The Brazilian regulation for applying the Liability Adequacy Test (LAT) to technical provisions in insurance companies requires that the current estimate is discounted by a term structure of interest rates (hereafter TSIR). This article aims to analyze the LAT results, derived from the use of various models to build the TSIR: the cubic spline interpolation technique, Svensson's model (adopted by the regulator) and Vasicek's model. In order to achieve the objective proposed, the exchange rates of BM&FBOVESPA trading days were used to model the ETTJ and, consequently, to discount the cash flow of the insurance company. The results indicate that: (i) LAT is sensitive to the choice of the model used to build the TSIR; (ii) this sensitivity increases with cash flow longevity; (iii) the adoption of an ultimate forward rate (UFR) for the Brazilian insurance market should be evaluated by the regulator, in order to stabilize the trajectory of the yield curve at longer maturities. The technical provision is among the main solvency items of insurance companies and the LAT result is a significant indicator of the quality of this provision, as this evaluates its sufficiency or insufficiency. Thus, this article bridges a gap in the Brazilian actuarial literature, introducing the main methodologies available for modeling the yield curve and a practical application to analyze the impact of its choice on LAT.
O estudo objetiva o exame da ética e seus desdobramentos, de maneira superficial, na atividade judiciária. Aborda a mecânica processual e a influência da ética nesta ferramenta, estuda vetores sociais e europeus relativos ao tema. Aborda o papel do julgador, bem como o esforço de repensarmos um novo padrão comportamental e de gestão processual, principalmente com a constitucionalização do Direito Processual Civil e com o Código de Processo Civil de 2015. Busca explorar a lealdade, conceito de verdade e boa-fé processual. Avalia o processo como jogo, seus limites éticos e comportamentais.
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