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Mexico - Technical note on the pension annuity market (Английский)

This paper analyzes the performance and development of the Mexican pension annuity market in Mexico that stemmed from the 1997 pension reform. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. This paper benefited from interviews with officials in the Insurance Supervisory Authority (CNSF), the Ministry of Finance (SHCP), the Pension Supervisory Authority (CONSAR), and the Social Security Institute (IMSS) as well as with management of specialized annuity companies. The paper is structured as follows: section one gives introduction; section two briefly summarizes the 1992 and 1997 pension reforms from which the pension annuity market derives; section three analyzes the evolution of the industrial organization, annuity product design and competition, the evolution of assets and liabilities and investment, as well as the regulatory framework for the aforementioned items, and the performance of the market; section four analyzes the development prospects of the market in light of the more recent 2001 and 2002 reforms of the 1997 social security law; and section five gives conclusions and policy recommendations.

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    Латинская Америка и страны Карибского бассейна,

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    Mexico - Technical note on the pension annuity market

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    financial and private sector development;technical provision;real annual interest rate;annuity market;Monetary and Capital Markets;managing interest rate risk;fixed income mutual funds;asset and liability;real interest rate;private sector worker;insurance companies;life insurance;assets and investment;hold to maturity;defined benefit scheme;solvency margin;mortality table;list of asset;source of financing;increase in capital;private equity investment;long term bond;credit risk limits;asset liability management;years of service;stock exchange market;Performance and Development;life insurance product;life insurance business;private sector provider;private debt security;financial sector assessment;exchange rate risk;private sector bond;asset liability mismatch;pension fund administrator;life insurance policy;basis of information;investments in equity;international financial institution;implicit government guarantee;public sector worker;asset liability matching;short term liabilities;political economy argument;long term liability;social security law;degree of liquidity;mutual insurance company;paper issue;inflation;liquidity requirement;survivor benefit;basic pension;acquisition cost;financial group;market structure;inflation index;annuity providers;pension reform;basic benefit;indexed annuity;duration matching;foreign currency;individual account;bond portfolio;financial bodies;premium income;credit institution;commercial practice;mortality risk;insurance market;investment rule;investment limit;gender specific;foreign security;private insurance;disability benefit;derivative product;investment fund;investment portfolio;earned premium;inflation risk;company operating;working day;foreign country;market portfolio;liquid instrument;depository institution;equivalent assets;equity share;total reserve;expected loss;excess investment;valuation date;expected value;minimum requirement;economic sector;yield curve;investment committee;currency matching;specific exception;private company;rating agency;government bond;national currency;capital source;portfolio asset;accumulation rate;currency mismatch;constant price;price index;foreign asset;domestic asset;inflation rate;discount rate;retirement product;smaller one;fixed expense;individual money;individual characteristic;quotation system;pricing rules;price variation;joint annuity;reinvestment risk;administration cost;premium rate;fixed parameter;salary history;efficient market;technological environment;operational objectives;market positioning;market information;expected return;profit margin;average result;promissory note;federal government;pension policy;demographic assumption;security objective;legal requirement;special committee;pricing system;pension right;pension benefit;transitional period;eligible individual;Worker's Compensation;benefit formula;benefit amount;financial agency;record keeping;potential demand;accumulated saving;retirement benefit;market concentration;minimum pension;foreign company;foreign subsidiary;transition period;average duration;discount operation;investment philosophy;product pricing;healthy development;pension system;federal level;foreign debt;market performance;loss ratio;weighting system;sovereign risk;contagion effect;longevity risk;market change;insurance industry;currency risk;financial asset;infrastructure bond;real return;high ratio;maturity mismatch;statistical data;competitive environment;marginal change;future risks;regulation scheme;risk premium;actuarial standards;loss reserves;competitive market;valuation methodology;

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