由於國內金融（包括銀行、保險、證券商等）家數過度膨脹，形成惡性競爭，導致金融服務品質低落，而且獲利式微，面對金融市場自由化與國際化之趨勢，政府為改革金融體制，引進金融控股公司制度，使金融機構跨業經營機制更具規模，滿足顧客得一次購足金融商品，促使金融機構朝大型化發展，發揮金融綜效與規模經濟，以提升國際競爭力。 本文主題「論金融控股公司保險子公司之經營策略與內部稽核」，理論與實務並行探討，先論述控股公司之相關法律問題、金融控股公司之立法例。其次以「五力分析術」探討保險子公司經營環境之優劣勢及風險，提出創新之經營策略，並實例引證美國花旗集團異業聯盟之成功經營策略。為確保投資大眾及保戶之權益，同步探討公司治理制度及內部稽核制度之重要性。 本文「結論」：評述政府金融政策之缺失，成立金融控股公司推動金融改革，保險子公司應強化競爭力。「建議」：金融控股公司及各子公司均應加強風險管理，政府並應建置金融監理制度。 關鍵字：保險子公司、金融改革、控股公司、金融控股公司、跨業經營、一次購足商品、金融綜效、規模經濟、五力分析術、異業聯盟、公司治理、內部稽核、風險管理、金融監理 / Due to the over-supply and severe competition among financial institutions (namely banks, insurance companies and security firms), the quality of finance service deteriorates and the profit margin of financial industries decreases. To cope with the global trend of liberalization and internationalization of financial services, the Government has undertaken the reform in the aspect of financial service system and enacted the “Financial Holding Company Act”. Under new current mechanism, a financial conglomerate can sell its products by means of cross selling. Not only it may benefit consumers with a “one-stop shopping”, but also may create a synergy in economies of scale to enhance financial institutions in global competition. The main theme of this thesis focuses on the managerial strategy and internal auditing in an insurance subsidiary under a financial holding company. It addresses in the first place the legal issues related to a holding company and a financial holding company. Then the author adopts five factors approach to analyze the business environment of an insurance subsidiary under a financial holding company. As a successful case for its' strategic alliance,the CitiGroup experience in the United States is also examined. In addition, to protect the interest of investors and policyholders, corporate governance and internal auditing issue is also explored. In the conclusion, it is observed that under the new era of financial conglomeration, an insurance subsidiary still needs to enhance its competition ability. It is suggested that the government should continue to reform the financial regulatory system and to require financial holding companies and their subsidiaries to implement a comprehensive risk management. Keywords: Insurance Subsidiary, Financial Reform, Holding Company, Financial Holding Company, Cross Selling, One-Stop Shopping, Financial Synergy, Economies of Scale, Analysis of Five Factors, Strategic Alliance, Corporate Governance,Internal Auditing, Risk Management, Financial Regulation.