類全委投資型保險商品之研究

近年來隨著人口老化和市場利率持續下跌，投資型保險成為愈來愈受市場歡迎的商品，尤其是類全委保險商品。本文採用文獻分析法與深度訪談法，研究台灣類全委保險商品之發展與監理制度。同時也研究類全委保險商品中之各種附保證給付，並瞭解投資型商品專家們對於相對應之監理和風險管理之觀點；並自本研究中提出具體建議供業界與消費者參考。根據本文研究分析，提供四項結論為探討類全委保險商品參考: 1. 獲利預期與現金流以及投資模式，是類全委保險商品興盛主因。 2. 類全委商品本質上是風險性資產，客戶必須支付高額費用。 3. 主管機關之監理是在監督保險公司的清償能力。 4. 嚴格監理附保證給付之類全委商品，有利於保險公司與客戶權益。

關鍵字

投資型保單；類全委商品；清償能力；風險資產

並列摘要

With the aging society and the continued decline of market interest rates in recent years, investment-oriented policy has gradually become a popular insurance product in life insurance market, especially discretionary investment-oriented policy. In this paper, we adopt both of documents analysis and interview method to research the business development and regulatory system of discretionary investment-oriented policy in Taiwan. We also try to study what the main Guarantees Benefits of discretionary investment-oriented policy are and what the professional viewpoints upon their supervisions and risk managements behind these Guarantees Benefits. According to our research findings, there four conclusions of discretionary investment-oriented policy for insurers’ and customers’ reference. First, profit expectation above the market interest rate, simplicity of investment models and regular cash flow are the three attractive factors for discretionary investment-oriented policy. Second, Investors’ rights of discretionary investment-oriented policies and government labor funds are legal protection, though, the nature of previous products are risky assets and the customers must pay higher risk management fees for insurance companies accordingly. It’s the big difference between discretionary investment-oriented policies and government labor funds. Third, supervision authorities attach importance to the solvency of insurance companies, hence, the supervision policies and regulations make the important impact on the development of such products. Fourth, the annuity investment insurance products with guaranteed minimum benefits (GMxB) actually require strict supervision for the long-term and stable operation of the insurance and investment industries, which in turn protects the rights and interests of consumers.