壽險業國外投資與外匯風險監理制度之比較研究

我國法規於1992年新增保險法第146條之4，開放保險業將資金運用於國外投資。自從開放國外投資以來，隨著我國壽險業務成長、持有資金增加以及對國外投資的需求日漸上升，我國保險法對於國外投資項目及金額限制的規範亦有放寬的趨勢。然而近年壽險資金運用於國外投資之比率，業已超出可運用資金的68%，甚至成為全球保險業國外投資比重最高者，並有立法委員提出警告並要求強化保險業國外投資匯兌風險的控管。　　本研究發現我國「國外投資」之範圍，並不僅是包含涉及跨國投資之地域風險的資金運用行為，而亦涵蓋以外幣計價而未涉及跨國投資之資產。並且立法者對於為何須將特定國外投資金額，排除於國外投資總金額限制，亦無明確的立法標準。如此將導致我國壽險業國外投資與外匯風險監理規範重疊，且國外投資金額無法正確反映壽險業資產運用所面臨之地域性或外匯風險的問題。　　本研究透過分析美國、日本以及新加坡三個國家，關於壽險業資金運用相關之監理規範，了解其對於國外投資以及外匯風險的控管方式。並與我國現行的相關監理規範，針對資金運用的規範方式、國外投資定義與限制方式，及外匯風險控管機制三個面向，相互比較分析其中的差異。最後提出我國國外投資與外匯風險監理規範之修正建議，包含應重新區分國外投資與外匯風險之控管方式，國外投資應限於具有跨國投資特殊風險之資產，且應就不同國家設定國外投資上限，並對於外匯風險另外建立監理方式，如設定外匯風險金額上限等。

關鍵字

壽險業；國外投資；外匯風險；資金運用；保險監理

並列摘要

Along with the addition of Article 146-4 of the Insurance Act in 1992, the funds of insurance industry in Taiwan was allowed to be allocated to foreign investment. Since then, with the growth of Taiwan's life insurance industry, the increase in holding funds and the increasing demand for foreign investment, the Insurance Act has a tendency to relieve the regulatory constraints of the types and the amount of foreign investment. However, in recent years, the ratio of life insurance funds applied to foreign investment has exceeded 68% of the available funds, making Taiwan the country with the highest proportion of foreign investment in the global insurance industry. Some legislators have warned and demanded the insurance industry to strengthen the management of currency exchange risk. This study finds that the definition of “foreign investment” in Taiwan includes not only the use of funds that involve the geographical risks of cross-border investment, but also the assets that are denominated in foreign currencies, which do not involve the geographical risks. This will lead to overlapping of foreign investment and currency exchange risk supervision in Taiwan's life insurance industry, and the foreign investment value can not correctly reflect the geographical risk or currency exchange risk faced by the life insurance industry asset allocation. This study analyzes the regulations governing the use of life insurance funds in the United States, Japan, and Singapore to understand how they manage and control the foreign investment and currency exchange risk. And compares those regulations with the current relevant regulations in Taiwan, showing the difference regarding the following three aspects: the form of investment regulation, the definition and limitation of foreign investment, and the currency exchange risk management. Finally, this study proposes suggestions to the amendment of Taiwan's foreign investment and currency exchange risk supervision regulations, including: reconstruct the control methods of foreign investment and foreign exchange risk, limiting the definition of foreign investment to the assets with special risks of cross-border investment, and establish a separate supervision method for currency exchange risk, such as setting the currency exchange risk ceiling.