预定利率

自1999年以来，预定利率一直被保监会严格管制为不得超过年复利2.5%，至今已十多年。

Since 1999 , assumed interest rate has been regulated to be less than 2.5 % ( compound interest ) for ten years .

预定利率是寿险产品三大定价因素（预定利率、预定死亡率、预定费用率）之一，也是最重要的定价因素。

Assumed interest rate is one of the three pricing factors ( assumed interest rate , assumed mortality rate , assumed fee rate ) of life insurance products , also the most important one .

然而传统的精算定价理论假设：利率是确定的，即精算师在定价过程中采用确定的保单预定利率，但事实上利率具有随机性，从而会引发寿险定价利率风险。

However , the traditional actuarial theory supposes that the policy ordered credit interest rate is fixed .

传统产品都有一个固定的预定利率，风险保障基本是固定不变的。

Traditional product has to book interest rate fixedly , risk safeguard is basic it is changeless .

本论文的研究对象是寿险定价利率风险，寿险定价利率风险是指寿险资金实际收益率与保单预定利率之不利偏差引起的亏损的可能性。

Actually , interest rate is stochastic , which results to interest rate risk in pricing of life insurance product .

随着中国市场利率的频繁波动，寿险预定利率也一再调整。

Along with the frequent fluctuation of Chinese market interest rate , assumed rate of interest have to adjust accordingly .

保监会于近期启动预定利率市场化进程也是为了适应寿险业的发展诉求，为寿险公司提供更灵活、更有效率的发展环境。

To satisfy the needs of developing life insurance industry and provide more efficient environment , insurance regulatory commission recently starts the interest rate liberalization process .

传统寿险预定利率大多是固定的，投保人买保险时，就已确定合同期满可领多少保险金。

Traditional life danger books interest rate is fixed mostly , when policy-holder buys insurance , affirmatory already termination of contract can get gold of how many insurance .

与传统的单一年预定利率下的精算方法相比较，该方法更为普遍合理、更加符合实际情况。

To compare with the traditional actuarial method in condition of single annual interest rate , the method is much more universal , rational and also accords with the actual conditions .

设定模型证明，在破产有限偿付责任和无保单预定利率管制的前提下，寿险公司采取高保单预定利率吸引保费，然后进行高风险投资的必然性。

Designing a model to prove the life insurance companies would set a high pre-set interest rate to attract premiums and adopt high risk investment strategy without pre-set interest control . 4 .

在银行利率变动导致寿险预定利率调整的前后过程中，寿险的需求将由替代效应为主转变到以价格效应为主。

And the bank interest rate decides the projected interest of the life insurance , the demand of the life insurance will come from the price effect instead of the substitute effect .

二是由于寿险产品预定利率偏高、责任准备金收益率偏低、盲目追求业务规模而造成的利差损风险；

Secondly , risks that come from loss of interest rate differentials due to the high interest rate of life insurance products , the low yield of responsibility deposits and inappropriate business expansions ;

隐性养老金债务的大小主要取决于养老保险覆盖面、退休人数、年龄结构、养老金给付水平、退休年龄以及预定利率等因素。

The size of implicit pension debt depends on the coverage of the urban and township pension insurance , the number of retirees , age structure of participants , level of pension payment , retirement age and guaranteed interest rate , etc.

尽管国内寿险销售总额呈现上升趋势，但中国寿险业前几年发售的高预定利率保单，使得寿险公司面临着严重的利差损，利差倒挂成了寿险业的心腹大患。

The domestic insurance total sales present the trend of escalation , but because of the sale of high ordered fixed credit interest rate policy most recent several years , the life insurance company faces serious interest spread , which makes life insurance company anxious .

通过实证分析发现，预定利率市场化对寿险收入规模的影响并不十分显著，因此并不会导致寿险收入规模减少；但预定利率市场化的确会加大寿险公司的定价风险和利差损风险。

From the empire results , we find that the influence of assumed interest rate liberalization towards to life insurance income scale is not very significant , so it will not reduce the scale of life insurance income , but it indeed increases the risk of interest spread .

利率和汇率两种重要政策工具通过影响国民经济增长速度对保险需求产生影响，并通过作用于保单预定利率及投资收益率直接影响着保险企业经营状况及资本充足率。

As two kinds of important policy instrument , interest rate and exchange rate influence the insurance demand by working on the growth rate of GDP , and affect directly the operation status and capital adequacy of insurance enterprises by acting on the assumed interest rate and ROI .