The Study on the Evaluation of Insurance Policy Securitization-- A Perspective of Taiwan Market

• Main Authors: Tsen-Shu Tsaur, 曹曾樹
• Other Authors: John Wei-Shan Hu
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/94743214895007549945

碩士 === 中原大學 === 企業管理研究所 === 95 === The insurance policy securitization is an unique and newly developed securitization commodity, the relevant fields include law, finance, accounting, etc. The securitization system as well as insurance policy securitization in the rest of the world is mostly imitated from the United States. However, due to the culture difference, it is unable to be completely transplant from the U.S. to Taiwan market. The main purposes of this study is to examine the structure and mechanism of the Taiwan securitization market, the related regulation, as well as the environment of Taiwan market by referring to the implementation experience of the well-developed countries. Furthermore, this work attempts to obtain the price and remuneration of the insurance policy securitization bond by employing asset securitization pricing model. The methodology is to simulate the insurance policy securitization price and rate of return by Static Cash Flow Yield (SCFY) approach, Static Spread (SS) method and Total Dollar Return approach. The conclusion of this study is summarized as follows: 1. The insurance policy securitization in Taiwan market will create a beneficial environment for various parties. It includes increasing average insurance amount of nationals, activating the secondary market of the insurance policy, leading the settlement industry toward the humanity careness, reducing the risky management cost of the insurance company. In summary, the Taiwan insurance policy securitization will be an investment instrument with high remuneration characteristics. 2. The key factor for the rate of return on the discounting insurance policy securities depends on the accuracy of insured's life expectancy. 3. Among the three methods used to pricing the insurance policy securitization, the Static Spread Model is recommended. 4. This study concludes that the government in Taiwan can create an insurance policy securitization market, which can lead domestic insurance companies to promote high ensuring and low premium insurance policies to the customers.