次貸風暴後保險證券之發展與監理啟示Perspectives on and Solutions for Insurance-Linked Securities Post Subprime

摘要
　　就本質而論，保險證券與次貸證券實不相同，且其發行件數或金額亦無法與金融證券相比，故目前應無發生類如2008年金融風暴之虞。惟因考量保險人為美化財務報表、虛灌獲利，並搭配利用資產負債表外的交易隱藏虧損，又再將此證券重複包裝大規模發行時，投資人所承擔風險亦與次級房貸證券相似。是以，保險證券化商品亦有可能發生類如次級房貸證券之金融危機風暴，不可不慎。因此本文乃借引2008年次貸風暴對結構性金融商品監理省思，並針對保險證券之特性提出具體修正建議供我國主管機關未來修法參考之用。
關鍵字：保險連結證券、次貸風暴、保險監理、新興風險移轉、保險證券化
Abstract
　　We conclude that ILSs differ from subprime mortgage securities in several ways and present no instant threats to the financial markets. However, we must not rule out the possibilities of future false play similar to those exist in subprime mortgage crisis, such as the manipulations of financial figures to make up investors-misleading phony profits, multiple layers securitizations to conceal the actual risks associate with the ILSs, to name a few. Therefore, our suggestions are crucial in future supervisions and regulatory modifications pertaining to ILSs.
Keywords: insurance-linked securities (ILSs), subprime mortgage crisis, insurance supervision, alternative risk transfer (ART), insurance securitization