让保险机构陷入财务困境或破产的往往不是资不抵债问题，而是收不抵支——流动性出现问题。流动性关联也是金融风险传染和扩大的一个重要原因。近几年，在相关国际组织与中国的保险业微观审慎监管和宏观审慎监管中，流动性风险开始成为核心话题之一。本报告通过对保险业流动性风险形成和影响的分析，在借鉴国际保险监督官协会（IAIS）和欧盟近年来对保险业流动性风险认识和监管方法的基础上，针对中国保险业的流动性风险及其监管的现实状况，提出应更多关注行业流动性风险产生的潜在原因、流动性管理要注意逆周期操作等对策建议。
It is often not insolvency that cause insurers into financial trouble or bankruptcy，but rather the failure of revenues to meet expenses - the emergence of liquidity problem. Liquidity association is also an important cause of financial risk’s contagion and expansion. In recent years，in related international organizations and China，liquidity risk has become one of the core concerns both in micro-prudential regulation and macro-prudential regulation of insurance sector. This report firstly analyzed the meanings，formation，and influence of liquidity risk in insurance sector. Then，this report analyzed the understanding and regulatory methods of the insurance sector’s liquidity risk recently used by the international insurance regulatory association （IAIS） and the European Union. Finally，this report analyzed Chinese insurance sector’s liquidity risk and its regulatory status，and put forward policy recommendations on the potential reasons of liquidity risk，and liuquidity managements with counter-periodic operations.
