In this paper, we introduce a capital market-based financial guaranty system as an alternative to current insurance guaranty funds and deposit insurance systems. The guaranty system secures clients' claims for the event of default by the financial company using a special purpose vehicle which...

Participating life insurance contracts are one of the most important products in the European life insurance market. Even though these contract forms are very common, only very little research has been conducted in respect to their performance. Hence, we conduct a performance analysis to provide...