保險業股權監理之研究

A Study on Regulations of Shares of Insurance Enterprise

所謂 「金 融與 商業 分離 」（ separation of banking and commerce）或「產金分離」原則，大致上係指金融與商業不能過度混合。本原則在於確保金融機構經營之穩健、防止利益衝突、增加風險隔離。尤有甚者，應避免金融機構挾龐大經濟力量介入非金融業之經營1。正由於金融機構具備龐大資金，如可由產業輕易介入取得其控制權，則將使金融機構成為槓桿操作之標的。因此，此原則又可分為「由產入金」與「由金入產」兩個面向2。前者指產業投資金融業，亦即金融業股權之問題，一般認為產業不能過度控制金融業；後者指金融業挾資金投資產業，亦即金融業轉投資或兼業之問題，一般多認為金融業轉投資應有其限制3。

The aim of this paper is to present a comparative analysis of the regulations of insurance enterprises in Taiwan and mainland China with reference to the regulations of the United States and International Association of Insurance Supervisors to determine best practices to recommend for Taiwan. This article begins with an analysis of the separation of banking and commerce to clarify the legal foundation of the “fit and proper” criteria for shareholders. Subsequently, this paper introduces the current regulations and leading cases of Taiwan and mainland China and identifies deficiencies in their regulations. Both Taiwan and mainland China have strict regulations that fail to satisfy the proportionality principle. Mainland China's regulatory regime is arguably a model for Taiwan in that it includes more categories of shareholders, a lower threshold for being a controlling shareholder, a shorter prohibition period for transferring shares, numerous criteria, and a pass-through regulation. Taiwan's five principles for reviewing the fitness and propriety of a shareholder are comprehensive, but their criteria and contents can be further expounded. We also suggest eliminating the exclusion for government. Finally, we argue that an entrusted shareholding agreement should not be regarded as null and void under civil law.