金融市場之揭露義務與適合度規範：由行為經濟學之視角論保險商品

Duty of Disclosure and the Suitability Rule in Financial Market: An Analysis of Insurance Distribution Based on Behavioural

伴隨保險商品越來越多樣化，相關糾紛亦層出不窮，尤其涉及保險契約招攬過程之不實說明更突顯現有保險商品之販售不論於保險監理規範或涉及民事責任等問題，皆有探討之必要性。消費者面臨保險商品日漸複雜且資訊又大量湧現之情形下，如僅揭露資訊而未能使消費者充分理解商品內容以及所可能產生之風險，而於契約訂立時因面臨龐雜契約條款卻僅能於相關風險告知書以及契約文件簽名表示同意，則於日後爭議時，保險人卻得以此為據而主張契約條款業已明文約定且主張業經要保人同意，顯然影響消費者權益。因此保險商品資訊之揭露與消費者對於保險商品之認知，應以後者方為避免糾紛之重要關鍵，倘若消費者未能理解保險商品內容，縱使相關揭露法令如何完善，實未能降低相關糾紛。本文即以保險商品之販售所衍生相關資訊之不實說明或揭露而導致消費者誤信進而訂立契約為課題。希冀以行為經濟學為理論基礎，進而檢視現行規範下可能產生之問題，並進一步提出建議而建構出合適選擇環境，並降低消費者產生偏誤可能性。

Because insurance products are inherently complex for most people, consumers may find themselves make errors in decisions with inadequacy of information and may easily be deceived by insurers and their agents. Even with an increase in the quantity of information available, it can lead consumers to misuse information. That will only force consumers to sign the relevant documents with complex of terms and condition. In this regard, insurance law and regulation should not only address on the disclosure of information regarding insurance products but also focus on how to prevent consumers from misjudging. With regard to adequacy of information and consumer behavioural biases, several duties of insurers will be further discussed in this work. In according to Article 11-1 of Consumer Protection Act, insurers may be required to provide the relevant documents concerning terms and condition of insurance contracts before the conclusion of insurance contract. In some types of insurance contracts such as long-term life insurance policy, a consumer has a right to cancel without penalty and without giving any reason. The current legal issue mainly concentrates on the function of consumer's cancellation right and the necessity of the review period before the conclusion of the contract. From the perspective of behavioural economics, however, it is questionable whether these duties of insurers could provide an appropriate environment for a consumer to make a reasonable choice. Furthermore, insurers as financial service providers are also under the duty of disclosure and are required to make sure of the suitability of insurance products in accordance with Article 9 and 10 of Financial Consumer Protection Act. Based on behavioural economics using insights from psychologists and economists to explain and identify ''behavioural biases'', this work will analyze the legal issues mentioned above and propose workable suggestions for an appropriate choice environment to mitigate a consumer's biases.