本篇論文指出風險基礎資本對於保險公司的清償能力，並不是一個有效的預測工具。其中一個無效的理由可能是對於各個風險之間的相關係數矩陣沒有做正確的假設，但這個說法從未被證實。因此，本篇論文藉由一個模擬的產物保險公司資料，透過不同的共變數調整後總和風險基礎資本(Total RBC)的相關係數矩陣假設來檢測不同的相關係數矩陣對於風險基礎資本預測產險公司清償能力的有效性為何。我們建構了一個模擬模型來比較相關係數的設定對於資本要求有效性的影響。模擬結果證實，相關係數的設定對於預測產險公司清償能力的有效性並無影響。可能的原因是在模擬的過程中，計算風險基礎資本的風險類別的數量不夠多，所以造成相關係數並沒有顯著的影響。因此，調整風險基礎資本中共變異數的計算公式並不會增加風險基礎資本預測的有效性。 / From past work, it is believed that RBC is ineffective in predicting solvency. One of the possible reasons for causing ineffectiveness may be the unrealistic assumption about correlations among risks, but it is not yet confirmed. Thus, in this paper we investigate how the correlation specification in obtaining Total RBC after covariance affects the effectiveness of RBC for property-casualty insurers. We conduct simulations to compare the effectiveness of capital requirements with assorted correlation specifications. Simulation results confirm that correlation specification has no influence on effectiveness. Our conjuncture is that the number of risk categories in RBC is probably not large enough for correlation to have significant impact. Therefore, modifying the covariance formula alone will not improve the effectiveness of RBC.

美國全國保險監理協會為了確保產險公司的清償能力，及當產險公司資本比率低於某一定比率時監理機關可以實施某些管制措施，而於1994於產險業實施風險基礎資本額(RBC)制度。但由於提供金融服務的功能性障礙逐漸降低，以及產險產業的競爭日趨激烈。因此，產險公司必須在清償能力和效率目標間找出一個平衡點，在符合成本效率的情況之下持有適切的非風險性資產並提高股東權益比率。因此，本研究主要在探討RBC之實施是否會對美國產險公司之成本效率帶來影響。 本研究以美國產險業的RBC實施年度，也就是1994年為分界，檢測372家美國產險公司在1990至1998年間成本效率之趨勢變化。 研究結果指出，在RBC實施之後，產險公司的成本效率及配置效率都有明顯的下降趨勢，但技術效率卻沒有太大的變動趨勢。此外研究結果也顯示產品集中程度與成本效率及配置效率呈顯著負向關係。市佔率與成本效率、技術效率以及配置效率呈現負相關。股份公司在成本效率與配置效率高於相互公司。另外，總資產規模與各項效率呈現顯著正相關，代表規模愈大的公司愈能有效率地經營。研究結論顯示RBC實施之後，產險公司為因應RBC之要求，可能會調整風險性之投資，但也導致產險業者成本效率及配置效率之降低。 / The risk-based capital (RBC) requirements developed by the National Association of Insurance Commissioners (NAIC) were intended to raise the safety net for insurers and to provide regulators with the authority to intervene when capital falls below a minimum standard of capital adequacy that is related to risk. Since the less functional barrier of financial service and the greater competition among the property-liability insurers which forced the property-liability insurers to find a balance between solvency and efficiency so that the insurers can have enough cost efficiency and keep maintaining adequate non risk assets as well as rising shareholders’ equity. Therefore, the purpose of this research is to examine the cost efficiency change after property-liability insurers applied RBC standards. To do this, we examine 372 property-liability insurers’ data from 1990-1998 and compare the efficiency change before and after 1994, the RBC standards effective year. This study applies Data Envelopment Analysis and uses the grand frontier approach to measure the cost, allocative and technical efficiency. The statistical results reveal that after applied RBC standards cost and allocative efficiency had significant decline, but no change in technical efficiency. The Tobit regression statistical results indicate that the product concentration has a negative effect on cost efficiency and allocative efficiency; and the market share has a negative relationship with cost efficiency, technical efficiency and allocative efficiency. Cost efficiency and allocative efficiency of incorporate companies are higher than that of mutual companies. Furthermore, the positive relationship between the firm size and efficiency suggested that the larger the size the better efficiency. Overall results imply property-liability insurers may be forced to adjust their investments risk, however, such adjustment might be contributed to less cost and allocative efficiency after applied to RBC standards requirements.

Made available in DSpace on 2016-04-25T18:39:57Z (GMT). No. of bitstreams: 1 Adriana Barbosa Sousa Silva.pdf: 3488063 bytes, checksum: 14e7038f99ce8aafbd0d18a18b050e1d (MD5) Previous issue date: 2013-12-04 / This paper has the main purpose to determine quantitatively the impact of framing of Health-plan Companies, in regards to sufficiency of solvency margin, if adopted the model of a risk-based capital used in the Insurance Market. We have conducted an exploratory study, based on secondary data available on the ANS - Agência Nacional de Saúde Suplementar (NSA- National Supplemental Health Agency). From a sample of 578 health operators modalities of Medical Group and Medical Cooperatives there were calculated solvency margin requirements of the relevant legislation operators supplemental health and solvency margin requirements for capital model based on current risk of the Brazilian Insurance Market. We performed a descriptive statistical result, segmented by the size of the operator. The results pointed to the need for solvency margin of 5% of the sample, i.e., 30 carriers that were framed in the solvency margin requirements by the legislation applied to health plans companies would no longer be framed if used the model risk-based capital, considering underwriting risk. This impact is higher among carriers of the Medical Group small group, where 15 operators, representing 10% of the mode and size, would no longer be framed. In addition to quantitatively assess the impact of the model adopted in the insurance market, which is more sophisticated and in line with the global trend of risk-based capital, this study sought to raise issues related to risk-based capital and solvency in the supplemental health operators / Essa dissertação tem como principal objetivo verificar quantitativamente qual o impacto no enquadramento das operadoras de planos de saúde, no quesito de suficiência de margem de solvência, se adotado o modelo de capital baseado em risco utilizado no mercado segurador. Foi realizado um estudo exploratório, baseados em dados secundários disponíveis na ANS Agência Nacional de Saúde Suplementar. A partir da amostra composta por 578 operadoras de saúde das modalidades Medicina de Grupo e Cooperativas Médicas, foram calculados os requisitos de margem de solvência pela legislação pertinente às operadoras de saúde suplementar e os requisitos de margem de solvência pelo modelo de capital baseado em risco vigente no mercado segurador brasileiro. Foi realizada uma estatística descritiva dos resultados, segmentada por porte de operadora. Os resultados apontaram para necessidade de margem de solvência para 5% da amostra, ou seja, 30 operadoras que estariam enquadradas nos requisitos de margem de solvência pela legislação aplicada à saúde suplementar deixariam de estar enquadradas se utilizado o modelo de capital baseado em risco, considerando o risco de subscrição. Esse impacto é maior entre as operadoras da modalidade Medicina de grupo de pequeno porte, onde 15 operadoras, que representam 10% da modalidade e porte, deixariam de estar enquadradas. Além de avaliar quantitativamente o impacto do modelo adotado no mercado segurador, que é mais sofisticado e em consonância com a tendência mundial de capital baseado em risco, esse trabalho procurou levantar as questões relacionadas ao capital baseado em risco e solvência nas operadoras de saúde suplementar

確保保險公司之清償能力是保險監理單位之首要目標，監理單位使用各種不同的監理制度以確保保險公司的財務體質，並防止保單持有人因為保險公司失去清償能力所遭致之損失。在各種監理制度中，RBC監理制度主要是衡量保險公司的資本適足性並且提供監理單位採取相關監理行動的準則；VaR監理制度則是目前銀行業之監理所嘗試採取的新監理方式，而且VaR也被廣泛運用在銀行內部的風險管理系統中，由銀行監理的發展趨勢看來，可以預期保險監理將來也會以VaR監理制度為主。 本研究的主要目的在於探討VaR監理制度適用在保險監理制度上的可行性以及與現行RBC監理制度的比較。在探討VaR監理制度的可行性前，本研究先就VaR監理制度運用在保險監理的前提以及影響保險公司失去清償能力的原因進行探討。 在瞭解影響保險公司失去清償能力的原因後，本研究分別對於在VaR監理制度下保險公司如何分別針對各種不同的風險因子決定所需持有的資本額度。經過相關文獻的探討以及考慮保險業的行業特性，本研究建議市場風險與核保風險可以用VaR計算其資本額度；信用風險由於尚未有十分完善的量化模型，所以本研究建議應以徵信方式因應此一風險，而業務風險則是以規定一固定比率的資本額度因應之。本研究也建議待保險公司累積足夠的VaR使用經驗後，保險監理制度可以開放使用預先承諾法。 在運用VaR於保險監理上時，本研究也建議監理單位必須注意有關VaR的實行風險與模型風險的影響，同時也強調監理單位的檢核與市場制度的力量是VaR監理制度能夠充分運作的必要條件；此外，由於制度實施的初期，無法驗證模型與資料的可用性，所以仍必須輔以最低固定比率的要求，以確保保險公司的清償能力。 在探討VaR運用在保險監理制度上的可行性後，本研究將進一步比較VaR與現行RBC監理制度的比較。本研究主要是由制度實行的難易程度、衡量資本適足的準確性，以及監理的成本三方面進行比較。制度實行的難易程度主要是比較VaR與RBC制度的複雜度與可行性，以及與公司內部風險管理和全球金融監理趨勢的整合程度。衡量資本適足的準確性主要是比較二種制度何者更可以衡量保險公司所面臨的各種風險、清償能力的效力，以及保險公司投資組合的風險分散效果。至於監理的成本則可分為監理者、保險公司與社會成本三方面來探討。 透過本研究的比較結果發現VaR監理制度除了在制度的複雜度與可行性較RBC制度差以外，其他項目皆優於RBC監理制度。除此之外，VaR與RBC都各自有其監理上的道德風險。本研究建議如同銀行監理一般，保險監理制度應朝向VaR監理制度的趨勢前進，以更可以確保保險公司的清償能力以及投保大眾的權益。 / Assuring insurance company solvency has always been the focal point of insurance regulation. Regulators use various methods to promote insurers' financial strength and protect policyholders from losses due to insolvency. Among these methods, risk-based capital (RBC) is used to measure the insurer's capital adequacy and provide the relative action rule for the regulator, and the VaR (value-at-risk) regulation is new regulatory type the bank regulator attempt to adopt. Besides the regulatory application, VaR is also used in bank's risk management system broadly. We can expect the VaR-type regulation will be the new insurance regulation in the future according to the development of bank's regulation. The methodology of this study adopt is literature review. The most important purpose of this study is to explore the feasibility of VaR-type insurance regulation and compare the VaR regulation with current RBC regulation. Before the regulation system examination, this study firstly discusses the presupposition of the VaR regulation application and the causes of insurer insolvency. For the purpose of developing the VaR-type capital requirement in insurance regulation, this study proposes that market and underwriting risk capital requirement can be directly calculated in VaR; credit and business risk capital requirement should be regulated a fixed-rate capital amount. This study also proposes the application of precommitment approach when the regulator assure the insurer accumulate good experience in VaR. In addition, this study also addresses some points for attention of VaR insurance regulation. The other purpose of this study is to compare the RBC and VaR through the regulatory implementation, solvency measurement, and regulatory cost. The result of this study indicates that VaR is superior to RBC in any aspect, besides the complexity and feasibility. In addition, VaR and RBC both have their own regulatory moral hazard. This study suggests VaR should be used in the insurance regulation as other financial regulation in the future.

行政院會於民國八十八年十二月十六日通過保險法修正草案，修正草案中針對強化之監理機制與增進保戶大眾之權益係以強化其資本適足性為其修法目標，所採之方法即建立風險基礎資本額制（Risk-based Capital, RBC）。而保險法修正案於民國九十年六月二十六日業已經立法院三讀通過，然RBC制度將於民國九十二年中實施。台灣保險監理機關的確有必要對於壽險公司之投資效率及經營上的安全作一考量，所以便引入美國監理關協會（National Association of Insurance Commissioners, NAIC）早於1993年便推動的風險基礎資本額制。 　　本文檢視美國壽險業者在風險基礎資本額制實施後，其資本結構與資產風險是否產生顯著之變化，研究保險公司之冒險行為之增減，以作為台灣監理機關未來施行RBC制度的參考。然基於此，本文利用三階段最小平方法來分析壽險業者其風險、資本與風險基礎資本制度的關係，實證結果發現RBC ratio較高的業者在風險基礎資本額制實施後，雖然增加風險但也同時調高資本比率，另一方面，RBC ratio較低之保險公司不僅僅增加公司整體風險外，也降低資本比率。 / The risk-based capital requirements developed by the National Association of Insurance Commissioners (NAIC) were intended to raise the safety net for insurers and provide regulators with the authority to intervene when capital falls below a minimum standard of capital adequacy that is related to risk. The paper examines the simultaneous impact of RBC had on life insurer’s both capital and risk. We employed a three stage least squares (3SLS) model to analyze the relationship between life insurer’s capital, risk and the risk-based capital requirements. The results suggest that life insurers with lower RBC ratio would not only increase their capital ratio but also increase their company-wide risk. Besides, the life insurers with higher RBC ratio would reduce the capital ratio and increase the risk.

我國監理機關為強化保險公司之財務能力，有效監管保險公司之風險狀況，特於2003年7月9日，正式引進美國風險基礎資本額制度(Risk-Based Capital, RBC)，作為監理保險公司清償能力之工具。RBC制度除了改善單一資本額規定的缺失外，亦反映了保險公司之經營風險，對於保險公司面臨風險所需資本有較妥適的規範。讓監理機關得以藉此工具發現體質較弱之保險公司，進而採取適當之行動。 本文檢視我國壽險公司在RBC制度前後，資本與風險間之關係。探討RBC制度實施後，對於我國壽險公司之資本比例、資產風險以及產品風險是否確實造成改變，能使壽險公司之資本提列與公司風險大小有一正向搭配，在保險公司面臨越高的風險狀態時，願意提列更多資本做為緩衝，以保障公司安全。藉此分析觀察RBC是否達到預期之功能，以作為我國監理機關實行RBC制度之參考。 本文使用聯立方程式部分調整模型，以二階段最小平方法進行檢測。實證結果發現，在RBC制度實施後，壽險公司之資本比例對資產風險以及產品風險具有顯著負向關係，顯示資本比例低者所承擔之風險較高，而資本比例高者風險較低。此外，公司規模以及公司型態對於壽險公司之資本與風險具有顯著影響力，外商壽險公司之資產風險較本土壽險公司為低。 / Risk-based capital (RBC) has been implemented as an important regulatory tool for the insurance industry in Taiwan since year 2003, which is used to strengthen the financial capability and to predict the probability of insolvency. It not only improves the shortcomings of single capitalization index but also reflects the business risks. Moreover, it lets the regulator be able to apply this tool to discover the insurance companies with weak financial management and take the suitable actions. This paper explores the changes on the capital ratio, asset risk and product risk in life insurance industry in Taiwan before and after the RBC regulation and verifies if the implementation of RBC had a positive effect on the relationship between capital and risks. To examine this issue, this study uses a simultaneous-equation partial-adjustment model with two-stage least squares method. The results suggest that the life insurers with lower capital ratio take higher asset risk and product risk, while life insurers with higher capital ratio take lower asset risk and product risk. For life insurers, company size and type also have an important impact on their capital and risks. The empirical finding shows that there is lower asset risk in the international insurers than domestic insurers.

行政院會於民國八十八年十二月十六日通過保險法修正草案，修正草案中針對強化保險業之監理機制與增進保戶大眾之權益係以強化其資本適足性為其修法目標，所採之方法即建立風險基礎資本額制（Risk-based Capital, RBC）。而保險法修正案於民國九十年六月二十六日業已經立法院三讀通過，基於保險法相關條文規定，RBC制度將於民國九十二年中實施。 另一方面，美國經濟、社會及投資環境和台灣不盡相同，若將此制度直接或稍加修改即套用於台灣，將可能造成不切實際與誤導的作用，其結果不僅可能無法有效規範及避免保險公司失卻清償能力，亦可能因而造成龐大的社會成本，反而和當初建立RBC制度之原意背道而馳。因此，本論文即依循台灣產險業之產業特性制訂一套合宜之產險RBC制度，其中包括各個適當之風險項目及所屬之風險係數。 本論文在資產風險部分結合風險值（Value at risk, VaR）來計算資產之風險係數；在準備金風險以及自留保費收入風險則依照美國RBC制度之原始公式重新計算得來，惟準備金風險部分實因資料取得限制無法順利求出，為求模型完整性此部分本論文以財政部草案取代之；而於自留保費收入風險方面是採險種別及公司別。 研究結果發現：台灣產險的風險係數確實和美國產險的風險係數是有相當的差異，並且須根據台灣產業的經驗及配合我國的社會、經濟、投資環境並經由實際的運算才能得到適切的風險係數；而以論文所建立之RBC模型試算於各公司之風險基礎資本比則多有偏低之情形。 / Legislative Yuan has pass the draft of Insurance Law on June 26, 2001. In order to strengthen insurance regulation mechanism and to protect the insureds' benefit, the Risk-based Capital will be implemented in Taiwan Insurance market in 2003. On the other way, the economic environment and investment markets in United State are different from those in Taiwan. If we directly imitate their RBC system in Taiwan, the outcome would be impractical. It not only can't regulate the insurers effectively, but also may cause huge social cost. Therefore, the purpose of the thesis is to establish a suitable risk items and suitable risk factors for Property-Liability insurance in Taiwan by our own empirical data. This study finds that risk factors are significant different between Taiwan and American for Property-Liability insurance industry. The risk factors of the RBC system in Taiwan must depend on our own empirical data. I used the RBC model built in the thesis to test every Property-Liability company in Taiwan, and found that calculated Risk-based Capital ratios were relatively low.

確保保險公司的清償能力一直是保險監理的重心。在所有施行的保險清償監理工具中，風險基礎資本（Risk-Based Capital, RBC）是目前為止最先進的代表。然銀行監理機關已經推薦涉險值（Value at Risk, VaR）系統為資本適足要求的工具，因此涉險值有很大的潛力成為下一代的保險資本適足要求工具，雖然尚未施行。由於保險監理的重要性以及RBC和VaR在其中扮演重要的角色，兩者相對上的精確性是我們所感興趣的。 本篇論文的目的是實際去比較RBC及VaR在破產預測上的相對精確性。我們以美國1995到1998年產險公司的實際清償記錄，用型1及型2錯誤檢視RBC及VaR的破產預測能力。RBC的數據直接從產險公司報給NAIC的年報上就可取得，而VaR的數據來自於我們所建立的現金流量模擬模型。既然RBC的數據是實際的數據，而VaR的估計值也是基於公司實際的財務數據而來，我們能以實例展現VaR相較於RBC的財務預警能力。 我們的結果顯示RBC沒有任何財務預警能力，換句話說，沒有一個破產公司的RBC值小於0.7（監理機關可以根據這個值關掉公司）。另一方面，VaR有較好的財務預警能力，但是它同時也會使許多財務健全的公司必須接受許多沒有必要的檢查。我們VaR模型的整體正確分類能力只比隨意分類稍微好一些。 雖然結果並不如原先預期的好，我們仍然對VaR成為保險監理工具抱持樂觀的態度，因為它是目前為止最嚴密也最先進的風險管理工具。我們認為這些結果可以藉由修正不適當的假設後獲得改善，未來研究可以先朝這個方向努力。 / Assuring insurance company solvency has always been the focal point of insurance regulation. Among the employed solvency regulation methods, RBC represents the currently state-of-the-art capital adequacy requirement. Bank regulators already advocated the use of VaR systems in capital adequacy requirements. Value at risk thus has great potential to be the next-generation capital adequacy regulation, although not implemented yet. Because of the importance of solvency regulation as well as the key role played in that regulation by RBC and VaR, the relative accuracy of RBC and VaR is of great interest. The purpose of this research is to empirically compare the relative effectiveness of RBC and VaR in predicting insolvency. Through the solvency record of property-casualty insurers in the United States from 1995 to 1998, we examine the Type I and Type II error of VaR and RBC in predicting insolvency. The RBC figures are readily available from the annual statement since 1994 and the VaR values come from a simulation model that we build up. Since the RBC figures are the “real” numbers and the VaR estimates also base on the companies’ real financial positions, our research will demonstrate how VaR is compared to RBC in early warning for real cases. Our result shows that RBC doesn’t have any prediction power. In other words, none of the bankrupt insurers has a RBC ratio lesser than 0.7, the threshold according to which the regulator can seize the company. On the other hand, VaR has good early warning ability, but also leads the regulator to take too much unnecessary actions on solvent companies. The overall ability of correct classification of our model is just a little stronger than arbitrary classification. Although our results are not as good as we expect, we are still optimistic about the use of VaR, the currently most comprehensive and advanced approach of risk management, as an insurance solvency regulation tool. We attribute the unsatisfactory outcome to some assumptions that may be inappropriate. Further researches can move toward this aspect.

財務再保險在再保險市場中是一個新的名詞，國內保險業都不甚瞭解；但在國外，財務再保險的市場卻有增加的趨勢。本文以研究「人壽保險公司」為對象，首先對「財務再保險」加以定義，並介紹其種類、功能等。接著探討財務再保險與其它金融商品的比較；同時，我們將以本國人壽保險公司為樣本，分析其財務報表，找出較需要資本的公司來做模擬，探討其實施財務再保險後財務報表變化的情形。最後，總結全文，提出結論，並對本文所得結果做出一些建議，以作為我國實施財務再保險之參考。 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究限制與研究架構 2 第二章 財務再保險之介紹 5 第一節 發展背景 5 第二節 財務再保險的意義 9 第三節 財務再保險的種類 11 第四節 財務再保險的功能 25 第五節 相關問題探討 31 第三章 財務再保險與其它金融工具之比較 38 第一節 與傳統再保險之比較 38 第二節 與其它融資策略之比較 41 第三節 與衍生性金融商品之比較 50 第四章 財務再保險模擬在我國壽險公司之結果 55 第一節 壽險資本適足性之理論基礎 55 第二節 財務再保險之假設 60 第三節 模擬財務再保險之結果 62 第四節 小結 65 第五章 結論與建議 69 第一節 結論 69 第二節 建議 71 第三節 後續研究的建議 72 附 錄(一) YRT財務再保險與傳統再保險之比較 75 附 錄(二) 共同保險與修正制共同保險財務再保後之結果 78 附 錄(三) 發行公司債之作業流程 88 附 錄(四) 公開發行與申請上市 91 附 錄(五) 依保險法規定應增加資本額度試算表 93 附 錄(六) 台灣壽險業風險基礎資本比試算表 95 附 錄(七) 財務再保險可釋放之盈餘 96 附 錄(八) 依我國監理制度財務再保險後之變化表 98 附 錄(九) 依美國RBC監理制度財務再保險後之變化表 99 附 錄(十) 財務再保險合約範例 102 參考文獻 115 / Financial reinsurance is an innovative alternative to so-called traditional forms of reinsurance, and its recent popularity has led to a significant rise in premiums devoted to this category. It is a practical risk management tool, especially useful when the motivations of the reinsured insurance company are centered not only on cost effectively managing underwriting risk but also on explicitly recognizing and addressing other financially oriented risks such as credit, investment and timing risks. We would like to perform a study on the innovative alternative and to try to apply it to life insurance company in Taiwan. Reinsurance is a versatile tool for financial planning. Financial reinsurance is an innovative one in the categories of reinsurance. Unlike the traditional form of reinsurance, financial reinsurance is structured to provide the desired financial objective while the risk transfer element is very carefully controlled. The transaction is not to make a loan from a reinsurer, but it provides a useful tool to improve the ceding company's current statutory earnings and surplus position. Recently, some of new domestic life insurers are facing surplus strains. Most of them have to raise capitals over billions of NT dollars to meet the required regulations setup by MOF. Instead of raising capital, financial reinsurance is demonstrated later in this paper to accomplish the "surplus relief" objective. In this hypothetical example, we conclude that the other things being equal, the more policy reserves a company bears, the greater performance a financial reinsurance achieves. The insurance industry has limited capital and must use it efficiently in order to provide adequately for the insurance needs of the public. Financial reinsurance is maturing in the developed countries. We believe that the accounting treatment prescribed by the authorities is reasonably developed and consistently applied, the attractiveness of financial reinsurance products is in sight.

我國保險業監管制度之實施，以2003年7月之RBC制度影響最為重大，因此本研究希望檢驗RBC制度對於壽險公司之經營策略，是否有顯著之改變，而保險公司之經營策略中，又以資產配置與產品組成為最重要的議題，兩者將影響資產風險與產品風險。因此本研究將重點聚焦於壽險公司之資產風險與產品風險於RBC制度實施前後之變化，藉以探討是否RBC制度實施後，保險公司對於經營中涉入風險之行為，保有更穩健之思維，而不違反RBC制度實施立意之良好。 本研究整理我國25間壽險公司之財、業務之資料為分析基礎，並以簡單複迴歸之研究方法為實證分析。實證結果中，壽險公司於RBC制度實施後有風險抵換之情形，但無論資產風險及產品風險都與前期資本比例為負向關係。另外，小型公司中資本比例越低者，有增加投資於高風險資產的比例；並且小型公司中，前一期經營結果越差，銷售越高風險產品的比例將會上升。 / One of the most important supervision system in insurance industry is the implementation of Risk-Based Capital system in 2003 in Taiwan. In this study, we examine whether the business strategy of life insurance companies changes significantly because of the implementation of RBC system. In insurance’s business strategy, asset allocation and product composition are the main issues and both will influence asset risk and product risk. Hence, we focus on the changes in asset risk and product risk to find that whether life insurance companies have more stable operating concepts after the implementation of RBC system. We use multiple regression model to analyze the relationship between asset risk, product risk and capital ratio of the life insurance companies. The results suggest that there are a negative relationship between asset risk, product risk and capital ratio after the implementation of RBC. Besides, the small size companies which have low capital ratio will tend to increase the proportion of risky assets in their investment. And small size companies which have worse operating outcomes in the previous year will increase the proportion of high-risk products they sell in current year.