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    Title: 限額再保險對強化壽險公司資本之研究
    Finite Reinsurance Research On Strengthening Capital of Life Insurance Companies
    Authors: 何宜珍
    Contributors: 張士傑
    何宜珍
    Keywords: 限額再保險
    壽險公司資本
    壽險公司清償能力
    Finite Reinsurance
    Capital of Life Insurance Companies
    Solvency of Life Insurance Companies
    Date: 2018
    Issue Date: 2018-03-02 11:44:30 (UTC+8)
    Abstract: 2008年金融海嘯後,台灣壽險業受量化寬鬆及低利率貨幣政策影響,造成高預定利率保單的利差損,導致每年盈餘波動大且獲利吃緊,相對挹注資本有限。
    國際會計準則理事會(IASB)將於2018年實施IFRS9,並預計於2021年實施IFRS17。IFRS17對於保險負債價值準備金提列之折現率將依現時資訊,因此壽險公司高預定利率之保險負債,將可能因折現率低於保單預定利率,而有增提準備金之風險,同時因壽險公司多販售保證利率之終身保單,而台灣債券市場發行年期短且數量不足,造成負債存續期間(Duration) 多長於資產存續期間,又整體壽險業已有一半以上的資產投資於外幣市場,在面臨接軌IFRS9及17之際,若資產與負債無法適度的匹配,當利率與匯率的波動,勢必直接影響公司的損益及淨值,進一步影響公司的清償能力。
    近來惠譽國際信用評等公司(Fitch Ratings)及中華信用評等公司(Taiwan Ratings)在進行壽險業年度評等報告時,陸續提及比照國際資本標準,台灣壽險資本相對弱化的問題。有鑒於未來壽險公司對於強化清償能力的資本需求勢必存在,從各種強化資本的工具來看,再保險實為公司執行風險及資本管理的方式之ㄧ,因此限額再保險的發展,也讓各國監理機關及會計準則針對限額再保險顯著風險移轉之認定及會計處理原則進行規範。本研究在參考其他國家作法後,並針對台灣現行對於限額再保險之相關規範,提出限額再保險對強化壽險公司資本之建議。
    After the 2008 financial crisis, the life insurance industry in Taiwan was affected by the policy of QE and low interest rates, causing the spread of high-interest-rate policies to fall. As a result, the annual fluctuations in earnings fluctuated greatly and the profits were relatively tight.
    The International Accounting Standards Board (IASB) will implement IFRS9 in 2018 and is expected to implement IFRS17 in 2021. According to IFRS17,the fair value of the liability reserve will be based on the current information and therefore the liability with a high fixed interest rate will likely increase as the discount rate falls below the policy's reserve interest rate. As life insurance companies sell whole life policies with guaranteed interest rates, and the shortfall and short-term issuance of Taiwan bond market results in the long duration of the liability over the short duration of the asset. Moreover,more than half of the overall life insurance industry has invested in the foreign currency market. When the adoption of IFRS 9 and 17 together, the mismatching of assets and liabilities , the fluctuations in interest rates and exchange rates will affect the Company's profit and loss, further affecting the solvency of the Company.
    Recently, Fitch Ratings and Taiwan Ratings reported on the relative weakening of life insurance capital in Taiwan in comparison with the international capital standards when they conducted annual reports. In view of the future life insurance company's need to strengthen the solvency, from a variety of capital enhancement tools, reinsurance is a choice , so the development of finite reinsurance, national supervisory authorities and Accounting standards for significant risk transfer of reinsurance of the recognition and accounting principles to regulate. After referring to the practices of other countries, this study proposes the proposal of the finite reinsurance to strengthen the capital of life insurance companies.
    Reference: 一、中文文獻:
    (一)書籍
    1.陳繼堯(2002),再保險理論與實務,初版,智勝文化,P.355-377、435-447
    2.林柏勳等執筆(2008),再保險新論,初版,財團法人保險事業發展中心,P.340-341、351-365、375-401、434-449
    3.洪茂蔚(2010),財務管理,初版,雙葉書廊,P347-351、396-413
    (二)期刊
    1.唐明曦、卓俊雄,論再保險契約中保險危險移轉顯著性之檢測,朝陽商管評論,第七卷,第二期,2008.4.,P1-25
    2.李成、卓俊雄、唐明曦,限額再保險法制之研究,風險管理學報,第十一卷,第一期,2009.6.,P35-61
    (三)學位論文
    1.葉俊宏(2005),強化壽險業財務結構-次順位債建立與財務再保險運用,國立臺灣大學財務金融學研究所碩士論文
    2.曾柏馨(2010),人壽保險市場股權融資與限額風險移轉,國立政治大學風險管理與保險研究所碩士論文:
    二、網頁資料:
    1.壽險財業務統計各類報表 https://www.tii.org.tw/opencms/actuarial/actuarial3/report/index.html?category=55
    2.保險業資訊公開
    http://ins-info.ib.gov.tw/customer/announceinfo.aspx
    3.壽險RBC填報手冊之發行負債型特別股或具資本性質債券明細表說明 https://www.tii.org.tw/opencms/actuarial/actuarial3/checkReport/index.html
    4.NAIC Reinsurance
    http://www.naic.org/cipr_topics/topic_reinsurance.htm
    5.IAIS Members
    https://www.iaisweb.org/page/about-the-iais/iais-members
    6.國泰人壽一般業務檢查報告~限額再保險
    https://www.ib.gov.tw/ch/home.jsp?id=42&parentpath=0,2&mcustomize=multimessages_view.jsp&dataserno=201506120008&aplistdn=ou=data,ou=penalty,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=Penalty

    三、英文文獻:
    1.Sigma,Strategic reinsurance and insurance︰the increasing trend of customised solution,Swiss Re,2016
    2.International Association of Insurance Supervisor(IAIS),Guidance Paper on Risk Transfer , Disclosure and Analysis of Finite Reinsurance,2006.10.
    3.NAIC,Life and Health Reinsurance Agreement Model Regulation,2002
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    104932134
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104932134
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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