保險業轉投資法令規範及業者自律之研究

我國保險業轉投資相關規定存在二大問題：公司自有資金與投資資金之間使用規範不清楚及資本重複使用。本文利用比較研究法及專案研究法，就保險業資金運用之法令規範及實際現況作一綜合性之探討。
本文建議以法令規範、業者自律及市場制衡三管齊下的方式，來提昇保險業的競爭力。法令規範上採負面表列，業者自律上須加強產業自律規範及文化與專業人員的責任，市場制衡上建議產業公會須建立強而有力的執行力量，並配合政府實施差異化管理，以達成市場制衡的功效。
關鍵字：金融監理、保險業轉投資、資本重複使用、負面表列、業者自律規範

A Study on the Related Investment Regulation and the Market Discipline for the Insurance Industry in Taiwan

　　　　　　　　　　　　　　　　　　　　　　　(Frank K. Ling)*(Chih-Yuan Yang)

There are two major problems with investment regulations for the insurance industry in Taiwan. First, the relationship between the corporate capital and external reserves remains ambiguous. Second, a problem exists with the double gearing of insurers’ investments. By using comparative and case studies, this article seeks to explore the dichotomy that exists between insurance regulation and the actual practice of the insurance industry.
In order to cope with the deregulation and increasing internationalization of global financial markets, this paper recommends for the government to supervise investment funds from the following three dimensions: amending the investment regulation code; establishing market disciplines; and enforcing market-driven practices.
The study suggests utilizing the negative list method to regulate the use of investment funds. The market conduct should be strengthened, combined with efforts to raise the responsibility of actuaries and chief finance officers. The insurance industry associations should establish their own strong monitoring position. The government then could supervise the insurance industry by discriminating insurance companies based on financial and business performance.
Keywords: financial supervision、affiliated insurance investment、double gearing、negative list、market discipline