http://creativecommons.org/licenses/by-nc/4.0/legalcode Problemi obračuna riziko-margine u regulatornom okviru Solventnost II application/pdf 763233 bytes Tokovi osiguranja 37(1) 2021 Ključne reči: riziko-margina, Solventnost II, stopa troškova kapitala, tehničke rezerve Keywords: risk margin; Solvency II; capital cost rate; technical provisions srp Kočović, Jelena Koprivica, Marija info:eu-repo/semantics/article https://phaidrabg.bg.ac.rs/o:28497 doi:10.5937/TokOsig2101007K ISSN: 1451-3757 Apstrakt Predmet rada su problemi obračuna riziko-margine kao elementa tehničkih rezervi osiguravača u regulatornom okviru Solventnost II. Usled nedostataka propisane metode troškova kapitala, u kombinaciji s niskim kamatnim stopama, riziko-margina je isuviše visoka i varijabilna, čime su pogođena prvenstveno društva koja se bave životnim osiguranjima. U radu se daju konkretne preporuke za prevazilaženje ili ublažavanje problema previsoke i kamatno osetljive riziko-margine. Preporučena rešenja uključuju kako modifikacije postojeće metode troškova kapitala tako i na- puštanje ove metode i njenu zamenu drugim metodama za obračun riziko-margine Abstract The paper deals with the issues of risk margin computation as an element of technical provisions of Insurers under the Solvency II regulatory regime. Due to a lack of regulatory method for the capital cost, in combination with the low interest rates, the risk margin is set too high and variable, which primarily affects life insurance companies. The paper includes particular proposals for overcoming or mitigating the problem of too high and rate-sensitive risk margin. The proposed solutions include both modifications to the existing capital cost method and abandonment and the replacement of this method by other risk margin computation methods.