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| Title: | 台灣壽險業以再保險工具優化資本結構可行性之研究
Exploring the Possibilities for Taiwanese Insurance Companies to Optimize Capital Structure by Utilizing Reinsurance or Other Similar Tools |
| Authors: | 吳雅筠
Wu, Ya-Yun |
| Contributors: | 彭金隆
曹智芳
Peng, Jin-Lung
Tsao, Chih-Fang
吳雅筠
Wu, Ya-Yun |
| Keywords: | 再保險工具
顯著風險移轉
共同保險
reinsurance tools
substantial risk transfer
coinsurance |
| Date: | 2024 |
| Issue Date: | 2024-03-01 13:45:57 (UTC+8) |
| Abstract: | 我國保險法於96年修訂時，已於第147條立法理由中明揭引進國外新興風險移轉工具、協助國內業者分散風險的意旨，主管機關隨後訂定相關法規予以規範，採納IFRS下對於「顯著風險移轉」之定義，作為對再保險風險的控制標準。惟美國於安隆案後爆發數起再保險醜聞，使得再保險工具被貼上財報操作的負面標籤，而我國2014年間也有多家壽險業者因從事限額再保險未經主管機關核准遭裁罰，自此國內業者鮮少再涉足再保險工具之運用。
惟自前揭AIG、Prudential等涉及不當再保安排之案例爆發後，歐美諸國已重新檢視再保險監理法令並訂定更明確規範，並未因少數個案的發生而否定再保險工具作為風險移轉工具的功能，反之，歐洲為推動SolvencyII、日本為解決高保證利率保單的問題、及南韓近期為接軌ICS，均放寬對再保險的限制以滿足壽險業者改善資本的需求。
本文比較美國、歐盟、日韓相關法令之規範、及監理演進之歷程，再回頭檢視國內相關規範，指出國內規範與國際標準不一致之處，並檢討國內實務上再保險發展的主要障礙及建議調整之處。由2023年10月主管機關為接軌ICS所進行之若干法規修正，可知再保險工具在國內法制下仍有相當運作空間，倘能善加利用，應可於增資、發債、改善商品結構以外，作為國內壽險業者資本改善的補充性工具，有助維持國內壽險市場的穩定及健全發展。
Since 2007, Taiwanese legislator has amended Insurance Act to introduce non-traditional reinsurance, which had been prevalent in foreign jurisdictions, as a tool for domestic life insurers to diverse business risks. Taiwanese FSC subsequently promulgated regulations where IFRS’s “substantial risk transfer testing” was adopted as a criterion for regulators to prevent undue reinsurance arrangements. In the US, following the collapse of Enron, a few reinsurance-related scandals were revealed and reinsurances were perceived as fraudulent financial activities at that time. In Taiwan, multiple life insurers were also found to have violated regulations by engaging in finite reinsurance without FSC’s prior approval during 2014-2015. Since then, Taiwanese life insurers have been strictly self-restrained from non-traditional reinsurances.
However, even though the burst-out of the aforesaid reinsurance scandals, rather than denying the functions of and positive results brought by the reinsurance, the US government reviewed and revised relevant regulations to provide clearer guidance, aiming to establish a more comprehensive supervision system. Furthermore, the European, Japanese and South Korean governments have relaxed restrictions on reinsurance recently for the purpose of smoothly transitioning to new regulatory regime or solving high-guaranteed old black issues, expecting that these new risk transfer tools could assist insurers to improve their capital strength and stabilize their financial conditions.
This thesis introduces relevant regulatory measures adopted by the United States, European Union, Japan and South Korea and compares them with ours. It then points out the barriers under current regulatory frameworks that domestic insurers would face if engage in reinsurance, and provides plausible solutions as references for regulators, wishing to ease their concerns. In December 2023, for the upcoming ICS regime in 2026, Taiwanese FSC amended relevant regulations in which non-traditional reinsurance are still recognized as legitimate tools for insurers to utilize. We are therefore positive on the developments of reinsurance tools in Taiwan and believe that, as long as our regulator could be more open to the operation of reinsurance tools, they could be utilized as a powerful tool to strengthen life insurers’ capital structures in addition to capital injunction, bond issuance, and product transformation, and assist them to transit to the new regulatory and accounting regime successfully. |
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
111ZB1027 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111ZB1027 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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