생명보험회사 투자유가증권 처분손익 및 평가손익의 배분에 관한 연구

The hottest issue of the Korean life insurance industry in these days is the dispute of the allocation of the disposal and evaluation gain and losses of the marketable securities between stockholders and policyholders. Because of the tendency of the radical shift from participating policies to nonparticipating policies in recent Korean Life insurance industry, the allocation of the disposal/evaluation gains from the marketable securities to the stockholders is rapidly increasing and that to the policyholders is rapidly decreasing. Hence, The Financial Supervisory Service (FSS) tried to increase the share of the policyholders by inventing a new allocation rule.This article investigates the appropriateness of the new allocation rule and the existing rule using the standards of logical consistency and equity. The new rule suggested by the FSS turns out to be an inappropriate allocation rule because the new rule can allocate some amount to a party who is not anymore a customer of the insurance company, and because it does not allocate the losses and gains proportional to the degree of the individual contribution. Thus, the new rule does not satisfy the standards of logical consistency and equity. The allocation rule that satisfies these standards turns out to be the one that is based on the current policy reserve. This article also discusses on the issues of the extent and direction of the insurance supervision and the problem of negative margin.