies can be grouped in two sections; necessary and compalsory. insurance companies should present indemnities in comparison with the premiums that they collect. indemnities are reserved över mathematical reserves from sickness, accident and non-life branches vhich could not be more than 20 % of the premiums after deducting the cancelled policies. indemnities that are reqired by law are as follovs ; *Cash Turhish Lira ör foreign currencies that are exchanged by the Central Bank of Turkey, *Goverment bonds and goverment approved moveable assets, *Stocks of the goverment participations which holds more than 51% of the shares. *Other capital market instruments that are approved by the goverment. *Re a. l estate that an insurance company has in possesion in Turkey.-5- 2. FÜND SOÜRCES OF LİFE İNSURANCE WHITH ECONOMIC AND SOCIAL FÜNCTIONS OF THE CREATED FUNDS 2.1. Fund Sources Of Life Insurance it is possible to combine fund sources of insurance companies in 4 groups. Those are; -Paid Up Capital -Debts Arasing From Legal Funds -Funds Arasing From Economical Choses -Funds Arasing From Business Operation 2.1.1. Paid Up Capital Paid xıp capital expresses the fund contribution of stockholders för reassurance and insurance companies in order to overcome the compulsory la.ws and keeping up with the general operating facilities of the companies. Today, insurance companies are required to have 350.000.000.-Tl minimum capital and they can only be active either in non-life branch ör life brancn as specified by the lav. Maximum capital amount is adjusted according to the statistical wholesale goods index. 2.1.2. Debts Araising From Legal Sources 2.1.2.1. Statutory Reserves Every year, insurance companies should have legal reservs according to the turkish trade lav 1/20 of their l/5th net. prof it. 2.1.2.2. Technical Reserves 2.1.2.2.1.Mathemati çal Reserves insurance companies have mathematical reservs that shows up to date cash values of insured policy hol ders för their future indemnities för those people. Life mathematical reserves are the ones that corresponds only for life branches. 2.1.2.2.2.Premium Reserves Premium reserves which are not invalid at the balance of statement date but will continue for the up comlng year. The correspondani'e of premiurn rezerve is the net amount after deducting commissien from coliected premiums. remaining portion is caloulBted by daily bas î. s L^T the :ie:ct year.-8- collected. There is an inheritance tax för death insurance in life branch. 2.2.1.4.As Of Expention The International Economicalb Relations And Providing Nation Wealth If reissurance transactions are done abroad, economical impact of the loss is lessened and national wealth is being preserved in this way. 2.2.1.5.As A Sector in Economy insurance is classified as service sector in the economy by giving a guarantee to the insurer. it is important to understand insurance companies vhich undertake risks in the economy and distributing those risks in such a vay to preserve the balance in the economy. 2.2.1.6.Providing Opportunity For Employment There are different evolutions in life insurance that basically starts from product formation up to the payment för the insurer. in order för insurance product to reach to the insurer, sector needs a gualified personnel in differer.t levels whıch increase the employment level in this sector as well. 2.2.1.7.Providing Credit For The Interpruner in order to obtain a credit för any subject, an asset should have an insurance. Death insurance is a muşt when requesting a credit from the bank, othervise, credit is not garanted.. 2.2.1.8.Incresing The Investment Power The facilities of the life insurance provides saving.s that voul.d be used in finarıcing investment nationwide and small savings that ceme from the sector feed f inançial markets as big as needed. 2.2.2. Social Functions 2.2.2.1.Providing Support Life insurance increases the support among scciety by sl.aring the risk. 2.2.2.2.As A Preventing From Social Corraption And Losses- ”İl - 3.3.2.Arrangement Related The Dues in order for insurance companies to keep up with their liabilities is possible only when they collect the premiums on time. it is reguired by la.w from agencies to deposit premiums and commisions not later than the second week of the mounth to their insurance companies. Unpaid premiums express the amount that has not been paid by the insurers. Latest preparations allow insurance companies to terminate the contract without any notice when the premiums are not paid on time. 3.3.3.Monetary Regulation Related To The insurance Sector Ali nations that belive in life insurance take necessary incentive actions to develop this sector. The most important of this is the tax exemption that an insurer can deduct from his income against thr premium that is paid. 3.3.4.Arrangement Related To The Garantie And Investments Investment of insurance companies can be grouped in two sections; necessary and compalsory. insurance companies should present indemnities in comparison with the premiums that they collect. indemnities are reserved över mathematical reserves from sickness, accident and non-life branches vhich could not be more than 20 % of the premiums after deducting the cancelled policies. indemnities that are reqired by law are as follovs ; *Cash Turhish Lira ör foreign currencies that are exchanged by the Central Bank of Turkey, *Goverment bonds and goverment approved moveable assets, *Stocks of the goverment participations which holds more than 51% of the shares. *Other capital market instruments that are approved by the goverment. *Re a. l estate that an insurance company has in possesion in Turkey.-8- collected. There is an inheritance tax för death insurance in life branch. 2.2.1.4.As Of Expention The International Economicalb Relations And Providing Nation Wealth If reissurance transactions are done abroad, economical impact of the loss is lessened and national wealth is being preserved in this way. 2.2.1.5.As A Sector in Economy insurance is classified as service sector in the economy by giving a guarantee to the insurer. it is important to understand insurance companies vhich undertake risks in the economy and distributing those risks in such a vay to preserve the balance in the economy. 2.2.1.6.Providing Opportunity For Employment There are different evolutions in life insurance that basically starts from product formation up to the payment för the insurer. in order för insurance product to reach to the insurer, sector needs a gualified personnel in differer.t levels whıch increase the employment level in this sector as well. 2.2.1.7.Providing Credit For The Interpruner in order to obtain a credit för any subject, an asset should have an insurance. Death insurance is a muşt when requesting a credit from the bank, othervise, credit is not garanted.. 2.2.1.8.Incresing The Investment Power The facilities of the life insurance provides saving.s that voul.d be used in finarıcing investment nationwide and small savings that ceme from the sector feed f inançial markets as big as needed. 2.2.2. Social Functions 2.2.2.1.Providing Support Life insurance increases the support among scciety by sl.aring the risk. 2.2.2.2.As A Preventing From Social Corraption And Losses- "İl - 3.3.2.Arrangement Related The Dues in order for insurance companies to keep up with their liabilities is possible only when they collect the premiums on time. it is reguired by la.w from agencies to deposit premiums and commisions not later than the second week of the mounth to their insurance companies. Unpaid premiums express the amount that has not been paid by the insurers. Latest preparations allow insurance companies to terminate the contract without any notice when the premiums are not paid on time. 3.3.3.Monetary Regulation Related To The insurance Sector Ali nations that belive in life insurance take necessary incentive actions to develop this sector. The most important of this is the tax exemption that an insurer can deduct from his income against thr premium that is paid. 3.3.4.Arrangement Related To The Garantie And Investments Investment of insurance companies can be grouped in two sections; necessary and compalsory. insurance companies should present indemnities in comparison with the premiums that they collect. indemnities are reserved över mathematical reserves from sickness, accident and non-life branches vhich could not be more than 20 % of the premiums after deducting the cancelled policies. indemnities that are reqired by law are as follovs ; *Cash Turhish Lira ör foreign currencies that are exchanged by the Central Bank of Turkey, *Goverment bonds and goverment approved moveable assets, *Stocks of the goverment participations which holds more than 51% of the shares. *Other capital market instruments that are approved by the goverment. *Re a. l estate that an insurance company has in possesion in Turkey.-12- It is specified by the law that an insurance company can valuate its investment portfolio and general investment portfolio restrictions. 3.4.Control Of The Banks There is a development towards global banking system in the world. As this trend continues, financial institutions will interact with each other more often than previous years. Because of this; the borders among banking,insurance and investment management will disappear gradually. it is easier for insurance companies to reach masses through banks which will decrease the distribution costs of the insurance sector and this will strenght the financial structure of the companies as well as investment alternatives. 3.5.Politics Of Profit Sharing Distribution insurance companies that are in financial broker position will have effective funds arising from undistributed funds which results in an economical development. insurance companies distribute quarterly profits as dividends and stabile development of the insurance sector is an important point from an insurer point of view. 3.6.Reinsurance Politics There is a strong relation betveen reissurance politics of the compay and its technical profibility. Unbearable capacity for preservation of conservation for the firms will put insurers on risky ediğe. Opposite of above will resul t in unnecessary prof it loss for the firms. Conservation in life branch is calculated from actuarial formulas. in order for conservation to be ideal, following points are important; -Paid up capital of the firm and free reserves, -Liquidity of the firms assets, -Portfolio structure, -Premium volume of the related department, -Solvency margin.-13- 4. USAGE OF LİFE INSÜRANCE FÜNDS İN CAPITAL MARKET 4.1.Insurance Companies As An Institutional Investor in Capital Market in general, capital markets are called where long term fund supply interacts with demand. Capital markets are grouped as primary and secondary. Primary markets seli stocks of certain value to the public; as a resul t, these markets do the marketing and selling activities. Secondary markets buy and seli already existing bonds and stocks. Insurance companies are importarıt investment institiutions för these markets. 4.2.Insurance Companies As Financial Brokerage House investment and commercial banks, social security instituions, insurance companies and investment funds are ali part of the financial system and markets. 17 i nane ia l brokers while transferring funds also realize some importarıt functions and some of these functions are as follows; 4.2.1.Risk Sharing More ör less, every investment has a risk factor. in developed financial markets, there is a balanced re l ation between return on investment and risk. insurance companies channel their funds from premiums to form a different investment portfolios. Choice of different investment portfolios are important. hovever, reissurance distribution carries more importance för life insurance. 4.2.2.Expertise Life insurance companies are important financial institutions that channel the small collected funds from insurers to the investment properly. They invest in safe stocks in order to distribute ma:-: i mum return to their investörs. 4.2.3.Activity And Period Of Distribution Funds There is a bi£ &;ap and -:U f f erence betveen the f the insurers.-24- 3. INVESTMENT FUNDS AND LİFE İNSURANCE 3.1. Investment Institutions Funds And Their Historical Development Nowadays, most insurance companies that operate on life branches, seli life policies related to investment funds. These new type of tariffs are special in a vay that their change depend on the units at investment funds instead of precalculated capital values. The amount of payment related to these tariffs are expressed as unit values of the investment fund. investment insurance is first applied in U.S.A, Holland and in England. investment funds as we have seen today, dates back to 19 th Century in England. British investment companies made considerable investments in U.S.A in order to develöp the U.S. economy. After the collapse of New York Stock Exchange in 1929, new investment funds had been created and developed över the last 40 years in Europe. 3.1.1 Place Of investment Funds in Life insurance Funds from small savings are turned as financial instruments through capital markets. Participator is the insurer who participate in investment funds that ^re used to serve f ör life insurance sector and their parti c ipat ion r^tio is the insurers mathematical reserve amount; in other words their savings. The first step för life insurance companies to become effective in the economy is to devel öp investment funds. There should be an automatic premium collection in order to form the investment funds. it is necessary to valuate the reserves and make insurance companies as iristi tut i ona l investors. 3.1.2. Fundation, Management And Conservation Of investment Fund Portfolio in Life insurance Novadays; insurance companies serve as investment companies. insurance companies can get help from banks while fornûnş. and ma nadiri.g their investment fvınd.-:- and pay 3. certain commision in return f.'..r th^ servi.:. to i fer^or; w: l l be;29- İÜV : UP * NUi t+30 t+29 The Determination Of The Profit Sharing The profit sharing as mathematical reserves is calculated technically and seperately on the basis of assets income for each policy. The profit sharing income is the difference between the starting amount of participated ratio of the fund in life insurance and the date of calculation for the fund. After the explanation of profit and loss statement at each year, profit sharing should be determined as follows; Profit Sharing : ( income ratio that comes from investment - technical interest ) * profit sharing ratio Profit Sharing As of Purchasing If it is the insurance policy that is related to profit sharing according to the technical basis of the tariffs; it is calculated by multiplication of the unit prices of the insurance policy at the date of purchasing by units belonging to the insurers. Profit Sharing In Paid Up Insurance The unit count, as a result of paid up policies from unpaid premiums at transfer dates, will occupy the main paid up policies. During policy, unit price should be guaranteed at ieast an increase equal to the technical interest, rate for the tariffs. Investment Policy The main purpose of the investment policy is to give maximum attention for security, liquidity and portfolio distributions in order to provide a high level of return to the insurer.-30- RESULT Insurance companies are an important part of financial markets and they supply funds to the system. But high inflation effects the development of financial system and is very important for life insurance. The major part of life insurance can be summarised as retirement insurance in which savings are the main factor of this insurance. Tariffs that are prepared to give an extra saving for retired people for the second time could not even resist inflation for the profit distribution. As an important part of profit sharing system in investment insurance could not yield the desired level of productivity until the profit sharing regulation is puplished. Investment are protected against inflation with the help of the profit sharing which is realized with an investment fund and mathematical reserves which are daily invested.
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