論金融危機與歐盟保險監理之改革－兼論我國保險監理之改進芻議

歐盟長期推動單一金融市場發展，乃國際區域經濟合作與金融整合的成功典範，經過多年的區域整合，歐盟會員國間金融自由化及相互依存度大幅提高，但在歐盟層級的金融監理制度則明顯規範不足，各國會員國內的金融監理法令，亦缺乏於歐盟層級的政策協調機制及危機管理機制。2008年9月爆發全球性金融危機後，促使歐盟重新檢討金融體系監理制度，新制歐盟層級金融監理體系架構，係由新的兩大支柱所構成：「歐洲系統性風險委員會」，負責總體審慎監理職權；及「歐盟金融監理體系」由三個新的金融監理機構所組成，負責個體審慎監理職權。歐盟金融監理之成效與金融體系穩定具有關聯性，攸關歐盟經濟復甦發展與表現、內部市場運作成效及歐盟進一步深化單一金融市場之進程，乃一關鍵性議題，後續金融監理之新制改革，深受各國政府及學術界所重視。本文以歐盟法律分析及政策研究為主要研究方法，透過相關歐盟條約、法律及官方文獻之分析、闡釋、評估及論證，旨在探討歐盟內部市場架構下，單一金融市場之法規與實踐，並針對最新歐盟層級金融保險監理體系改革之相關立法架構、新制保險監理機構、監理措施、運作執行等議題加以研究。他山之石，可以攻錯，本文探討歐盟保險監理改革之新制監理架構、規定與運作，諒能提供諸多寶貴經驗，從事立法之比較研究及政策改革，提供防範與應變未來金融危機之對策建議，我國保險業仍持續發展中，在金融全球化趨勢下，歐盟新制之保險監理架構，值得我國未來推動保險監理法制改革之借鏡。

關鍵字

歐洲聯盟；單一金融市場； de Larosière報告；保險監理；歐洲系統性；風險委員會；歐洲保險及年金監理機關；全球系統性重要之保險人

並列摘要

The 2008 global financial crisis exposed weaknesses of EU in the supervision of financial markets. The new EU-level financial supervisory framework are composed of two new pillars: a European Systemic Risk Council (ESRC) which will monitor and assess potential threats to financial stability that arise from macroeconomic developments and from developments within the financial system as a whole (”macro-prudential supervision”); a European System of Financial Supervisors (ESFS) with three new European Supervisory Authorities (ESAs) at EU-level to safeguard financial soundness at the level of individual financial firms and protect consumers of financial services (”micro-prudential supervision”). The reinforced financial supervision as well as the financial stability would be the key to economic recovery in EU and for further deepening the single financial market. By means of the analysis of EU regulatory and supervisory policy, this paper examines and illuminates the background and reforming agenda of the new EU level supervisory framework as well as the new European Insurance Supervisory Authority, i.e. European Insurance and Occupational Pensions Authority (EIOPA). In the meantime, this paper extends suggestions for insurance supervision reform in Taiwan through the comparative legal studies and anticipates that these suggestions could be adopted as an important reference resource when Taiwanese government proposes the reforming of insurance supervision in Taiwan.