人壽保險契約「隱含價值證券化」發行架構與相關法制之探討Issuance Structure and Regulation Framework ofLife Insurance Embedded Val

摘要
所謂人壽保險契約隱含價值證券化係指保險公司將其所營運的保險業務未來可獲得之利益予以證券化，以期將部分風險移轉給投資者，並藉以取得資金、改善資本運用效率並提高其權益報酬率，以增強對保戶權益之保障。此證券化商品又以Swiss Re於2005年所發行之人壽保險契約隱含價值證券化為代表。經分析此證券化商品後，本文認為隱含價值證券化商品之主要目的乃在於「財務融資」而非「風險移轉」，故非屬保險或類似保險業務之一；其次，因隱含價值證券化之基礎資產係以創始機構就有效契約未來可獲利之現值為基礎，而此價值尚不被我國會計處理準則所承認，且亦與金融資產證券乃係受讓創始機構之金融資產有別，實不屬於我國金融資產證券化條例下之金融資產。如何解決發行問題，恐須另行立法較為可行。
關鍵字： 保險證券化、新興風險移轉、人壽保險證券化、隱含價值證券化
Abstract
The insurance securitization is a financial innovation which insurers have used as a method of obtaining capital or enhancing their underwriting capacity. This article examines two embedded value securitizations issued by Swiss Re and evaluates the possible legal problems with this type of transaction if issued in Taiwan. By analyzing the definition, function, and characteristics of life insurance embedded value securitization, this article has found that this securitization can be viewed as versions of risk financing rather than pure risk transfer. Furthermore, Taiwanese regulations do not permit the present value of future profits to appear as assets on the balance sheet. Finally, this article offer some suggestions and recommend the “NAIC Model Acts” as some of important references.
Keywords: insurance securitization, alternative risk transfer, securitization of in-force life insurance policies, embedded value securitization