台灣人口結構老化的趨勢，老人漸漸變成另一種社會不受重視的邊緣人。近年來，由於科技神速發展，職場人員替換週期愈來愈短，許多仍健壯的授薪階級，在智慧與經驗方面雖臻成熟，卻不得不被迫從職場上退下來。最近兩三年來，全球資本主義整體化的併購行為以及中國大陸整體市場崛起連帶引響台灣產業經濟蕭條，更是快速增加了淘汰職場的人數，對於大部分需要依賴勞保及公司退休金制度的勞工階層而言，退休金嚴重不足的情況，更是令人焦慮沮喪。 主管機關為因應社會變遷趨勢，於2000年陸續起開放利率變動型年金與變額年金保險商品於市場銷售，為老年化人口之財務規劃打開另一扇門，年金商品以及投資型保險之觀念架構，為國內消費者提供了多元化保險商品的選擇，化解保險公司利差損的營運壓力，提供創新營運的契機，同時也為壽險從業人員開闢了專業的「全方位金融理財顧問」生涯規劃。 由於投資型保險商品具備保戶可自行執行帳戶價值投資策略之特性，對消費者而言帳戶價值相對於傳統壽險有更大的想像空間，年金型商品由初期著重於銀行定存利率連結概念之利率變動型年金發展至變額年金，兩類商品不約而同的取代了傳統壽險及儲蓄險，對於壽險公司長期經營而言也具有消弭了利差損的風險之營運價值，使得短短的6年之間(2000年-2006年) 傳統壽險，意外險，醫療險之首年度保費佔有率逐年降至40%(中華民國人壽保險公會保費速報 2006.07)。 而不論是投資型保險或年金型保險，在市場之行銷活動均強調資產累積與退休規劃，而在台灣市場兩類主力銷售商品亦存在重疊特質，如變動不保證利率之帳戶價值，帳戶價值提領之彈性，長期運用的理財工具，可單筆大額資金購買亦可分期繳納等特質，使得商品設計多樣化，行政費用收取方式各有不同，行銷訴求則是推陳出新，對消費者而言更不易辨析商品之費用、價格、功能之間所存在價值差異，本研究希望對變額壽險與變額年金兩種商品從消費者需求、商品特性價格與費用等三方面分析此兩種商品在退休規劃之優劣比較。

為保險業跨業經營預先佈局、增加保單持有人之投資選擇權及因應市場利率之低糜，我國擬於近日推出投資型保險，然而投資型保險基於其特有之性質，其監理自應與一般傳統型保險有所不同。本文先就投資型保險作一定義，並論述其性質及特色，次敘述其歷史發展沿革，再予以介紹其主要之種類。而關於投資型保險監理部分，一般來說，保險監理可分為財務監理及業務監理二部分，本文即依循此二面向分別作一探討。就財務監理部分而言，分就分離帳戶之規範、資金運用規範、責任準備金提存之規範、解約金之規範及稅賦規範五個議題作分析探討，再行提出建議。另一方面，就業務監理部分而言，則分就經營資格規範、資訊揭露規範、商品規範及銷售規範四個議題作分析探討，再行提出建議；最後總結全文以提出結論並針對我國投資型保險之監理提出建議。 / For facilitating of cross-business operation of the insurance industry, increasing policyholders’ choices in financial services, and shifting attach of interest risk, investment linked insurance products will introduced into the Taiwan insurance market soon. Based on it’s special features, the regulation of investment linked insurance should be different from the regulation of traditional life insurance. This paper defines the scope of investment linked insurance and discourses it’s nature and special features in the first place, and then describes it’s historical evolution and main types. In terms of insurance regulation, it is generally divided into two broad categories: i.e. financial regulation and market conduct regulation. This paper studies on the issues of regulation of investment linked insurance in such an approach. With regard to financial regulation of investment linked insurance, five aspects of regulation of investment linked insurance are examined: separate accounts, investments, liability reserves, surrender cash value and tax. With regard to market conduct regulation, this paper includes four aspects: operational qualification, information discourse, products and marketing. Finally the author submits his conclusion and recommendations to the regulatory authority to enhance the framework of regulation of investment linked insurance in Taiwan.

附最低保證投資型保險商品的特色在於無論投資者的投資績效好壞，保險金額皆享有一最低投資保證，過去關於此類商品的研究皆假設標的資產為單一資產，或依固定比例之投資組合，並沒有考慮到投資人自行配置投資組合的效果，但大部分市售商品中，投資人可以自行配置投資標，此情況之下，保險公司如何衡量適當的保證成本即為一相當重要之課題。 本研究假設投資人風險偏好服從冪次效用函數，並假設與保單所連結之投資標的有兩種資產，一為具有高風險高報酬的資產，另一為具有低風險低報酬之資產，在每個保單年度之初，投資人可以選擇配置在兩種資產之比例，我們運用黃迪揚(2009)所提出的動態規劃數值解之方法，計算出在考慮投資人自行配置資產之下，保證成本將會比固定比例之投資高出12個百分點。 此外，為了瞭解在不同資產報酬率的模型之下，保證成本是否會有不一樣的結論，除了對數常態模型之外，我們假設高風險資產與低風險資產服從ARIMA-GARCH(Autoregressive Integrated Moving Average-Generalized Autoregressive Conditional Heteroscedastic )模型，並得到較高的保證成本。 / The main characteristic of variable annuities (VA) with minimum benefits is that the benefit will be guaranteed. Previous literatures assume a specific underling asset return process when considering the guaranteed cost of VA; but they do not consider the portfolio choice opportunity of the policyholders. However, it is common for policyholders to rebalance his portfolio in many types of VA products. Therefore it’s important for insurance companies to apply an approximate method to measure the guaranteed cost. In this research, we assume that there are two potential assets in policyholders’ portfolio; one with high risk and high return and the other one with low risk and low return. The utility function of the policyholder is assumed to follow a power utility. We consider the asset allocation effect on the guaranteed cost for a VA with guaranteed minimum withdrawal benefits, finding that the guaranteed cost will increase 12% compared with a specific underling asset. The model effect of the asset return process is also examined by considering two different asset processes, the lognormal model and ARIMA-GARCH model. The solution of dynamic programming problem is solved by the numerical approach proposed by Huang (2009). Finally we get the conclusion which the guaranteed cost given by the ARIMA-GARCH model is greater than the lognormal model.