財務再保險係屬於新興的風險移轉方式之一，除了可以移轉傳統再保險之核保風險外，更可以將保險公司有很多無法以傳統再保險獲得分散的風險，如時間風險、投資風險等財務風險移轉出去。財務再保險可以增加保險公司的盈餘及提升經理人的績效，同時能減少潛在的危險暴露，避免準備金提存不足的問題，並且可以增加保險公司的承保能量，資助新契約的成長，兼具風險管理與財務規劃的新興工具。
相對的，財務再保險的實施，也延伸出相關的問題，如財務再保險係為融資借貸關係，而非實質危險轉移；因為準備金提存不足，無法支付未來重大的損失；為了掩飾盈虧，而誤導投資大眾。HIH與AIG集團涉及以財務再保險契約粉飾財務報表的行為，顯示財務再保險契約所造成的監理漏洞，另一方面，保險公司若不注重其企業本身營運的風險管理，而是以財務再保險契約尋求穩定公司收益的財務揭露，對於保險公司的長期經營並不是一件好事，同時對於投資人、監理機關的管理亦影響甚鉅。
除了監理機關對於財務再保險應加以規範外，保險公司內部之內部控制與內部稽核在企業中亦扮演重要角色。本研究就HIH與AIG集團兩個案之財務再保險問題，收集截至2005年HIH相關人員被澳洲保險監理機關起訴之起訴理由，與AIG被美國監理機關起訴人員的相關資料，分析這些被起訴原因之內部控制缺失，強調財務再保險內部控制與內部稽核的重要性，最後，針對保險公司實施財務再保險提出建議，同時對保險監理機關監管財務再保險也提出建議，希望對國內保險業者實施財務再保險有所助益，同時，也作為保險監理機關監管財務再保險的參考。 / Financial reinsurance is one of the alternative risk transfer arrangements. Unlike the traditional reinsurance arrangement where only the underwriting risk is transferred, other risks such as time risk and investment risk may also be transferred through such arrangement. Financial reinsurance increases an insurance company’s earning and the managers’ performance, and hence decreases the exposures of reserve inadequacy. Additionally, it is also a new tool for risk management and financial planning for its positive impact on new business growth through the enhancement on the company’s underwriting capability.
On the other side, the use of financial reinsurance also leads to some problems. Specifically, when it is structured as a financial lease without any physical transfer of risks and used to window-dress poor financial performance in order to mislead the investors. Two international insurance companies, namely HIH (Health International Holdings) and AIG (American International Group), have tried to use the financial reinsurance arrangements to window-dress their financial statements in order to deceive the regulators. From a long term perspective, financial reinsurance arrangements used for stabilizing the financial results instead of enhancing risk management would certainly be detrimental to investors and insurance regulators.
Besides the regulators who need to set up the regulations on financial reinsurance, the internal controls and internal auditing functions within insurance company also play an important role in terms of supervision. This thesis focused on two real life cases related to HIH and AIG by studying their problems with financial reinsurance and colleting the people being prosecuted by Australia regulator (APRA) and SEC as of the end of 2005, the internal control weaknesses caused by them and finally emphasizing the important of internal controls and internal audit function. Lastly, after studies these two cases, recommendations are made to insurance companies and local regulator on how to manage the use of financial reinsurance. Hopefully these suggestions would be helpful to them.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0092932808 |
| Creators | 游淑觀 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
Page generated in 0.0016 seconds