過去幾十年以來，保險公司販售各類型保險契約提供被保險人保障，當時的保險契約具有較高的預定利率，但是近一二十年來，金融市場的利率持續走低，這是當時從未料想過的情形。保險公司因而深受利差損之影響，導致財務壓力愈來愈重，這將影響保險公司的經營與發展。

本研究以保險公司的保險費和準備金為研究主題，將保險公司經營的困難面分為保險費收入和準備金評價兩部分。希望透過重新計價調整保險費，降低保險公司經營上的財務壓力。或是透過市場價值評價法使得準備金較能反映真實價值

本研究使用台灣政府公債和商業本票利率資料，建構適用保險契約之利率期間結構，重新計算保險公司之保險費與準備金。

本研究之分析說明保險公司若能以市場價值評估法，不僅符合國際趨勢，且落實在保險費和準備金之計價，將使保險公司得以永續經營。

Taiwan insurance companies have been selling a variety of insurance contracts for protecting insured for the past years. At that time, the insurance contracts had a higher assumed interest rate. But, recently the interest rate of financial market is going down. It is not expect to happen. The insurers’ loss form difference of interest rate which resulting the more and more the pressure of financial. And, the loss from difference of interest rate impacts the running and development of insurers.

This paper focuses on the impacts of premiums and reserves of Taiwan insurers. It takes apart two running difficulty aspects of pricing premiums and valuating reserves. By pricing premiums and market consistent valuation for reserves, lowering the running pressure of insures and reflecting the true value.

Our study uses Taiwan government bond and commercial paper interest rate data, constructing the suitable term structure for insurance contracts, re-pricing the premiums and reserves.

The above analyses that demonstrate that insurers use market consistent valuation not only according to international trend but also pricing premiums and reserves can benefit insurers.

中文部分
譚雅蓁，保險業風險清償能力制度之探討---以歐盟Solvency II為例，政治大學風險管理與保險學系碩士學位論文，2008年。

英文部分
Beekman, J.A. and fuelling, C.P. 1990. Interest and Mortality Randomness in Some Annuities. Insurance: Mathematics and Economics, 9(2-3), 185-196.

CEIOPS, 5 July 2010, QIS 5 Technical Specification.

CEIOPS, 2010, QIS 5 calibration paper.

CFO Forum, 2008, Market Value of Liabilities for Insurance Firms: Implementing Elements for Solvency II.

J. C. Cox, J. E. Ingersoll, and S. A. Ross, “A Theory of the Term Structure of Interest Rates,

Marceau, E., and Gaillardetz, P., 1999. On Life Insurance Reserves in a Stochastic Mortality and Interest Rates Environment. Insurance: Mathematics and Economics, 25(3), 261-280.

Panjer, H.H., and Bellhouse, O.R., 1980. Stochastic Modeling of Interest Rates with Applications to Life Contingencies. Journal of Risk and Insurance, 47(1), 91-110.

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Parker, G., 1996. A Portfolio of Endowment Policies and Its Limiting Distribution. Astin bulletin, 26(1), 25-33.