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蘇委長蘇委我請教因為有媒體報導金管會統計九月底整個整體授權業國外的投資扣除外幣保單後那整個外幣的曝險額有15.1兆元那以國外投資部分扣除外幣保單的風險價值估算"},{"start":37.452,"end":51.027,"text":"大約需要1.5兆元的這個外價金才足夠抵禦整個匯率的風險那主委就受選業第三季財報整體外匯價格變動"},{"start":54.502,"end":80.394,"text":"準備金第三季底餘額有3418.8億元那我請問差了將近1兆1500多億的外價金那這個到底要不要補足那如果真的要補足你認為受選業要多久才能夠讓資金到位"},{"start":80.979,"end":105.43,"text":"是謝謝委員關心我想主要剛剛提到是一個為什麼會有這個一兆元這樣左右的額度主要是我們根據過去的歷史經驗我們用VAR95就是我們所謂風險值95%來估計這個從一個白話講就是以20年的週期來看這個部分以20年過去的這個匯率的波動的話假設現在的外價金等於說有"},{"start":106.01,"end":133.193,"text":"累積到一兆多這樣的金額的時候呢大概可以抵禦這樣的一個金額那當然這是一個長期的過程那現在我們從今年開始我們到應該到了第三季的時候這部分的外價金應該會將近3800億那今年會應該會創下歷史新高因為我們今年到年底的時候我們還要強制提撥盈餘的30%明年在iPhone17開賬的時候呢會有有利影響數也會"},{"start":134.614,"end":157.574,"text":"也會這個這個增提這個外加金而且今年六月的時候已經有多家的這個受影公司申請外加金的薪資也會強提的比例會提高我想這個比例會快速的增加我想這部分也是對於未來我們在防範匯率風險的時候呢是會有比較比較好的這樣的抵禦能力那個主委啊"},{"start":158.234,"end":177.252,"text":"要是反過來外價金如果無法完全補足有沒有其他整個配套措施可以因應來搭配抵禦匯率的風險我想謝謝委任關心因為匯率的部分我們從過去的經驗來看的話其他是一個長期處於一個波動的狀態"},{"start":178.473,"end":193.349,"text":"我想這部分剛剛提到是一個極端情境比如說剛才講是VAR95的意思是說大概約莫20年的最低點的時候比如說台幣升值到最高點的時候我們大概需要但是實際上我們除非是持續維持在這樣一個比率"},{"start":193.889,"end":212.791,"text":"否則我們以這次的五月為例到現在為止從將近28塊多現在到31塊多其實這樣本來就處於一個相形整理的區間所以這部分我們就是持續的強化這個受險業的體質累積外價金的方式來抵禦未來長期的匯率的波動風險"},{"start":213.834,"end":231.935,"text":"主委因為授權業者指出十月全球股市續揚那授權業實現股票資本利得增加加上台幣貶值帶動整個外價金水位走揚那由於外價金水位充沛"},{"start":233.316,"end":257.23,"text":"10月業者避嫌比例第一次跌破6成降到58.6%的史上低點顯示以外加金替代避嫌策略成型那我請問主委授權業者外加金水位越高是不是代表匯率風險一定會越來越小"},{"start":258.01,"end":273.209,"text":"我想其實外價金是把它本來在匯兌的未實現收益把它轉化成一個負債的形式積存以備於未來假設真的出現了未實現損失的時候作為一個底沖減少對損益表的衝擊"},{"start":275.091,"end":304.313,"text":"我想剛剛提到委員很關心就是說我們的避險比率大概今年跌破六成其實在過去一直大概維持在六成一六成二今年就是五成八我想這個大概就是還在一個範圍之內確實是因為外價金因為提高以後確實我們在受險業在特別是對一些高成本的避險工具上面它就有比較大的彈性可以減少這個所謂類似像NDF這樣比較高成本的避險工具的比率"},{"start":305.054,"end":334.518,"text":"我想其實我們在很多學術上的討論都知道其實受險業的資金它長期沒有現金流利息兌回的風險所以我們維持一個高的避險比率也有很多學界的討論說這是所謂的過度避險真正的避險應該還可以有一些不一樣的考量我想主要市場上確實是因為委員提到就是說我們的外價金達到一定程度以後對於損益表的衝擊已經有一定的抵禦能力所以他們會從一個經營成本的考量做一些調整"},{"start":334.818,"end":360.199,"text":"那個主委因為面對外價金水位的替代避險的需求增加那你認為對營運規模不同的受選業者又會發生哪些的影響當然我們的營運規模最主要是來自資產資產來自於保費收取的能力保費收取的能力跟他的投資能力有關所以剛剛委員提到了規模越大的越仰賴國外的投資從過去一直都是這樣"},{"start":361.428,"end":380.373,"text":"我想規模越大的公司資產越大資產越大因為台灣的投資工具有限只好對外投資我想這也是剛剛委員提到就是說如果說越大的公司他對匯率的曝險比例會越高那他們在匯率上面的操作匯率風險操作就要更精細更仔細的去面對他們匯率的風險"},{"start":381.738,"end":402.918,"text":"主委啊媒體報導授權業者希望調整匯率會計制度以符合授權業的經濟實質的狀況而且強調這不是完全不避險而是希望減少不必要的避險建議調整整個會計制度後也要強化整個財報的揭露"},{"start":404.841,"end":425.163,"text":"把握把匯率的風險治理拉高到公司的策略層次那我請問主委你認為調整匯率會計制度關鍵的時機有關鍵的時機嗎我想其實如果是我們已經發現到就是說現階段的會計制度其實"},{"start":427.207,"end":447.497,"text":"當時並沒有考量到台灣壽險的特殊性我想最近有很多學術上面的討論我想也很多人也提出來確實我們現在這一套的所謂的對於這些國外的一些的投資採用這個即時匯率評價的方式不符合我們現在的壽險的經營模式我想這些已經很"},{"start":448.277,"end":476.193,"text":"很多的討論但是會計準則的本身並不會指導你做避險那避險是因為公司實際上承受的風險站在主管機關的立場我們更在意的就是說我們既然有投資在海外自然有匯率的風險的存在比如說財報如何表達是一回事但是財報的表達的本身它必須要允當表達但是公司面對的匯率風險該如何解決這是我們主管機關關心的所以剛剛委員也提到就是說"},{"start":477.469,"end":493.758,"text":"我們在過去有可能產生所謂的過度避險的問題導致就是說我付了很高的成本但是沒有實質的規避掉我長期的現金流風險這一點的話我們會透過剛才講的委員提到就是說是否可以用強制提撥強制增資的方式來達到強化體質應對未來長期現金流會對風險的問題"},{"start":499.761,"end":526.166,"text":"因為有業者提出將匯率風險納入董事會與高層高階的這些管理層的監督範圍或是透過明確界定的責任來建立定期報告機制或是定期評估匯率的變動對整個清償能力以淨值影響等以促進整體業者強化"},{"start":529.226,"end":535.291,"text":"經營的韌性那逐年來改善公司的體制我請問主委你認為這樣就足以讓受選業者視為將匯率風險充分揭露了嗎"},{"start":540.846,"end":562.64,"text":"其實剛剛委員提到那個外界的提案我是覺得一個很好的想法其實就我過去的經驗裡面董事會因為特別是針對像匯率這麼大的一個這個項目董事會在每一次董事會我想各家大受選公司應該都非常關注也都會提出報告我想這件事情是應該要做的因為確實我們這麼大的部位在海外投資確實面對到"},{"start":564.221,"end":572.627,"text":"整個的匯率的風險那匯率風險如果會影響我們長遠的清償能力本來就是董事會應該關切來討論一些要妥善找出方法的一個議題"},{"start":573.973,"end":601.006,"text":"主委因為媒體報導金管會推動受選業的非長期保證利率制度改革有譜重點之一是未來即使保護買的保單屬於非長期保證利率保惠也不會變動而是由保兒以及保駕金來進行彈性的調整主委一般"},{"start":601.946,"end":614.067,"text":"投保的觀念多半是高保惠高保兒那現在保惠不變動保兒卻可能發生彈性的調整那請問到底有哪些條件可以讓"},{"start":615.134,"end":636.003,"text":"保兒調低或是調高其次保兒如果發生彈性的調整是否可能會讓保單的道德危險機率提升委員其實問了一個非常深入的問題也是非常複雜的問題其實剛剛提到媒體有報導就是說我們已經排完其實並沒有這只是我們請那個"},{"start":638.904,"end":656.301,"text":"我們的周邊單位保發中心進行研議我想剛才委員提到強化受險業的體質過去我們比較著重是在所謂的淨值面就是增資其實未來強化體質它有三個面向可以來進行一個是資產面就剛才講把資產負債的配置把它改變"},{"start":657.222,"end":686.882,"text":"那再來第二個就是負債面負債面就是可以降低他的負債成本降低負債成本降低資產的成本那自然也降低了淨值的壓力所以我想這部分我們會三方來進行剛剛提到就是說其實過去壽險業長期在沒有考量到能力的情況之下做了非常多過度的保證導致整個成本轉嫁給社會我覺得這是不公平的所以我想在這部分未來會朝這個方向來做一個研議"},{"start":687.503,"end":700.025,"text":"主委因為保護所繳的保惠從而在扣除保險工資或行政支出後即為保單價值的準備金那現在保惠不變動如果是"},{"start":702.22,"end":725.191,"text":"會長期的保證利率保單保價金到底是調高還是調低的趨勢因為保價金彈性調整的結果是不是也會和實務上互稅發生連動的影響請主委您做一個參數說明我簡單說明一下因為就是剛剛委員提到都是沒有定案還沒有定案只是在討論中的東西我想今天來講就是說"},{"start":726.331,"end":747.33,"text":"我們今天為了確保對這個所謂的消費者這個是公平的因為比如說剛剛委員提到保駕金比如說我的利率在往上升的時候其實坦白講這個時候是對消費者是比較不利的但是利率往下降是對保險公司比較不利的未來把它改成中性以後其上就是未來大家都不用承擔"},{"start":748.471,"end":767.639,"text":"這個利率上的風險包括客戶也不需要承擔就是有時候利率往下降的時候那可能費用或是保額或是其他的方式會做調整但是現在利率往上升的時候你就要有利於消費者的方向我想這是一個公平的機制所以說 金管會應該站在一個公平正義客觀的角度上來要求好不好當然當然是謝謝"},{"start":774.134,"end":777.306,"text":"謝謝林德福委員 主委請回我們現在接下來請吳秉瑞委員質詢"}]}},"supported_relations":[],"relations":[]}