保險證券化商品之法律性質分析－以巨災債券為中心

巨災債券乃是創始機構藉由發行債券用以移轉其原承保之風險或籌集資金之一種工具，本文從分析巨災債券內容之不同出發，探討其性質上差異，進而釐清其在我國現行法規範下應如適用並提供建言。其中，本文認為巨災債券為一公司債券屬有價證券之一，其發行應受我國證券交易法規之規範；而部分種類之巨災債券雖屬保險業務之一，惟在考量巨災債券之發行過程已對投資人權益設有其他保護措施，且為促進交易之進行，本文認為將巨災債券歸類為保險業務實無必要。至於，巨災債券似不屬於我國金融資產券化條例下之金融資產證券，故對其發行似宜特別立法，以為監督。
關鍵字：保險證券化、巨災債券、新興風險移轉、財務金融商品、保險聯繫型證券、負債基礎型證券化

Legal Issues in Insurance Securitization: Focus on Cat-Bonds

　　　　　　　　　　　　　　　　　　　　　　　　　　　(Chun-Hsiung Cho)

Securitizing risk is a financial innovation which insurers have been using as a method of obtaining capital or enhancing their underwriting capacity. This article analyzes and evaluates the legal problems that have arisen in connection with insurance risk securitization.
By analyzing the definition, function, and characteristics of cat-bonds, this article has found that cat-bonds are not only securities but also instruments of the insurance business. Furthermore, cat-bonds are part of “liability-based securitization” and not the so-called “asset-backed securitization,” so that the issuance of cat-bonds is not regulated under the Financial Asset Securitization Act of Taiwan. Finally, this article offers suggestions and recommendations about the NAIC Model Act, which may be an important reference if Taiwan begins to issue cat-bonds.
Keywords: insurance securitization, cat-bonds, alternative risk transfer, financial innovation, insurance-linked securitization, liability-based secutitization