The aim of the research thesis was to identify whether or not the delivery of management education at base level, made a significant contribution to small enterprise solvency. Research by Williams (1986) indicated that over 60% of insolvent small enterprise (SE) owners gave one reason for insolvency as: ‘a lack of business/management experience or skill’. This implies that a significant percentage of SE insolvencies were avoidable, had the SE owner/managers acquired further business skill, knowledge or support. Literature suggests that increased business/management competencies may enable management blind spots within the internal activity structure of some enterprises, to be brought into focus and so controlled (Williams, 1984). This thesis undertakes research, to identify the contribution of various management education programs to SE solvency. The methodology used to test this contribution to business management knowledge, comprised surveys of management education facilitators and program participants, by education institutions from Government and private Registered Training Organisations (RTOs) and Government and private non-RTOs. The objective was to determine, through the use of quantitative surveys, if a significant difference could be established between educational facilities offered and small enterprise owner/manager requirements, with the intention to make this an initial exploratory research. The thesis examined perceptions of SE owner/managers participating in management education programs and whether there is a contribution to the solvency of businesses from an educational framework that gives SE owners who lack crucial business/management skills, direction towards specific information, knowledge and abilities. The intention was to bridge research gaps concerning levels of SE solvency and skill-education available using four major types of business educational organisations. The study included interviews with SE owner/managers participating in business programs to identify their perception of the contribution by courses to the solvency of their enterprises. The research examined whether there was a significant difference in certain clusters and competencies between researched management programs, to establish if completing any program affected positively, levels of SE solvency. Since the research focus was on the impacts of management education on SE solvency, another outcome was to profile the participants who reported positive and negative perceptions of the impact of SE management education courses on SE solvency. These results are documented in full in Appendix ‘C’. Positive perceptions The group of participants, that generally saw courses as having positive affects on SE solvency, had the following characteristics. Predominantly male with education levels above high school level up to VET registered certificate, aged between 26-47 years, wishing to build their solvency and management skills, and wanting to focus on assistance from mentors/consultants on goals and business plans. Negative perceptions Course participants who perceived negative attitudes to the impact of courses in SE solvency had characteristics below. Predominantly female with primary school or trade qualifications, bur not VET certified, up to 25 years old or between the ages of 48 and 55 years, and not interested in building business or management skills. The courses they attended did not focus on goal setting and the participants had little interest in working with mentors or consultants. Conclusion The body of knowledge relating to SE solvency was extended as a result of this study, through working directly with management course participants. This research concludes by advancing the theory that education of business owner/managers is not solely to be focussed on management competencies. A complete business education should include character development and business activity planning, as well as business/management competencies.

No description available.

Syftet med denna studie är att beskriva och analysera sju kommuners soliditetsutveckling under 2006 till 2010 samt analysera om ett samband finns mellan låg soliditet och genuin sårbarhet. I uppsatsen används en blandning av kvantitativ och kvalitativ metod för att få en djupare förståelse kring kommuners soliditet och dess soliditetsutveckling. Insamlad sekundärdata kommer från böcker, artiklar, uppsatser och lagar. Primärdata samlades in vid en intervju samt genom sju kommuners årsredovisningar. Ett lågt antal invånare i en kommun behöver inte resultera i en låg soliditet. En befolkningsminskning behöver inte leda till en minskad soliditet. Att en kommun har en låg soliditet behöver inte betyda att den är genuint sårbar. Brorström et als (1998) tes, att en kommun kan ha högre soliditet om dess industriella eller tekniska verksamhet bedrivs i bolagsform, stämmer i denna studie, men inte fullt ut. / The purpose of this study is to describe and analyze the development of seven municipalities’ solvency during the year 2006 to 2010 and to analyze if there is a connection between a low solvency and genuine vulnerability. This study uses a mix of quantitative and qualitative method to gather data to get a better understanding about the solvency of municipalities and the development of it. The secondary data was gathered from books, articles, essays and laws. The primary data was gathered during an interview and by the studying of seven municipalities’ annual reports. A low population in a municipality does not have to result in a low solvency. A decrease in a municipality’s population does not have to lead to a decreased solvency. That a municipality has a low solvency does not have to mean that it is genuinely vulnerable. Brorström et als (1998) theses, that a municipality can have a higher solvency if its industrial or technical activities are being managed in corporate form, are in accordance in this study, but not fully.

The aim of the research thesis was to identify whether or not the delivery of management education at base level, made a significant contribution to small enterprise solvency. Research by Williams (1986) indicated that over 60% of insolvent small enterprise (SE) owners gave one reason for insolvency as: ‘a lack of business/management experience or skill’. This implies that a significant percentage of SE insolvencies were avoidable, had the SE owner/managers acquired further business skill, knowledge or support. Literature suggests that increased business/management competencies may enable management blind spots within the internal activity structure of some enterprises, to be brought into focus and so controlled (Williams, 1984). This thesis undertakes research, to identify the contribution of various management education programs to SE solvency. The methodology used to test this contribution to business management knowledge, comprised surveys of management education facilitators and program participants, by education institutions from Government and private Registered Training Organisations (RTOs) and Government and private non-RTOs. The objective was to determine, through the use of quantitative surveys, if a significant difference could be established between educational facilities offered and small enterprise owner/manager requirements, with the intention to make this an initial exploratory research. The thesis examined perceptions of SE owner/managers participating in management education programs and whether there is a contribution to the solvency of businesses from an educational framework that gives SE owners who lack crucial business/management skills, direction towards specific information, knowledge and abilities. The intention was to bridge research gaps concerning levels of SE solvency and skill-education available using four major types of business educational organisations. The study included interviews with SE owner/managers participating in business programs to identify their perception of the contribution by courses to the solvency of their enterprises. The research examined whether there was a significant difference in certain clusters and competencies between researched management programs, to establish if completing any program affected positively, levels of SE solvency. Since the research focus was on the impacts of management education on SE solvency, another outcome was to profile the participants who reported positive and negative perceptions of the impact of SE management education courses on SE solvency. These results are documented in full in Appendix ‘C’. Positive perceptions The group of participants, that generally saw courses as having positive affects on SE solvency, had the following characteristics. Predominantly male with education levels above high school level up to VET registered certificate, aged between 26-47 years, wishing to build their solvency and management skills, and wanting to focus on assistance from mentors/consultants on goals and business plans. Negative perceptions Course participants who perceived negative attitudes to the impact of courses in SE solvency had characteristics below. Predominantly female with primary school or trade qualifications, bur not VET certified, up to 25 years old or between the ages of 48 and 55 years, and not interested in building business or management skills. The courses they attended did not focus on goal setting and the participants had little interest in working with mentors or consultants. Conclusion The body of knowledge relating to SE solvency was extended as a result of this study, through working directly with management course participants. This research concludes by advancing the theory that education of business owner/managers is not solely to be focussed on management competencies. A complete business education should include character development and business activity planning, as well as business/management competencies.

The aim of the research thesis was to identify whether or not the delivery of management education at base level, made a significant contribution to small enterprise solvency. Research by Williams (1986) indicated that over 60% of insolvent small enterprise (SE) owners gave one reason for insolvency as: ‘a lack of business/management experience or skill’. This implies that a significant percentage of SE insolvencies were avoidable, had the SE owner/managers acquired further business skill, knowledge or support. Literature suggests that increased business/management competencies may enable management blind spots within the internal activity structure of some enterprises, to be brought into focus and so controlled (Williams, 1984). This thesis undertakes research, to identify the contribution of various management education programs to SE solvency. The methodology used to test this contribution to business management knowledge, comprised surveys of management education facilitators and program participants, by education institutions from Government and private Registered Training Organisations (RTOs) and Government and private non-RTOs. The objective was to determine, through the use of quantitative surveys, if a significant difference could be established between educational facilities offered and small enterprise owner/manager requirements, with the intention to make this an initial exploratory research. The thesis examined perceptions of SE owner/managers participating in management education programs and whether there is a contribution to the solvency of businesses from an educational framework that gives SE owners who lack crucial business/management skills, direction towards specific information, knowledge and abilities. The intention was to bridge research gaps concerning levels of SE solvency and skill-education available using four major types of business educational organisations. The study included interviews with SE owner/managers participating in business programs to identify their perception of the contribution by courses to the solvency of their enterprises. The research examined whether there was a significant difference in certain clusters and competencies between researched management programs, to establish if completing any program affected positively, levels of SE solvency. Since the research focus was on the impacts of management education on SE solvency, another outcome was to profile the participants who reported positive and negative perceptions of the impact of SE management education courses on SE solvency. These results are documented in full in Appendix ‘C’. Positive perceptions The group of participants, that generally saw courses as having positive affects on SE solvency, had the following characteristics. Predominantly male with education levels above high school level up to VET registered certificate, aged between 26-47 years, wishing to build their solvency and management skills, and wanting to focus on assistance from mentors/consultants on goals and business plans. Negative perceptions Course participants who perceived negative attitudes to the impact of courses in SE solvency had characteristics below. Predominantly female with primary school or trade qualifications, bur not VET certified, up to 25 years old or between the ages of 48 and 55 years, and not interested in building business or management skills. The courses they attended did not focus on goal setting and the participants had little interest in working with mentors or consultants. Conclusion The body of knowledge relating to SE solvency was extended as a result of this study, through working directly with management course participants. This research concludes by advancing the theory that education of business owner/managers is not solely to be focussed on management competencies. A complete business education should include character development and business activity planning, as well as business/management competencies.

The thesis deals with a valuation of solvency balance sheet according to rules set in directive Solvency II, which should have been implemented as of January 1st, and compares the solvency balance sheet with valuation of insurance companies balance sheet according to current Czech legislation and international financial reporting standards IFRS. The thesis defines the concept of insurance contracts both in Czech law and standard IFRS 4 and reporting of liabilities related to those contracts in balance sheet. The result of thesis is illustrated sample of solvency balance sheet including description of how prepare and evaluate it based on default balance sheet prepared according to Czech law.

This diploma paper is concerned with new rules of regulation of insurance system. Their name is Solvency II. The aim of work is view of structure of new regime of insurance system and impacts of new rules on economy of insurance company. The work is divided into three parts, the first part is concerned with historical progress of regulation in the czech area and an activity of supervision. In the second part there is comparison of current rules for calculation of solvency with suggested methodology. There are contained structural elements of new metodology. The concept of Solvency II is inspired by rules for banks Basel II and therefore same and different characters are studied. The third part is engaged in possible impacts of new methodology of solvency on insurance market and economy of insurance company.

The diploma thesis focuses on the topic of the future regulatory regime of the insurance and reinsurance market of the European Union called Solvency II. Currently the most discussed issue without a final structure is an extensive set of legislative and technical changes not only in the area of solvency treatment. Primarily, the work focuses on the standard formula calculation of capital requirements that reflect the solvency position of companies on the market. The first part deals with the theoretical description of the calculating methods of the required capital levels under current and future rules on the basis of available official documents. Further the general overview of the Solvency II is presented, a more detailed description of the valuation techniques of balance sheet items for the purposes of Solvency II, dealing with company's own funds and possible ways to optimize the asset portfolio are also included. Some theoretical descriptions of computational procedures applied on a fictitious life insurance company are presented in the second, more practical part of the diploma thesis.

Die vorliegende Arbeit untersucht die neuen Kapitalanforderungen im Rahmen von Solvency II. Zunächst werden dazu die aktuellen aufsichtsrechtlichen Anforderungen diskutiert. Hieraus leitet sich die Notwendigkeit der Überarbeitung der Solvabilitätsanforderungen ab. Die künftigen aufsichtsrechtlichen Anforderungen werden hinsichtlich des Aufgreifens der Problemstellen der bisherigen Solvabilitätsanforderungen erörtert. Der Schwerpunkt liegt auf der Behandlung der Ermittlung der Kapitalanforderung mittels eines internen Modells. Hierfür wird auf Basis eines Beispiel-Versicherungsunternehmen, der Exemplaria Versicherungs-AG, ein internes Modell entwickelt. Das interne Modell wird für verschiedene Szenarien simuliert und ausgewertet. Aus den resultierenden Ergebnissen werden Erkenntnisse für die Anforderungen von Solvency II an interne Modelle entwickelt. Aufgrund der detaillierten Darstellung der Unternehmen, die in einem internen Modell modelliert werden, wird die Möglichkeit untersucht, ein internes Modell in der Unternehmenssteuerung zu verwenden. Im Rahmen der Kapitalallokation wird die Verteilung des Gesamtbetrags der zu unterlegenden Eigenmittel auf die einzelnen Unternehmenssegmente diskutiert. Als letzter Schritt werden Ansätze entwickelt, die wertorientierte Unternehmenssteuerung mit den aufsichtsrechtlichen Kapitalanforderungen zu verknüpfen, um eine risikoadjustierte Performancesteuerung unter Berücksichtigung von Solvency II zu ermöglichen.

Die vorliegende Arbeit untersucht die neuen Kapitalanforderungen im Rahmen von Solvency II. Zunächst werden dazu die aktuellen aufsichtsrechtlichen Anforderungen diskutiert. Hieraus leitet sich die Notwendigkeit der Überarbeitung der Solvabilitätsanforderungen ab. Die künftigen aufsichtsrechtlichen Anforderungen werden hinsichtlich des Aufgreifens der Problemstellen der bisherigen Solvabilitätsanforderungen erörtert. Der Schwerpunkt liegt auf der Behandlung der Ermittlung der Kapitalanforderung mittels eines internen Modells. Hierfür wird auf Basis eines Beispiel-Versicherungsunternehmen, der Exemplaria Versicherungs-AG, ein internes Modell entwickelt. Das interne Modell wird für verschiedene Szenarien simuliert und ausgewertet. Aus den resultierenden Ergebnissen werden Erkenntnisse für die Anforderungen von Solvency II an interne Modelle entwickelt. Aufgrund der detaillierten Darstellung der Unternehmen, die in einem internen Modell modelliert werden, wird die Möglichkeit untersucht, ein internes Modell in der Unternehmenssteuerung zu verwenden. Im Rahmen der Kapitalallokation wird die Verteilung des Gesamtbetrags der zu unterlegenden Eigenmittel auf die einzelnen Unternehmenssegmente diskutiert. Als letzter Schritt werden Ansätze entwickelt, die wertorientierte Unternehmenssteuerung mit den aufsichtsrechtlichen Kapitalanforderungen zu verknüpfen, um eine risikoadjustierte Performancesteuerung unter Berücksichtigung von Solvency II zu ermöglichen.:1 Einleitung 12 1.1 Problemstellung 12 1.2 Gang der Untersuchung 14 2 Grundlagen 17 2.1 Kompositversicherungsunternehmen 17 2.2 Ziele und Zielerreichung von Versicherungsunternehmen 18 2.2.1 Überblick und Zielsetzungen 18 2.2.2 Restriktionen durch die Versicherungsaufsicht 22 2.2.3 Wertorientierte Unternehmenssteuerung 29 3 Aktuelle Solvabilitätsvorschriften 31 3.1 Darstellung der bisherigen Solvabilitätsvorschriften 31 3.2 Würdigung der bisherigen Solvabilitätsvorschriften 37 3.2.1 Grundsätzliche Aspekte 37 3.2.2 Soll-Solvabilität 40 3.2.3 Ist-Solvabilität 45 4 Künftige Solvabilitätsanforderungen: Solvency II 55 4.1 Überblick über die Ausgestaltung von Solvency II 55 4.1.1 Entwicklung des Projektes 55 4.1.2 Säule I: Kapitalanforderungen 60 4.1.3 Säule II: Qualitative Anforderungen 64 4.1.4 Säule III: Transparenz 67 4.2 Grundlagen zu den künftigen Solvabilitätsanforderungen 69 4.2.1 Risikokategorien zur Bemessung der Kapitalanforderungen 69 4.2.1.1 Definition des Begriffes Risiko 69 4.2.1.2 Risikoarten 73 4.2.1.2.1 Kategorisierung der Risiken 73 4.2.1.2.2 Versicherungstechnisches Risiko 77 4.2.1.2.2.1 Prämienrisiko 77 4.2.1.2.2.2 Reserverisiko 84 4.2.1.2.2.3 Rückversicherungsrisiko 86 4.2.1.2.3 Marktrisiko 86 4.2.1.2.3.1 Zinsrisiko 86 4.2.1.2.3.2 Währungskursrisiko 89 4.2.1.2.3.3 Kursrisiko 90 4.2.1.2.4 Kreditrisiko 91 4.2.1.2.5 Asset-Liability-Risiko 93 4.2.1.2.6 Operationelles Risiko 94 4.2.1.2.7 Sonstige Risiken 95 4.2.2 Risikomaße zur Objektivierung des Risikos 96 4.2.2.1 Anforderungen an Risikomaße 96 4.2.2.2 Untersuchung verschiedener Risikomaße 103 4.2.2.2.1 Totale Risikomaße 103 4.2.2.2.2 Partielle Risikomaße 108 4.2.2.2.2.1 Shortfall-Risikomaße 108 4.2.2.2.2.2 Quantil-Risikomaße 112 4.2.2.2.2.3 Zentrale Risikomaße 118 4.2.2.2.3 Risikonutzenfunktion 120 4.2.3 Bewertungsgrundsätze im Rahmen von Solvency II 122 4.2.3.1 Allgemeine Bewertung 122 4.2.3.2 Bewertung der versicherungstechnischen Rückstellungen 126 4.2.4 Eigenmittel 130 4.2.4.1 Definition von Eigenmitteln 130 4.2.4.2 Anforderungen an Eigenmittel 132 4.2.4.3 Eigenmittelposten und deren kritische Würdigung 136 4.2.4.4 Potenzielle Eigenmittelposten und deren kritische Würdigung 140 5 Modelle zur Bemessung der Kapitalanforderungen 142 5.1 Standardmodell 142 5.2 Interne Modelle 144 5.2.1 Modellarten 144 5.2.2 Modellklassen 146 5.2.3 Charakterisierung von Solvency-II-kompatiblen Modellen 148 5.2.3.1 Solvency-II-kompatible Modellarten 148 5.2.3.2 Solvency-II-kompatible Modellklassen 149 5.2.4 Mathematische Grundlagen 151 5.2.4.1 Simulation zur Ergebnisanalyse von Modellen 151 5.2.4.1.1 Begriffsbildung 151 5.2.4.1.2 Simulationsverfahren 152 5.2.4.1.3 Monte-Carlo-Simulation 153 5.2.4.2 Korrelation von Zufallsvariablen 155 5.2.4.2.1 Lineare Korrelation 155 5.2.4.2.2 Funktionale Korrelation 158 6 Modellierung eines internen Modells am Beispiel der Exemplaria Versicherungs-AG 161 6.1 Beschreibung des Modellumfelds 161 6.1.1 Grundlagen 161 6.1.2 Erklärungskomponenten 162 6.1.3 Prognosekomponenten 165 6.1.4 Entscheidungskomponenten 167 6.2 Modellaufbau und -ablauf 168 6.3 Datenbasis und Geschäftsumfeld der Exemplaria Versicherungs-AG 171 6.4 Modellierung der einzelnen Risiken 173 6.4.1 Aktien 173 6.4.2 Festverzinsliche Wertpapiere 177 6.4.3 Übrige Aktivposten 184 6.4.4 Beitragsüberträge 186 6.4.5 Rückstellungen für noch nicht abgewickelte Versicherungsfälle 186 6.4.6 Übrige Passivposten 194 6.4.7 Beiträge 196 6.4.8 Übrige GuV-Posten 197 6.5 Auswertung des internen Modells 200 6.6 Bestimmung eines Risikomaßes 205 6.7 Ableitung von Qualitätskriterien 207 7 Kapitalallokation 212 7.1 Grundlagen 212 7.2 Anforderungen an Kapitalallokationsverfahren 215 7.3 Kapitalallokationsverfahren 218 7.3.1 Gleichverteilung des Diversifikationseffekts 218 7.3.2 Stand-alone-proportionale Kapitalallokation 219 7.3.3 Inkrementelle Kapitalallokation 222 7.3.3.1 Darstellung der inkrementellen Kapitalallokation 222 7.3.3.2 Verfahren zur Schließung der Allokationslücke 225 7.3.3.2.1 Gleichverteilung der Allokationslücke 225 7.3.3.2.2 Inkrementproportionale Verteilung der Allokationslücke 227 7.3.3.2.3 Ersparnismethode 228 7.3.3.2.4 Verfahren nach TIJS/DRIESSEN 230 7.3.3.2.5 Modifiziertes Grenzkostenverfahren 234 7.3.3.3 Inkrementelle Verfahren zur Vermeidung der Allokationslücke 236 7.3.3.3.1 Rekursiv-inkrementelle Allokation 236 7.3.3.3.2 Shapley-Wert 238 7.3.4 Kovarianzbasierte Kapitalallokation 240 7.3.5 Bedingter Erwartungswert-Prinzip 242 7.3.6 Conditional Value-at-Risk-Prinzip 245 8 Methoden der wertorientierten Unternehmenssteuerung 247 8.1 Einführung 247 8.2 Discounted-Cashflow-Methode 249 8.3 Value-Added-Verfahren 254 8.3.1 Cash Value Added 254 8.3.2 Economic Value Added 257 8.3.3 Market Value Added 260 8.4 Kennzahlen auf Basis des risikoadjustierten Kapitals 261 9 Ergebnis 265 Anhang 1: Generierung korrelierter Zufallszahlen 269 Anhang 2: Parameter der untersuchten Szenarien 271 Anhang 3: Ergebnisse 279 Literaturverzeichnis 281 Gesetzliche und weitere Quellen 313