風險基礎資本額對壽險公司風險承擔行為之影響

• Main Authors: Tseng Hsin Kai, 曾信凱
• Other Authors: Shih-Chieh Chang
• Format: Others
• Language: en_US
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/85953125089169809638

碩士 === 國立政治大學 === 風險管理與保險研究所 === 91 === This paper explores the impact of Risk-Based Capital regulation on life insurer’s risk-taking behavior. To examine this issue, we use a simultaneous equations model. We employ a two stage least square (2SLS) model to analyze the relationship between life insurer’s capital, risk and RBC requirements. We classify the insurers into N categories to capture the insurers’ behavior with different levels of RBC ratios. Further, we divide the sample into several groups by insurer size, organization form, and status between sample periods. The results suggest that insurers with lower RBC would not only increase their capital ratios but also increase their product risk. Further, life insurers with small sizes and low RBC ratios would not only increase their capital ratios but also increase product risk. The results imply that regulators require insurers with low RBC ratio increase their capital, but insurers would increase product risk at the same time.