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Strengthening financial structure of life insurers: Setting up the regulations of subordinated debt and application of financial reinsurance

By 葉俊宏 and Chun-Hung Yeh

Abstract

本文研究目的是想了解國內壽險公司如何藉由從業主權益面著手的次順位債以及從負債面著手的財務再保險來完成保險公司想要解決目前保險公司資金成本過高、資本適足率不足的問題,也針對監理機關是否開放保險公司發行債券、財務再保險運用的可行性分析提出建議及規劃。主要結論如下:(1)壽險公司發行次順位債比例不可超過自有資本與風險性資本的一定比例以及保險有效契約餘額一定要超過自有資本與風險資本一定比例,畢竟次順位債不可以替代自有資本。(2)監理機關針對次順位債發行國內或國外的情形應有相關配套措施。在國外發行部份,可對海外投資上限或是有完全避險之投資部位是否不算海外投資上限的問題應加以放寛;在國內發行部份,應充實國內投資工具,避免投資不效率情況發生。(3) 目前己處於年年獲利的狀態且資本適足性符合監理機關要求的保險公司,那就沒有承作財務再保險的必要,因為財務再保險的原理只是將未來的盈餘提前使用(4)如果保險公司財務是健全的,但現在仍屬歷年虧損較多的情況,可藉由財務再保險的運用達到盈虧互抵的節稅規劃目的(5)財務再保險雖可達成改善保險公司財務結構的目的,但財務再保險的原理還是要強調只是將未來的盈餘提前。如果財務不健全的保險公司在使用財務再保險之後的年度績效仍然差,甚至在新契約的成長上未見起色,此時保險公司只會陷入持續虧損的萬丈深淵之中。故財務不健全的保險公司本身增提自有資本改善保險公司財務結構或是引進專業的管理階層或投資團隊來做內部的改造還是最根本的治本方法。This thesis intends to understand how to solve high cost of capital and low Risk-Based Capital by setting up the regulations of subordinated debt and application of financial reinsurance. On the one hand, The results show that the proportion of subordinated debt to paid-in capital and risk based capital and the proportion of subordinated debt to policy reserve must not over certainly percentage. Besides, if life insurers issue subordinated debt abroad, supervisor should handle the subjects of restriction of overseas investment and the position of full hedge of foreign assets. On the contrary, if life insurers issue subordinated debt home, supervisor should improve return of domestic investment tools. On the other hand, life insurers with good financial situation do not issue financial reinsurance because financial reinsurance just redistributes future cash flow and recognizes profit earlier on. For this reason, issuing financial reinsurance just has two purposes, tax-saving and strengthening financial structure. Life insurers which have stable financial report but they loss money every year can contract financial reinsurance to achieve tax-saving. However, lifer insurers with poor financial situation can issue financial reinsurance to strengthen financial structure but it is merely to alleviate the symptoms of an illness. Finding excellent managers and investment groups is the only way to reform financial failure.目次 第一章 緒論 1.1 研究動機與目的……………………………………………………………1 1.2 全文架構……………………………………………………………………4 第二章 文獻回顧 2.1 次順位債券相關文獻………………………………………………………6 2.2 財務再保險相關文獻………………………………………………………9 第三章 國內外次順位債券市場簡介 3.1 國內外次順位債券的相關規範……………………………………………10 3.2 國內外次順位債券的發行現況……………………………………………14 第四章 財務再保險市場簡介 4.1 財務再保險的功能與目的…………………………………………………25 4.2 人壽保險的財務再保險分類………………………………………………27 4.3 財務再保險的運用程序……………………………………………………32 第五章 台灣壽險業運用次順位債及財務再保險模式分析 5.1 壽險業發行次順位債之目的………………………………………………36 5.2 壽險業發行次順位債之特徵推估…………………………………………43 5.3 台灣壽險業財務再保險模式分析…………………………………………51 5.4 財務再保險可行性分析-以節稅規劃為例……………………………… 53 第六章 結論與建議 6.1 結論…………………………………………………………………………66 6.2 建議…………………………………………………………………………6

Topics: 次順位, 債財務再保險, RBC, subordinated debt, financial reinsurance, RBC
Year: 2007
OAI identifier: oai:140.112.114.62:246246/60860
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