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1、,Chapter 12,Nonbank Finance,2005 Pearson Education Canada Inc.,2005 Pearson Education Canada Inc.,12-2,Market Share of Financial Intermediaries,2005 Pearson Education Canada Inc.,12-3,Insurance Companies,Life Insurance Companies1.Regulated by the OSFI and the Canadian Life and Health Insurance Compe
2、nsation Corporation(CompCorp)2.Hold illiquid long-term assetsProperty&Casualty Insurance Companies1.Regulated by the OSFI and the Property and Casualty Insurance Compensation Corporation(PACIC)2.Hold more liquid assets,2005 Pearson Education Canada Inc.,12-4,Balance Sheet of Life Insurance Companies
3、,2005 Pearson Education Canada Inc.,12-5,Balance Sheet of P&C Insurance Companies,2005 Pearson Education Canada Inc.,12-6,Insurance Management,1.Screening2.Risk-based premiums3.Restrictive provisions4.Prevention of fraud5.Cancellation of insurance6.Deductibles7.Coinsurance8.Limits on amounts of insu
4、rance,2005 Pearson Education Canada Inc.,12-7,Other Institutions,Pension Funds1.Rapid growth:encouraged by tax policy2.Bigger role in stock market3.Problem of underfunding4.Private plans5.Public plansA.Social SecurityB.CPP and QPPFinance Companies1.Minimal regulation by provinces2.Rapid growth3.Thre
5、e types:A.Sales finance companiesB.Consumer finance companiesC.Business finance companies,2005 Pearson Education Canada Inc.,12-8,Balance Sheet of Non-Depository Credit Intermediaries,2005 Pearson Education Canada Inc.,12-9,Other Institutions,Mutual Funds1.Regulated by a variety of agencies,includin
6、g the OSFI2.Open-end vs.closed-end3.Load vs no-load4.Money Market Mutual FundsGovernment Financial Intermediation1.Crown Finance Companies:CMHC,FCC,EDC,BDC2.Moral hazard problem of government loan guaranteesSecurities Market Institutions1.Investment Banks2.Securities Brokers and Dealers3.Organized Exchanges4.All are regulated by provincial securities commissions,
