| 摘要: | 近年來如兆豐案及樂陞案等上市上櫃公司董監事涉犯金融犯罪，導致金融市場秩序動搖，董事及監察人被課予更大的責任，並受到外界的高度監督，金融管理監督委員會爰自民國107年起陸續強制上市上櫃公司投保「董監事及重要職員責任保險」（Directors and Officers Liability Insurance，D&O），以強化公司治理，發揮董監事職能，並紓解董監事之壓力。
惟董監事因財報不實引發損害賠償責任時，往往被害人數眾多，且賠償金額甚鉅，此時董監事及重要職員責任保險(下稱董監事責任保險)是否能夠發揮分散及轉嫁風險、保障股東之權益之功能，達到此項責任保險之制度目的？本文透過文獻分析法及案例歸納法之研究方法，首先從侵權行為責任體系切入，結合學說及實務見解探討特殊侵權行為責任的構成要件，分析財報不實之內容範圍、請求權利人、賠償義務人及過失責任、因果關係等議題。其次，本文剖析此項責任保險制度緣起、功能、特性，探討其專業保險範圍、期間、保險事故認定、除外條款，以及實務保險條款等議題。本文並以銳普電子股份有限公司(下稱銳普公司)董監事財報不實行為之損害賠償訴訟為例，對於董監事責任保險於具體個案中之運作進行研討。最後，本文承續前述研究成果，針對現有董監事責任保險制度與實務見解提出具體建議，期能藉此明確董監事財報不實損害賠償責任和提高董監事責任保險制度的有效性，促進金融市場健全發展，創造公司、投資者與董監事「三贏」的新局面。
In recent years, financial crimes involving directors and supervisors of listed and OTC companies, such as the Mega Bank Case and XPEC Entertainment Case, cause financial market disturbances. These incidents have led to directors and supervisors being held to greater accountability and subject to strict public supervision. Consequently, since 2018, the Financial Supervisory Commission has progressively mandated that listed and OTC companies procure Directors and Officers Liability Insurance (D&O insurance) to strengthen corporate governance, give full play to the function of directors and supervisors, and alleviate their stress.
However, when directors and supervisors are implicated in liabilities due to financial statement fraud, the affected parties are often numerous and the compensation amounts substantial. In this case, can the D&O insurance play the role of diversifying and transferring risks, protecting the interests of shareholders, and fulfilling its goals? Through the research methods of literature analysis and case induction, this paper starts from the tort liability, integrates doctrines and practical insights to explore the constituent elements of special tort liability, and analyzes the scope of financial statement fraud, claimants, liable parties, negligence, and causation, etc. Subsequently, this study delves into the origins, functions, and characteristics of D&O insurance, and discusses its professional insurance scope, duration, insured peril, exclusion clauses, as well as insurance terms and compensation scope, etc. This paper also presents an in-depth study of the operations of D&O insurance in specific cases, exemplified by the lawsuit for damages caused by financial statement fraud by directors and supervisors of Ruipu Electronics Co., Ltd. Building on the aforementioned research findings, this paper proposes specific recommendations, which aim to clarify the liability of directors and supervisors for financial statement fraud, improve the effectiveness of the D&O insurance, promote the sound development of the financial market, and create a new win-win situation for companies, investors, and directors and supervisors. |
