Posibilidades reales de la inmunización para ofrecer un interés más elevado en el seguro de vida bajo la normativa española

Abstract

The recent rules for calculating mathematical reserves in life insurance, allows the use of interest rates even higher than the maximum rate allowed a priori by that legislation itself (Royal Decree 239/2007), requiring the application of an absolute congruence between charges and payments or an immunizing strategy, all with the limits set by the legislation itself. The use of these higher interest rates by the life insurance companies permit to pro- vide higher rates of interest to customers, that is, to offer a greater guaranteed capital in exchange for equal initial premiums or, seen from conversely, demanding a lower premium for the same guaranteed capital. In this paper is first exposed the advantages and disadvantages that might have the implementation of an immunizing model for the customer and the insurance industry itself, and then is synthetically shown that legislation, their strengths and weaknesses. Finally, is shown the existence of a full immunizing alternative model, which will even eliminate the need for continuous and therefore costly rebalancing required for the immunized portfolios by most famous immunizing portfolios literature.