The Impact of RBC on the Capital and Risk in the Life Insurance Industry

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