中文摘要

由於投資環境日益複雜，保險業者的新業務也日益增加，傳統的固定資本制已無法應付此等變革。為監理效率的提昇，美國保險監理協會（National Association of Insurance Commissioners, NAIC）於 1993 年實施風險基礎資本額制（Risk-Based Capital, RBC）。我國保險業也將於民國92年實施RBC制度，針對保險公司各項投資資產部位要求提存足夠之資本，以增進保戶之權益及強化保險公司資本適足性。

本文檢視美國實施RBC前後12年，保險人資產配置及其業務的發展的變化。觀察RBC是否達到其預期的功能。結果發現，RBC實施後，在投資資產方面保險人減少風險較高的投資資產並增加債券的投資部位；由於獲利率的需求，保險人亦減少現金的持有量。在業務方面，傳統業務日漸減少；保險人發展新的業務。不同型態之保險人有不同的投資行為及業務配置。

關鍵字：壽險業、投資行為、業務配置、風險基礎資本額制度

Abstract

The risk-based capital requirement developed by the National Association of Insurance commissioners (NAIC) was intended to place a floor on the amount of capital that an insurance company could hold without triggering regulatory attention. This risk-based capital model law grants automatic authority to the state insurance regulator to take specific actions on the level of impairment. The paper examines the impact of RBC on insurer investment behavior and operations. We use t-test, ordinary least squares regression, SYSLIN with seemingly unrelated regression (SUR), and Time Series Cross Section Regression (TSCSR) to analyze the relationship between insurer response and RBC. The results suggest that RBC does affect insurer behavior in investment and operations. After RBC has taken effect, the insurer increases their bond holding while decreasing other higher risk assets. An insurer that increases new lines of business decreases conventional businesses. The organizational form of the company, the number of insurers licensed, group structure, and size affect insurer investment behavior and operations. The business type (mutual or stock), breadth of operations (local or national), affiliation, company size (investment capital and insurance amount) all have an effect on investment behavior and business growth.

Keywords: risk-based capital, investment behavior, operations, life insurance industry.

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