保險資金之運用與公司治理

Abstract

保險業資金包含業主權益及各項責任準備金；且資金運用上並無分開運用、獨立作帳之規範。因此，保險業龐大的資金，夾雜著保戶所擁有之責任準備金及股東所持有之業主權益，然而，保戶與股東對於資金運用之目標未必一致，在股份有限公司之制度下，實際經營者為公司股東，並非保戶，而保險公司之經營目標往往以投資人（股東）之利益為優先，對於保戶之利益往往其次，甚至侵害保戶權益。故保險業之資金運用，究係應以保戶之利益（安全保障）為優先考量，抑或應基於股東之利益，獲取股利及報酬為優先考量，各界廣泛討論，尤其於民國92年間中國人壽運用鉅額保險資金購買中華開發金融控股公司股票，進而結合中信集團旗下之其他金融機構所擁有之股權取得中華開發之董事席位及經營權，更引發社會大眾對於保險業資金可否供作併購他企業之爭議，如作嚴格限制，會不會影響保險業之價值，並降低保險業併購誘因。而保險業之財務槓桿很高，容易被濫用，公司之管控格外重要。保險業資金運用能否作為鞏固其關係企業之經營權之工具，及關係人交易普遍存在，宜作妥適規範。 為有效解決保險業資金參與公司經營的問題及忠實運用保險資金，本研究蒐集美國、日本、英國等先進國家對於保險公司參與公司經營之規範，再與我國目前相關法規之規範作比較，期能透過對於國外法規之研究，尋找目前國內法規不足之處。此外，保險業資金運用，在股東與保戶目標不同，且資訊不對稱之情況下，所形成之「代理問題」相當嚴重，為了正本清源，解決這個問題，保險業應落實「公司治理」制度，並增設資產負債管理委員會，以提升保險資金運用效率。 本研究蒐集期間各學術論文及財經報紙、雜誌、專刊有關公司治理之報導，期能透過上述方式作為研究之方法，以法規之修正為短期目標，長期作法仍待有完善之公司治理作為基石，促使未來保險業資金之運用更為透明、合理，並提升保險資金之運用效率。

Insurance funds includes policyholders’ surplus and statutory reserves; so far there are no regulations for separated funds investment or independent accounting as such. Fundamentally, insurance policyholders have rights to the reserves and stockholders have rights to the policyholders’ surplus. Under the system of corporation law, only stockholders can be involved in the corporate management; and most of the operational goals have been emphasizing stockholders’ value. On the other hand, policyholders’ benefits tend to be overlooked, and even abused. Related issues have been widely discussed, whether the policyholders’ rights should be placed in the higher priority or the stockholders’ value should be the main objective when making the funds investment plan. In 2003, China Life used the insurance funds to purchase the stock of China Development Financial Holding Corp.; and subsequently obtained the directorship in the Board of Directors. There are many disputes on: whether the insurance funds could be used in M&A (Merger and Acquisition) actions; and if imposing strict rules, would it lower the firm value and the incentive of M&A activities in the industry. In addition, the high financial leverage in the insurance industry should be well-controlled by the company. Hence it is imperative to form a prudent environment to regulate and supervise these activities. This research has gathered regulations regarding insurance companies involve in corporate management in many jurisdictions such as the USA, Japan, and UK..With various comparisons from different aspects; it is expected to reveal the insufficiency in the current regulations in Taiwan. Moreover, the conflict of interests between stockholders and policyholders; together with the information asymmetry it created the “agency problem”. The insurance industry should strengthen corporate governance system, and establish an “Asset and Liability Management Committee” to enhance the efficiency of insurance funds investment . To support the arguments in this research, related academic studies, research papers, news articles, and magazines are used and referenced. The short-term objective is to amend Insurance Law ; and for the long run, it is expected to establish a sound corporate governance system and create an environment which the investment of insurance funds is transparent, reasonable and efficient.