| Summary: | 財務再保險在再保險市場中為一個斯商品及新名詞，國外保險市場有使用增加的趨勢，並且漸受保險監理官的注意，但在國內保險市場尚屬陌生，同時因其契約性質不明確，造成監理上的困擾，因而促使本文研究，藉以釐清財務再保險契約之性質及保險監理官的監理方向。
財務再保險契約有別於傳統再保險契約，除了提供保險人應有的風險移轉功能外，最重要的是保險人可透過財務再保險契約安排增加盈餘或釋放盈餘，提升其邊際清償能力。財務再保險契約類型可分為再保險人承保保險人過去損失的追溯損失合約類型：賠款責任移轉合約、回溯累積合約及時問與距離合約；承保保險人尚未發生的將來損失類型的未來損失合約：限額比率合約、分散損失合約、一年更新再保險、共同保險及修正式共同保險合約等。
以傳統再保險契約要件及美國及英國保險監理官所揭示之原則要件檢視上述財務再保險契約，則除了時間與距離合約、賠款責任移轉合約及追溯累積合約不為再保險契約類型外，其餘的財務再保險契約皆屬於再保險契約類型。不屬於再保險契約類型的時問與距離合約在性質上較近似於消費寄託契約，而賠款責任移轉合約及追溯累積合約在性質上則與買賣契約相似。
困財務再保險契約可增加分保人盈餘或盈餘釋放、幫助分保人快速處理未決賠款給付的問題及可增加分保人的邊際清償能力等優點，故建議保險監理官允許保險人訂立，但另一方面因財務再保險最主要的功能係在於緩和分保人現金流量的財務狀況，因此分保人的資產負債表可能會有不適當的記載，從而保險監理官須加以監理。保險監理官對財務再保險契約之監理可分為二方面觀之：
一、對非再保險契約類型的財務再保險契約，為避免保險人及再保險人牴觸保險法第一百三十八條第三項前段規定，因此保險監理機關可以核准辦理其他與保險有關業務之方式，使保險人及再保險人從事非再保險契約類型之財務再保險業務。
二、保險監理機關應促使保險人與再保險人訂立財務再保險契約時為財務資訊之揭露，同時不論保險人從事分進財務再保險業務或專業財務再保險人皆必須經信評機構評定為一定等級以上者，始可從事財務再保險業務。此外，若保險人所訂立者為時間與距離合約者，則監理機關必須命再保險人提出擔保，以確保其清償能力。
我們相信對財務再保險契約性質加以釐清，進而建立相關法規範，將可使財務再保險交易在實務上運作可更加順暢。
=== Financial reinsurance is an innovative alternative to so-called traditional forms of reinsurance. Whether financial reinsurance agreement is a reinsurance contract or a loan agreement is the first subject that we would like to clarify. On the other hand, financial reinsurance transaction will provide "surplus relief to the insurers, so domestic insurers begin to use it to improve their current statutory earnings and surplus position recently. In order to avoiding the insurers disclosing fictitious financial information, we would like to try to bring up some suggestions in the paper for the insurance regulators to consider.
Financial reinsurance agreements can be divided in two types： adverse loss and future loss agreements. Adverse loss financial reinsurance agreements include loss portfolio transfer agreements ' adverse development covers and time-and- distance policy. Future loss financial reinsurance agreements include finite quota share ' spread loss treaties ' yearly renewable term reinsurance coinsurance and modified coinsurance. We will clarify the nature of the captioned financial reinsurance agreements with two standards. One is the constituting elements of traditional reinsurance contract, another is transaction requirements setup by NAIC and ICAEW. Basing on the subject two standards, future loss financial reinsurance agreements are all reinsurance contracts, but adverse loss ones are not. Loss portfolio transfer agreements and adverse development covers are similar to the contract of sale. Time-and-distance policy is similar to deposit contract.
As mentioned above, financial reinsurance transaction will provide the "surplus relief" to the insurers, therefore, their statutory earnings and surplus position will be improved. In order to protect the interest of insured and investor, insurance regulators should set up financial requirements for insurers and reinsurers to comply with when they make a financial reinsurance arrangement. There are two suggestions we try to bring up for the regulators to consider. One suggestion is to have the insurers and reinsurers disclose relevant financial information, such as its application of accounting principles ' the reason of making financial reinsurance arrangement and what kind of financial reinsurance agreement they make etc..
Another one is that the insurers and reinsurers should be high credit ranking and provide guarantee, in order to protect the interest of insured and investor.
We believe that as long as the nature of financial reinsurance agreements clarified and regulation established, the operation of financial reinsurance transaction would be more smoothly and soundly.
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