Abstrakt:Příspěvek pojednává o negativních dopadech některých aspektů státní regulace (regulatorní arbitráž, relativní pře-regulace a pod-regulace) na chování ekonomických aktérů v rámci distribuce finančních produktů. Prostřednictvím tří případových (životní pojištění, neveřejné nabídky dluhopisů, penzijní spoření) jsou ilustrovány případy, kdy státní zásahy určitého typu vedly k deformaci fungování cílového trhu a k celkově negativnímu dopadu na koncové zákazníky. Jakkoliv nelze popřít dílčí selhání i na straně regulovaného trhu jako takového, provedená pozorování ukazují, že zejména regulatorní arbitráž mezi jednotlivými sektory finanční industrie je významným stimulátorem distribuční aktivity, která může být do budoucna zdrojem systémového rizika pro celý trh.

This paper deals with the effects of distribution stress and macroeconomic factors on the composition of life insurance investment portfolios on the Central European market. Using a wide array of variables and the VAR model as our main method, we have found that a strong majority of insurers react to external shocks, induced by high levels of contract turnover or positive changes in macro-variables such as GDP and inflation, by strengthening bond components of their portfolio. The exception is connected to interest rates (two-week repo), which presumably have a negative effect on bond investments. Other components such as shares, funds and cash positions have been affected in a diverse way, yet to a minor extent. This implies that insurers tend to react to external stressors by beefing up the conservative part of their investments, potentially leading to an underperformance of managed assets. As such, our results point to conceivable regulatory implications, which would prevent those secondary negative detriments of life distribution growth (i.e., reselling), which are to be expected on the surveyed market.

This paper deals with the experience of third pillar reform in the Czech Republic, executed in 2013. The core of our study is formed by a comparative analysis of newly introduced supplementary pension savings and its substitute products (investment funds, life insurance) from two main aspects: product features and distribution features. The outcomes are supported by empirical sales and population penetration of the surveyed products. The results indicate that even a pension product with a very attractive product design, such as supplementary pension savings, will be hampered by its substitutes as long as its distribution features are unattractive. This is an important lesson, particularly for the discussed European solution, the pan-European portable pension product (PEPP).