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| Title: | 論信用保險契約與監理法制之革新一兼論歐洲信用保險之監理
The Reformation of Credit Insurance Contracts and Regulatory Legislation: A Comparative Analysis of European Credit Insurance Regulation |
| Authors: | 彭旭廷
Peng, Hsu-Ting |
| Contributors: | 林建智
Lin, Jan-Juy
彭旭廷
Peng, Hsu-Ting |
| Keywords: | 信用保險
保證保險
信用風險
審慎監理
行為監理
監理套利
Credit Insurance
Surety Bond
Credit Risk
Prudential Regulation
Conduct Regulation
Regulatory Arbitrage |
| Date: | 2023 |
| Issue Date: | 2024-01-02 15:23:09 (UTC+8) |
| Abstract: | 信用保險之出現至市場頻繁使用不過百年時間，其重要性卻不容小覷。於現今信用體系帶動經濟迅速發展之時代，藉其享受到遠高於全體短期既有生產力所帶來之經濟果實，卻也同時站在信用隨時崩解之薄冰上，而信用保險作為轉嫁社會各端－消費者、企業以及金融機構信用風險之金融商品，其監管問題應具相當審慎之考量；此監理議題又先涉及信用保險之定性，畢竟倘對其不甚瞭解且無定義，勢將致生監管上之困難，如信用衍生金融商品出現後亦有其性質上是否屬於保險與應如何劃分監管、法規設計衝突之問題。
本文認為，於我國信用保險至今仍難以區辨之原因相當多且複雜，除存在素有性質上爭議的「保證保險」，其係屬保險抑或保證並無明確定論之外，更有著傳統保險契約法制架構上之衝突。保險契約當事人與保險利益之爭論使保險究係保障何人之利益模糊化，亦導致係屬三方關係且為保證性質之保證保險，與本質為雙方關係之信用保險混淆不清。是以，本文嘗試先行以保險學之角度探討信用風險之可保性，耙梳信用保險之起源、沿革與演進，為信用保險於歷史脈絡中定位，並以現今與信用保險性質相像之保險商品彙整分析，再藉由梳理保險契約法制並建立基本原則，為信用保險之保險利益、保險契約主體、運作與內容等面向再建構，以明確化信用保險之定義與類別。
基於信用保險自歐洲地區起源，又於該地成熟發展至今，本文將以歐洲金融市場實務及其審慎監理與行為監理規範架構為參考，其中猶如英國PPI保單不當銷售事件、近年歐盟地區CPI商品利益衝突之問題；此亦同為我國消費者信用保險之團體保單中有著保險契約當事人錯亂，而導致金融消費者權益受損之情形。本文期許藉由介紹、分析相關實務現況與法制規範，借鏡歐洲等國監管機構之經驗，並給予我國相關建議，以完善金融消費者之保護與金融市場之穩定。
The widespread use of credit insurance, though only prevalent for a century, is undeniably instrumental in the contemporary financial system. In the current framework, where credit mechanisms underpin accelerated economic growth, societies are positioned to harvest economic dividends that substantially exceed their aggregate productive output. However, this growth teeters on the fragile precipice of potential credit collapse. Credit insurance, seen as a sophisticated financial method to spread credit risk among different players—namely consumers, corporate entities, and financial institutions—necessitates a pudential regulatory oversight. The main regulatory challenge is clearly defining what credit insurance is. Absent an unambiguous conceptualization and practical understanding, regulation becomes complicated, similar to the issues faced when credit derivatives first appeared.
In Taiwan, the confusion surrounding the definition of credit insurance stems from multiple complex factors. A notable debate pertains to the nature of "bond insurance," and whether it fits better as insurance or a bond, which remains unresolved. This ambiguity is exacerbated by conflicts within the traditional insurance contract law framework. The contention primarily revolves around identifying the actual beneficiaries of these contracts, blurring the distinction between the tripartite nature of bond insurance and the bipartite nature of credit insurance. This paper endeavors to dissect the insurability of credit risk from an insurance theoretical perspective. It traces the historical development of credit insurance and its position within this progression. By drawing parallels between credit insurance and similar financial instruments, and reassessing the principles of insurance contract law, this study aims to demystify and solidify the essential characteristics of credit insurance within the Taiwanese context, thus facilitating a clearer definition and classification.
Recognizing the European roots and growth of credit insurance, this study makes deductions from European financial practices and their regulatory frameworks. Notable incidents, including the UK's PPI mis-selling scandal and recent conflicts over CPI products in the EU, resonate with analogous challenges in our domestic credit insurance scene, wherein mischaracterization of parties detrimentally impacts financial consumer rights. By closely examining these case studies and regulations, this paper aims to extrapolate insights from European regulatory practices, offering thoughtful advice to strengthen consumer-focused financial protections and the overarching stability of our domestic financial system. |
| Reference: | 中文部分
一、專書
1. 江朝國，保險法逐條釋義－第三卷財產保險，2018年2月。
2. 江朝國，保險法逐條釋義－第四卷人身保險，2018年2月。
3. 江朝國，保險法基礎理論，5版，2012年3月。
4. 汪信君、廖世昌，保險法理論與實務，4版，2017年9月。
5. 宋明哲，新風險管理精要，2014年4月。
6. 林建智，風險管理與保險學系碩士班－保險法講義，2023年9月，Doi:10.6992/RMI.IA00001國立政治大學風險管理與保險學系。
7. 洪清和，中級會計學（上），8版，2005年6月。
8. 陳聰富，民法總則，2016年2月，2版
9. 陳錦村，風險管理制度與實務，2版，2016年3月。
10. 陳錦村，銀行管理概要，2004年10月。
11. 陳瑞、周林毅，風險評估與決策管理，2007年3月。
12. 陳彩稚，企業風險管理，2012年2月。
13. 陳彩稚，財產與責任保險，2006年9月。
14. 陳彩稚，保險學，2版，2004年8月。
15. 凌氤寶、陳森松、吳瑞雲，財產保險學，4版，2021年2月。
16. 梁宇賢，保險法新論，2001年9月。
17. 葉啓洲，保險法，7版，2021年3月。
18. 楊誠對，意外保險－理論與實務，8版，2008年9月。
19. 劉宗榮，保險法：保險契約法暨保險業法，4版，2016年8月。
20. 鄭玉波，保險法論，10版，2015年9月。
21. 鄧家駒，風險管理，4版，2005年6月。
22. 儲蓉，信用衍生性金融商品，2008年3月。
二、書之篇章
1. 林勳發，保險法，收於：梁宇賢、劉興善、柯澤東、林勳發，商事法精論，6版，頁523-731，2009年3月。
三、期刊論文
1. 石新中，論信用概念的歷史演進，北京大學學報（哲學社會科學版），6期，頁120-126，2007年。
2. 江朝國，團體保險給付抵充雇主職災補償之妥適性－以團體保險及責任保險利益之區辨為中心，月旦法學教室，152期，頁24-26，2015年5月。
3. 江朝國，保險利益－保險契約法之中心概念，月旦法學教室，試刊號，頁34-37，2002年10月。
4. 汪信君，債權與保險契約及保險利益，月旦法學教室，51期，頁32-33，2007年1月。
5. 何殷如，全面解讀信用違約交換（CDS），證券暨期貨月刊，30卷11期，頁37-52，2012年11月。
6. 吳玉鳳，從當事人論團體保險契約之法律問題，全國律師，15卷5期，頁81-103，2011年5月。
7. 吳玉鳳，從承保範圍與追償論確實保證保險於保險契約法規範之妥適性，保險專刊，26卷1期，頁95-125，2010年6月。
8. 林建智、彭金隆、林裕嘉，論團體保險當事人之法律問題及示範條款之修訂建議，保險專刊，25卷1期，頁77-95，2009年7月。
9. 門中敬，信譽及社會責任：社會信用的概念重構，東方法學，2期，頁135-144，2021年。
10. 卓俊雄，論保險經紀人保證保險之屬性－兼論要保人故意行為之可保性，國立高雄大學法學論叢，10卷1期，頁127-166，2014年9月。
11. 施文森，消費者貸款信用保證保險之研擬，保險專刊，7期，頁19-38，1987年3月。
12. 陳俊元，只怕陌生人？談人身保險、保險利益與公序良俗，台灣法律人，6期，頁99-111，2021年12月。
13. 陳俊元，人身保險利益之再建構：由保險信託與相關商品談起，國立臺灣大學法學論叢，50卷1期，頁265-336，2021年3月。
14. 莊永丞，信用違約交換金融商品應有規範之比較研究，國立臺灣大學法學論叢，52卷2期，頁537-617，2023年6月。
15. 莊永丞，對信用評等機構應有規範之比較研究，國立臺灣大學法學論叢，40卷4期，頁2249-2321，2011年12月。
16. 郭大維，英國金融監理機制之探討，證券暨期貨月刊，24卷10期，頁10-18，2006年10月。
17. 崔婕、沈沛龍，商業銀行資本補充機制的或有資本引入研究，國際金融研究，11期，頁86-96，2012年11月。
18. 張繼紅，系統重要性金融機構或有資本問題研究，國際商務研究，3期，頁58-65，2016年5月。
19. 張冠群，二○一五年新修正臺灣保險法關於保險經紀人義務相關規定之評析，法學論述，250期，頁120-141，2016年3月。
20. 常華兵，或有資本：一個新的風險融資工具，財會通訊，11期，頁67，2004年6月。
21. 程民選、唐雪漫，現代信用社會的內涵及其與現代市場經濟的關係，天府新論，1期，頁51-54，2010年。
22. 葉力旗、林建智，論團體保險當事人架構及因果關係之判定－兼評臺灣高等法院104年度保險上字第23號判決，全國律師，27卷7期，頁90-109，2023年7月。
23. 葉啓洲，從道德危險到公序良俗－人身保險利益規範目的與解釋論之省思，台灣法律人，24期，頁72-88，2023年6月。
24. 葉啓洲，保證保險人對保證人之代位－臺灣士林地方法院一○○年度訴字第四七一號民事判決，月旦裁判時報，15期，頁42-48，2012年6月。
25. 葉啓洲，團體保險之要保人、眷屬關係與保險利益有無之認定－評台灣高等法院高雄分院九十八年保險上字第十四號民事判決，月旦裁判時報，3期，頁76-82，2010年6月。
26. 廖世昌，解析保證保險，法學新論，107期，頁128-144，2004年4月。
27. 劉航、巫和懋，或有資本、資產拋售與銀行信用風險，浙江社會科學，3期，頁18-27，2016年3月。
28. 潘雅慧，新巴塞爾資本協定及信用風險模型化之研析，中央銀行季刊，24卷2期，頁35-54，2002年6月。
29. 賴曜賢，商業保證保險化之適法性探討，中原財經法學，33期，頁135-191，2014年12月。
30. 賴曜賢，論我國產物保險業經營保證保險業務適當性之探討，核保學報，20期，頁189-202，2012年3月。
31. 羅俊瑋，論保險法增訂酬金揭露制度規定對保險消費者保護之影響─兼論英國與歐盟保險銷售指令相關規定，臺灣法學雜誌，300期，頁83-100，2016年7月。
四、學位論文
1. 江聖元，授信保險與信用保險之研究，國立政治大學風險管理與保險學系碩士論文，1999年。
2. 林政豪，自己的保險自己買？－論團體保險契約之保障主體與相關法律問題，國立臺灣大學法律學系碩士論文，2014年6月。
3. 林裕嘉，團體保險相關法律問題之研究－以團體信用保障保險為例，國立政治大學風險管理與保險學系碩士論文，2008年7月。
4. 洪鈺淇，自比較法視點解構並再建構保險經紀人之忠實義務－以美國法及日本法為中心－，國立政治大學風險管理與保險學系碩士論文，2020年3月。
5. 姚孟德，信用保險之信用風險管理功能及其承保方式之研究，逢甲大學保險學研究所碩士論文，1989年6月。
6. 趙明昕，信用保險制度研究，西南政法大學博士學位論文，2004年4月。
7. 廖家宏，信用壽險相關法律問題，國立政治大學風險管理與保險學系碩士論文，1998年7月。
五、研究計畫
1. 陸珊珊，參加亞太再保險實務研討會出國報告，財團法人住宅地震保險基金，2016年8月。
2. 吳玉鳳，信用保障債務團體保險透過電話行銷並於線上成交之可行性及適法性，財團法人保險事業發展中心研究報告，2008年4月23日。
3. 洪茂蔚，信用衍生性金融商品研究，中華民國證券商業同業公會委託研究，2003年9月。
六、政府與國際組織文書
1. 立法院議案關係文書，院總第464號 政府、委員提案第3786、443、501號之1，1991年11月23日。
日文部分
一、專書
1. 山下友信､米山高生『保険法解説－生命保険・傷害疾病定額保険』有斐閣（2010年4月）｡
二、期刊論文
1. 梅津昭彦「団体生命保険契約の団体の法的地位－アメリカ保険法におけるエージェンシー関係の認定－」生命保険論集211号（2020年）｡
2. 岩原紳「保証証券業務（ボンド業務）の法的性格と法規制の構造」平成20年度金融法務研究会 金融取引における信用補完に係る現代的展開（2012年）｡
3. 草苅耕造「信用リスクにおける保険会社の役割」保険学雑誌605号（2009年）｡
4. Akihiko Umetsu「Reform on the Insurance Law in Japan: A Perspective of New Japanese Insurance Law」保険学雑誌603号（2008年）。
5. 草苅耕造「公共工事とボンド制度」保険学雑誌598号（2007年）｡
6. 倉沢康一郎「信用保険と保証保険」法學研究：法律・政治・社会48巻2号（1975年）｡
英文部分
一、專書
1. Briggs, Dick & Edwards, Burt (1988), CREDIT INSURANCE: HOW TO REDUCE THE RISKS OF TRADE CREDIT, New York: Woodhead-Faulkner.
2. Brown, Ken & Moles, Peter (2016), CREDIT RISK MANAGEMENT, UK: Edinburgh Business School, Heriot-Watt University.
3. Bluhm, William F. (2012), GROUP INSURANCE, Actex Publications.
4. Brown, Anthony (1980), CUTHBERT HEATH: MAKER OF THE MODERN LLOYD'S OF LONDON, Newton Abbot: David & Charles.
5. Backman, Jules (1949), SURETY RATE-MAKING: A STUDY OF THE ECONOMICS OF SURETYSHIP, Surety Assn. of America.
6. Churella, John A. (1958), EVALUATION OF CREDIT INSURANCE AND ITS EFFECTS ON BUSINESS MANAGEMENT, Baltimore: American Credit Indemnity Company.
7. Crist, George William (1950), CORPORATE SURETYSHIP, New York: McGraw-Hill.
8. Gallagher, Edward Graham (2000), THE LAW OF SURETYSHIP, American Bar Association.
9. Grath, Anders (2016), THE HANDBOOK OF INTERNATIONAL TRADE AND FINANCE, Great Britain: Kogan Page.
10. Greene, Mark Richard (1955), AN ANALYSIS OF CREDIT INSURANCE, The Ohio State University.
11. Huebner, Solomon S. (1922), PROPERTY INSURANCE: COMPRISING FIRE AND MARINE INSURANCE, CORPORATE SURETY BONDING, TITLE INSURANCE, AND CREDIT INSURANCE, New York: D. Appleton and Co.
12. Huebner, Solomon S. (1911), PROPERTY INSURANCE: COMPRISING FIRE AND MARINE INSURANCE, CORPORATE SURETY BONDING, TITLE INSURANCE, AND CREDIT INSURANCE, New York: D. Appleton and Co.
13. Haskins, William L. (1837), CONSIDERATIONS ON THE PROJECT AND INSTITUTION OF A GUARANTEE COMPANY, ON A NEW PLAN: WITH SOME GENERAL VIEWS ON CREDIT, CONFIDENCE AND CURRENCY, D. Felt & Company.
14. Jus, Miran (2013), CREDIT INSURANCE, Academic Press.
15. Jones, Peter M. (2010), TRADE CREDIT INSURANCE, World Bank.
16. Kulp, Clarence Arthur & Hall, John W. (1968), CASUALTY INSURANCE, New York: Ronald Press Co.
17. Russell, Jeffrey S. (2000), SURETY BONDS FOR CONSTRUCTION CONTRACTS, Reston, VA: ASCE press.
18. Salcic, Zlatko (2014), EXPORT CREDIT INSURANCE AND GUARANTEES: A PRACTITIONER'S GUIDE, Springer.
19. Schmid, Bernd (2004), CREDIT RISK PRICING MODELS: THEORY AND PRACTICE, Springer Science & Business Media.
20. Stearns, Arthur Adelbert (1915), THE LAW OF SURETYSHIP, WH Anderson Company.
21. Saunderson, Charles (1845), SURETISHIP: THE DANGERS AND DEFECTS OF PRIVATE SECURITY AND THEIR REMEDIES, London: Simpkin, Marshall, & Co.
22. THE INTERNATIONAL CREDIT INSURANCE & SURETY ASSOCIATION (ICISA) (2015), A GUIDE TO TRADE CREDIT INSURANCE, London: Anthem Press.
23. Walford, Cornelius (1873), THE INSURANCE CYCLOPAEDIA: BEING A DICTIONARY OF THE DEFINITION OF TERMS USED IN CONNEXION WITH THE THEORY AND PRACTICE OF INSURANCE IN ALL ITS BRANCHES, London: Charles and Edwin Layton.
24. Witzany, J. (2017), CREDIT RISK MANAGEMENT: PRICING, MEASUREMENT, AND MODELING, Switzerland: Springer International Publishing AG.
二、書之篇章
1. Benzin, A., Trück, S. & Rachev, S. T. (2003), Approaches to Credit Risk in the New Basel Capital Accord, in: Bol, G., Nakhaeizadeh, G., Rachev, S. T., Ridder, T. & Vollmer, KH. (Eds.), Credit Risk (pp. 1-33), Germany: Springer.
2. Siri, M., & Van den Hurk, A. (2022), Recovery and Resolution of Insurance Companies and Director’s Duties, in: Marano, P. & Noussia, K. (Eds.), The Governance of Insurance Undertakings (pp. 141-170), Springer.
三、期刊論文
1. Amato, Jeffery D. & Remolona, Eli M., The credit spread puzzle, BIS QUARTERLY REV. 51 (2003).
2. Anderson, Greg, The Emergence and Development of Fidelity Insurance in 19th-century Britain, 29 THE GENEVA PAPERS ON RISK AND INSURANCE. ISSUES AND PRACTICE 234 (2004).
3. Aicher, Robert D., Cotton, Deborah L. & Khan, TK, Credit Enhancement: Letters of Credit, Guaranties, Insurance and Swaps (The Clash of Cultures), 59 BUS. LAW. 897 (2004).
4. Banu, Ioana M., The impact of credit on economic growth in the global crisis context, 6 PROCEDIA ECONOMICS AND FINANCE 25 (2013).
5. Caverly, Raymond N., The Origin of Fidelity Coverage, 9 INS. COUNSEL J. 22 (1942).
6. Caverly, Raymond N., The Background of the Casualty and Bonding Business in the United States, 6 INS. COUNSEL J. 62 (1939).
7. Chen, F., Chen, X., Sun, Z., Yu, T. & Zhong, M., Systemic Risk, Financial Crisis, and Credit Risk Insurance, 48 FINANCIAL REVIEW 417 (2013).
8. Culp, Christopher L., Contingent capital vs. contingent reverse convertibles for banks and insurance companies, 21(4) JOURNAL OF APPLIED CORPORATE FINANCE 17 (2009).
9. Eling, Martin & Pankoke, David A., Systemic Risk in the Insurance Sector: A Review and Directions for Future Research, 19(2) RISK MANAGEMENT AND INSURANCE REVIEW 249 (2016).
10. Ferran, E., Regulatory Lessons from the Payment Protection Insurance Mis-selling Scandal in the UK, 13(2) EUROPEAN BUSINESS ORGANIZATION LAW REVIEW 247 (2012).
11. Funatsu, H., Export credit insurance, 53 JOURNAL OF RISK AND INSURANCE 679 (1986).
12. Georgosouli, Andromachi, Payment Protection Insurance (PPI) Misselling: Some Lessons from the UK, 21(1) CONN. INS. L.J. 261 (2014).
13. Grace, Martin F., The Insurance Industry and Systemic Risk: Evidence and Discussion, NETWORKS FINANCIAL INSTITUTE POLICY BRIEF No. 2010-PB-02 (2010).
14. Grippa, Pierpaolo & Gornicka, Lucyna, Measuring Concentration Risk A Partial Portfolio Approach, 158 IMF WP 1 (2016).
15. Henderson, M. Todd, Credit Derivatives are Not Insurance, 16 CONN. INS. LJ 1 (2009).
16. Henderson, Gerard C., Suretyship Law as Affected by the Rise of Surety Companies, 29 HARVARD L. REV. 314 (1916).
17. Johnson, Casey, Trade Credit Insurance－More than Insurance, 78(8) THE SECURED LENDER 73 (2022).
18. Jamieson, Alan G., Credit insurance and trade expansion in Britain, 1820–1980, 1(2) ACCOUNTING, BUSINESS & FINANCIAL HISTORY 163 (1991).
19. Robert W. Klein, Principles for Insurance Regulation: An Evaluation of Current Practices and Potential Reforms, 37 THE GENEVA PAPERS ON RISK AND INSURANCE - ISSUES AND PRACTICE 175 (2012).
20. Li, Yongjian, Zhen, Xueping, & Cai, Xiaoqiang, Trade credit insurance, capital constraint, and the behavior of manufacturers and banks, 240 ANNALS OF OPERATIONS RESEARCH 395 (2016).
21. Loshin, Jacob, Insurance Law's Hapless Busybody: A Case Against the Insurable Interest Requirement, 117 YALE L. J. 474 (2007).
22. Lunt, Edward C., Fidelity Insurance and Suretyship, 161 THE ANNALS OF THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE 105 (1932).
23. Maria, V., Financial Risk Insurance, 35 MANAGEMENT STRATEGIES JOURNAL 269 (2017).
24. Morgan, Willis D., History and economics of suretyship, 12 CORNELL L. REV. 153 (1927).
25. Morgan, Willis D., History and Economics of Suretyship, 12 CORNELL L. REV. 487 (1927).
26. Nelli, Humbert O., The earliest insurance contract. a new discovery, 39 JOURNAL RISK AND INSURANCE 215 (1972).
27. Nichols, Henry W., Laws and Decisions Affecting Surety Rate-Making, 17 INS. COUNSEL J. 289 (1950).
28. Oppenheimer, Robert H., Credit Insurance and Foreign Trade, 1 INS. LAW J. 738 (1961).
29. Planchet, F., Magnin, F. & Decroocq, J.F, Systematic Risk Modelisation in Credit Risk Insurance, ISFA LABORATOIRE SAF (2009).
30. David Pilla, UK Launches Trade Credit Insurance Scheme, BEST’S REVIEW 16 (2020).
31. Tong, Edward N.C., Mues, Chrisophe, Brown, Iain & Thomas, Lyn C., Exposure at default models with and without the credit conversion factor, 252 EUR. J. OPER. RES. 910 (2016).
32. White, Lawrence J., The credit‐rating agencies and the subprime debacle, 21(2)(3) CRITICAL REV. 389 (2009).
33. Więcko-Tułowiecka, Małgorzata, Challenges of the Payment Protection Insurance Market – Analysis of European Tendencies in the Context of the Need for Legal Actions in Poland, 1 PRAWO ASEKURACYJNE 61 (2017).
34. Wieczorek, Monika, The Role of Credit Insurance in Accounts Receivable Management, 7 OSTRAVA 489 (2005).
35. Weichelt, G. M., The Contract of the Corporate Surety and Its Distinction from One of Insurance, 9 CHI.-KENT REV. 69 (1931).
36. Yang, S. Alex, Bakshi, Nitin & Chen, Christopher J., Trade credit insurance: Operational value and contract choice, 67(2) MANAGEMENT SCIENCE 875 (2021).
四、政府與國際組織文書
1. ASSOCIATION OF MUTUAL INSURERS AND INSURANCE COOPERATIVES IN EUROPE (AMICE), EIOPA DISCUSSION PAPER SYSTEMIC RISK AND MACROPRUDENTIAL POLICY IN INSURANCE－AMICE’S RESPONSE (April 30, 2019), available at https://amice-eu.org/app/uploads/2021/04/2019-04-30-AMICE-response-to-EIOPAs-Discussion-Paper-Systemic-Risk-and-Mac.pdf
2. BASEL COMMITTEE ON BANKING SUPERVISION (BCBS), CRE20 STANDARDISED APPROACH: INDIVIDUAL EXPOSURES (December 08, 2022), available at https://www.bis.org/basel_framework/chapter/CRE/20.htm?inforce=20230101&published=20221208&export=pdf
3. BASEL COMMITTEE ON BANKING SUPERVISION (BCBS), CRE21 STANDARDISED APPROACH: USE OF EXTERNAL RATINGS (March 27, 2020), available at https://www.bis.org/basel_framework/chapter/CRE/21.htm?inforce=20230101&published=20200327&export=pdf
4. BASEL COMMITTEE ON BANKING SUPERVISION (BCBS), CRE30 IRB APPROACH: OVERVIEW AND ASSET CLASS DEFINITIONS (March 27, 2020), available at https://www.bis.org/basel_framework/chapter/CRE/30.htm?inforce=20230101&published=20200327&export=pdf
5. BASEL COMMITTEE ON BANKING SUPERVISION (BCBS), BASEL III: FINALISING POST-CRISIS REFORMS (December, 2017), available at https://www.bis.org/bcbs/publ/d424.pdf
6. BASEL COMMITTEE ON BANKING SUPERVISION (BCBS), PRINCIPLES FOR THE MANAGEMENT OF CREDIT RISK (September, 2000), available at https://www.bis.org/publ/bcbs75.pdf
7. BANK FOR INTERNATIONAL SETTLEMENTS (BIS), DEVELOPMENTS IN CREDIT RISK MANAGEMENT ACROSS SECTORS: CURRENT PRACTICES AND RECOMMENDATIONS (February, 2015), available at https://www.bis.org/bcbs/publ/joint37.pdf
8. BUILDING SOCIETIES ASSOCIATION (BSA), FSA: JOURNEY TO THE FCA－RESPONSE BY THE BUILDING SOCIETIES ASSOCIATION (December 14, 2012), available at https://www.bsa.org.uk/getmedia/432f88e3-c1b6-4d96-b180-6785c2bf443a/Journey_to_the_FCA.pdf
9. EUROPEAN BANKING AUTHORITY (EBA), OPINION OF THE EUROPEAN BANKING AUTHORITY ON THE EUROPEAN COMMISSION REQUEST FOR TECHNICAL ADVICE ON ISSUES RELATED TO THE MORTGAGE CREDIT DIRECTIVE (June 23, 2022), available at https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Opinions/2022/Opinion%20on%20MCD%20review%20%28EBA-Op-2022-07%29/1036068/EBA%27s%20response%20to%20the%20EC%20Call%20for%20advice%20on%20the%20review%20of%20MCD.pdf
10. EUROPEAN BANKING AUTHORITY (EBA), GUIDELINES ON CREDIT RISK MITIGATION FOR INSTITUTIONS APPLYING THE IRB APPROACH WITH OWN ESTIMATES OF LGDS (May 6, 2020), available at https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2020/Guidelines%20on%20Credit%20Risk%20Mitigation%20for%20institutions%20applying%20the%20IRB%20approach%20with%20own%20estimates%20of%20LGDs/883366/Guidelines%20on%20CRM%20for%20A-IRB%20institutions.pdf
11. EUROPEAN BANKING AUTHORITY (EBA), OPINION OF THE EUROPEAN BANKING AUTHORITY ON THE TREATMENT OF CREDIT INSURANCE IN THE PRUDENTIAL FRAMEWORK (March 9, 2020), available at https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Opinions/2020/880839/EBA%20Opinion%20on%20credit%20insurance%20EBAOp-2020-05.pdf
12. EUROPEAN BANKING AUTHORITY (EBA), POLICY AAVICE ON THE BASEL III REFORMS: CREDIT RISK STANDARDISED APPROACH AND IRB APPROACH (August 2, 2019), available at https://www.eba.europa.eu/sites/default/documents/files/document_library/881123/Policy%20Advice%20on%20Basel%20III%20reforms%20-Credit%20Risk.pdf
13. EUROPEAN BANKING AUTHORITY (EBA), GUIDELINES ON COMMON PROCEDURES AND METHODOLOGIES FOR THE SUPERVISORY REVIEW AND EVALUATION PROCESS (SREP) AND SUPERVISORY STRESS TESTING (July 19, 2018), available at https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2282666/fb883094-3a8a-49d9-a3db-1d39884e2659/Guidelines%20on%20common%20procedures%20and%20methodologies%20for%20SREP%20and%20supervisory%20stress%20testing%20-%20Consolidated%20version.pdf?retry=1
14. EUROPEAN COMMISSION, STATE AID: COMMISSION APPROVES DUTCH GUARANTEE SCHEME TO STABILISE TRADE CREDIT INSURANCE MARKET IN CORONAVIRUS OUTBREAK (May 25, 2020), available at https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_20_937/IP_20_937_EN.pdf
15. EUROPEAN COMMISSION, STATE AID: COMMISSION APPROVES GERMAN GUARANTEE SCHEME TO STABILISE TRADE CREDIT INSURANCE MARKET IN CORONAVIRUS OUTBREAK (April 14, 2020), available at https://ec.europa.eu/commission/presscorner/api/files/document/print/pt/ip_20_653/IP_20_653_EN.pdf
16. EUROPEAN COMMISSION, CALL FOR ADVICE TO THE EBA FOR THE PURPOSES OF REVISING THE OWN FUND REQUIREMENTS FOR CREDIT, OPERATIONAL, MARKET AND CREDIT VALUATION ADJUSTMENT RISK (May 4, 2018), available at https://www.eba.europa.eu/documents/10180/2207145/Call+for+advice+to+the+EBA+for+the+purposes+of+revising+the+own+fund+requirements+for+credit%2C%20operational+market+%26+credit+valuation+adjustment+risk+040518.pdf/fa15db69-5527-4fbe-a0e7-0d8ed46547fb
17. EUROPEAN COMMISSION, FINAL REPORT OF THE COMMISSION EXPERT GROUP ON EUROPEAN INSURANCE CONTRACT LAW (January 24, 2014), available at https://commission.europa.eu/system/files/2020-10/final_report_en.pdf
18. EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA), CREDIT PROTECTION INSURANCE (CPI) SOLD VIA BANKS (September, 2022), available at https://www.eiopa.europa.eu/system/files/2022-09/eiopa-thematic-review-on-credit-protection-insurance2022.pdf
19. EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA), EIOPA WARNS INSURERS AND BANKS TO ADDRESS ISSUES WITH HIGH REMUNERATION AND CONFLICTS OF INTEREST FROM THE SALE OF CREDIT PROTECTION INSURANCE OR FACE POSSIBLE SUPERVISORY ACTION (August 30, 2022), available at https://www.eiopa.europa.eu/system/files/2022-09/10.0_eiopa-bos-22-434-warning-to-insurers-and-banks-on-credit-protection-insurance.pdf
20. EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA), BACKGROUND DOCUMENT ON THE OPINION ON THE 2020 REVIEW OF SOLVENCY II (December 17, 2020), available at https://www.eiopa.europa.eu/system/files/2020-12/eiopa-bos-20-750-background-analysis.pdf
21. EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA), SYSTEMIC RISK AND MACROPRUDENTIAL POLICY IN INSURANCE (2017), available at https://web.actuaries.ie/sites/default/files/erm-resources/003systemic_risk_and_macroprudential_policy_in_insurance.pdf
22. EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA), DISCUSSION PAPER ON POTENTIAL HARMONISATION OF RECOVERY AND RESOLUTION FRAMEWORKS FOR INSURERS (December 2, 2016), available at https://www.eiopa.europa.eu/system/files/2021-11/eiopa-cp-16-009_discussion_paper_recovery_and_resolution_for_insurers.pdf
23. EUROPEAN PARLIAMENT, EUROPEAN SYSTEM OF FINANCIAL SUPERVISION (ESFS) (April, 2023), available at https://www.europarl.europa.eu/erpl-app-public/factsheets/pdf/en/FTU_2.6.14.pdf
24. EUROPEAN SYSTEMIC RISK BOARD (ESRB), ISSUES NOTE ON MACROPRUDENTIAL ASPECTS OF TRADE CREDIT INSURANCE (August, 2022), available at https://www.esrb.europa.eu/pub/pdf/reports/esrb.issuesnoteonmacroprudentialaspectstradecreditinsurance202208~eaa8c9c764.en.pdf
25. EUROPEAN SYSTEMIC RISK BOARD (ESRB), RECOVERY AND RESOLUTION FOR THE EU INSURANCE SECTOR: A MACROPRUDENTIAL PERSPECTIVE (August, 2017), available at https://www.esrb.europa.eu/pub/pdf/reports/esrb.reports170817_recoveryandresolution.en.pdf
26. EUROPEAN SYSTEMIC RISK BOARD (ESRB), REPORT ON SYSTEMIC RISKS IN THE EU INSURANCE SECTOR (December, 2015), available at https://www.esrb.europa.eu/pub/pdf/reports/2015-12-16-esrb_report_systemic_risks_EU_insurance_sector.en.pdf
27. FEDERAL RESERVE BOARD, FEDERAL RESERVE BULLETIN (June, 1922).
28. FINANCIAL STABILITY BOARD (FSB), RECOVERY AND RESOLUTION PLANNING FOR SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTIONS: GUIDANCE ON IDENTIFICATION OF CRITICAL FUNCTIONS AND CRITICAL SHARED SERVICES (July 16, 2013), available at https://www.fsb.org/wp-content/uploads/r_130716a.pdf
29. FINANCIAL SERVICES AUTHORITY (FSA), THE FAILURE OF THE ROYAL BANK OF SCOLAND－FINANCIAL SERVICES AUTHORITY BOARD REPORT (December, 2011), available at https://www.fca.org.uk/publication/corporate/fsa-rbs.pdf
30. FINANCIAL SERVICES AUTHORITY (FSA), FINAL NOTICE TO SWINTON GROUP (October 28, 2009), available at https://www.fca.org.uk/publication/final-notices/swinton.pdf
31. FINANCIAL SERVICES CONSUMER PANEL (FSCP), ANNUAL REPORT 2008/09 (July, 2009), available at https://www.fs-cp.org.uk/sites/default/files/annual_report09.pdf
32. HOUSE OF COMMONS TREASURY COMMITTEE, FINANCIAL SERVICES BILL－FIRST REPORT OF SESSION 2012-2013 (May 23, 2012), available at https://publications.parliament.uk/pa/cm201213/cmselect/cmtreasy/161/161.pdf
33. INTERNATIONAL ASSOCIATION OF CREDIT PORTFOLIO MANAGERS (IACPM) & INTERNATIONAL TRADE AND FORFAITING ASSOCIATION (ITFA), IACPM/ITFA PRIVATE CREDIT RISK INSURANCE SURVEY 2021－CURRENT PRACTICES AND RELEVANCE FOR BANKS (2021), available at http://iacpm.org/wp-content/uploads/2022/03/IACPM-ITFA-Private-Credit-Risk-Insurance-2021-Select-High-Level-Results.pdf
34. INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS), LEVEL 2 DOCUMENT: ICS VERSION 2.0 FOR THE MONITORING PERIOD (March, 2020), available at https://www.iaisweb.org/uploads/2022/01/200313-Level-2-Document-for-ICS-Version-2.0-for-the-monitoring-period.pdf
35. INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS), GLOBAL SYSTEMICALLY IMPORTANT INSURERS: INITIAL ASSESSMENT METHODOLOGY (July 18, 2013), available at https://www.fsa.go.jp/inter/iai/20130719/05.pdf
36. INTERNATIONAL CREDIT INSURANCE & SURETY ASSOCIATION (ICISA), ICISA RESPONSE TO “CP ON GUIDELINES ON CREDIT RISK MITIGATION FOR INSTITUTIONS APPLYING THE IRB APPROACH WITH OWN ESTIMATES OF LGDS” (May 21, 2019), available at https://www.eba.europa.eu/system/files/webform/documents/ddm-fileupload/2738669/1.0/view_uploadFiles/ICISA%20response%20to%20EBA%20consultation%20may%202019%20fnl.pdf
37. INTERNATIONAL MONETARY FUND (IMF), GLOBAL FINANCIAL STABILITY REPORT: POTENTIAL POLICIES FOR A SUCCESSFUL NORMALIZATION (April, 2016), available at https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/gfsr/2016/01/pdf/_text.ashx
38. INTERNATIONAL TRADE AND FORFAITING ASSOCIATION (ITFA), ITFA POSITION PAPER (February 21, 2022), available at https://itfa.org/wp-content/uploads/2022/02/ITFA-Position-Paper-final-version.pdf
39. INTERNATIONAL TRADE AND FORFAITING ASSOCIATION (ITFA), CONSULTATION RESPONSE－EBA CONSULTATION ON DRAFT GUIDELINES ON CREDIT RISK MITIGATION FOR INSTITUTIONS APPLYING THE IRB APPROACH WITH OWN ESTIMATES OF LGDS (May 24, 2019), available at https://www.eba.europa.eu/system/files/webform/documents/ddm-fileupload/2746594/1.0/view_uploadFiles/2019-05-24%20ITFA%20response%20to%20EBA%20GLs%20on%20CRM%20for%20IRB%20approach.pdf
40. NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC), GROUP LIFE INSURANCE DEFINITION AND GROUP LIFE INSURANCE STANDARD PROVISIONS MODEL ACT (October, 2005), available at https://content.naic.org/sites/default/files/inline-files/MDL-565.pdf
41. OFFICE OF FAIR TRADING (OFT), PAYMENT PROTECTION INSURANCE: REPORT ON THE MARKET STUDY AND PROPOSED DECISION TO MAKE A MARKET INVESTIGATION REFERENCE (October, 2006), available at https://webarchive.nationalarchives.gov.uk/ukgwa/20140402172008mp_/http://oft.gov.uk/shared_oft/reports/financial_products/oft869.pdf
42. THE GENEVA ASSOCIATION, SYSTEMIC RISK IN INSURANCE: AN ANALYSIS OF INSURANCE AND FINANCIAL STABILITY (March, 2020), available at https://www.genevaassociation.org/sites/default/files/ga2010-systemic_risk_in_insurance_1.pdf
43. THE GENEVA ASSOCIATION, KEY FINANCIAL STABILITY ISSUES IN INSURANCE: AN ACCOUNT OF THE GENEVA ASSOCIATION’S ONGOING DIALOGUE ON SYSTEMIC RISK WITH REGULATORS AND POLICY-MAKERS (July, 2010), available at https://www.genevaassociation.org/sites/default/files/ga2010-key_financial_stability_issues_in_insurance_3.pdf |
| Description: | 碩士
國立政治大學
風險管理與保險學系
110358018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110358018 |
| Data Type: | thesis |
| Appears in Collections: | [風險管理與保險學系] 學位論文
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