소비자 인식 편향하의 보험회사 지급여력 규제

This study examines modern risk-based insurance solvency regulation from the perspective of consumer protection, considering the impact of biased consumer perceptions. To this end, it employs an option pricing model that incorporates the assumption that insurance buyers may hold biased perceptions regarding the insurer’s solvency. Consumer protection is evaluated using measures of consumer surplus and welfare loss. The analysis indicates that biased consumer perceptions may encourage insurer moral hazard, thereby reducing social welfare. Under such circumstances, risk-based solvency regulation serves as an effective policy instrument for mitigating welfare losses. However, the findings also suggest that excessively stringent regulation may produce unintended adverse effects on consumer protection by reducing consumer surplus through higher capital costs. In conclusion, while a risk-based solvency framework constitutes a valuable supervisory tool, regulators must adopt an appropriate degree of regulatory stringency, carefully balancing the objectives of ensuring solvency and promoting consumer welfare.