台灣壽險業風險資本額制度之研究

A Study on Risk-Based Capital of Life Insurance in Taiwan

鄭嘉青(Chia-Ching Cheng)

指導教授 ： 吳中書

國立臺灣大學/社會科學院/經濟學研究所/碩士(2009年)

https://doi.org/10.6342/NTU.2009.02776

摘要

保險公司身為金融市場重要的財務中介機構，其經營重點在於提供保單持有人財務安全的保障，避免保單持有人因為不可確定之風險而造成經濟上之損失，故保險公司的財務能力必須足以支應對於保單持有人所負擔之保險義務。然而當投保人數愈來愈多，壽險業的經營規模將愈來愈龐大。2007年我國壽險業資產總額占全體金融機構的比重高達21.36%，顯示壽險業經營的良窳將嚴重影響我國整體的金融安定。
我國風險資本額制度係於2003年7月開始實施，實施至今已有五年的時間。RBC制度除反映了保險公司之經營風險外，對於保險公司面臨風險所需資本有較妥適的規範，並使監理機關得以藉此發現體質較弱之保險公司，進而採取適當之監理行動。然而受到2008年美國次貸風暴引發之全球金融大海嘯影響，導致我國2008年上半年壽險公司資本適足率未達法定比率200％者，超過全體壽險公司的三分之一以上，致使我國壽險業面臨頻頻增資的窘境。
本文首先探討我國清償能力監理制度的起源、演變歷程及原因。其次藉由彙整美國及日本等主要保險國家的風險資本額制度規範，比較我國、美國與日本間風險資本額制度之差異及優劣。針對我國風險資本額制度規定不合時宜之處，擬具具體之建議事項，以作為我國壽險業風險資本額制度未來修正之參考。
最後納入歐盟SolvencyⅡ制度之分析，並比較風險資本額制度與SolvencyⅡ制度之異同，及未來適用SolvencyⅡ制度之相關配套措施。期能提供我國主管機關作為未來規劃之參考，以確保壽險公司清償能力，能更符合保險監理機關之要求，俾使我國保險監理體制更趨健全與完整性。

關鍵字

壽險業 ； 風險資本額 ； 資本適足性 ； SolvencyⅡ制度 ； 清償能力

並列摘要

Insurance companies play an important role as the financial intermediary in the banking market. The key business focus of these insurance companies is to provide financial security for the policyholders and to protect them from economic loss due to unforeseen risks. Therefore, the insurance companies need to have enough financial capacity to cover the insurance payments for their policyholders. As the number of policyholders increases, the asset and the scale of the life insurance industry will also increase in proportion. In 2007, the life insurance assets of all financial institutions reached as high as 21.36%. This situation demonstrated that the operational performance of the life insurance industry could seriously affect the financial stability in the macroeconomics.
Five years ago, in July 2003, Taiwan begun to implement the Risk-Based Capital（RBC）system on its banking market. The RBC system didn’t only reflect the business risks and allow authorities to be able to discover insurance companies with weak financial management, but also take the suitable regulatory actions. However, the insurance companies were influenced by the global financial crisis because of the subprime mortgage storm which occurred in America in 2008. This crisis caused the capital adequacy ratio of 1/3 of all Taiwan’s life insurance companies unable to reach the legal ratio of 200%. In addition, it also caused our life insurance companies which were faced with the predicament to increase the capital repeatedly.
In our research, we investigate the origin, the process of development and the reason of the solvency supervisory system in Taiwan. Then we review the regulations and rules of the RBC system of US and Japan. We also compare the advantages and disadvantages among these three countries. In view of our inopportune regulations of Taiwan’s RBC system, we draw up some concrete suggestions. We hope these suggestions will be presented to the authority as a reference of revising our life RBC system in the future.
Finally, we also review and analyze the regulations of the SolvencyⅡ system in Europe. We compare the similarities and differences of the RBC system and the SolvencyⅡsystem, and provide some suggestions if we were to implement the SolvencyⅡsystem. We hope these suggestions will be adopted by the authority and would make sure that the solvency of life insurance companies is as much as the requirement of the authority and ensure the integrity and solidity of the regulatory systems.

並列關鍵字

Life Insurance ； Risk-Based Capital ； Capital Adequacy ； SolvencyⅡsystem；Solvency

參考文獻

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