全球保險資本標準(Insurance Capital Standards; 簡稱 ICS)為國際保險監理官協會(International Association of Insurance Supervisors; 簡稱IAIS)所發佈的準則，其準則保險負債合約之折現率建構方式與IFRS17精神符合，本文利用ICS制度對保險負債合約之負債折現率進行試算，考慮匹配以及不匹配之資產負債配置方式，將保險合約分成三種粒度進行試算，再結合中華民國精算協會的精算實務處理準則來對保險負債合約最佳估計負債進行評價，討論ICS制度之合理性。 本研究發現，在使用ICS文件之折現率做法因應IFRS17公報之規範時，其普通籃子法(General Bucket)在使用自有資產組合時，風險校正後利差之比例過高，導致不匹配之資產配置折現率高於匹配之資產配置折現率，導致不匹配之資產配置的最佳估計負債低於匹配之資產配置的最佳估計負債，本研究推論在較低評級的公司債利差中，除了信用風險以外與保險負債合約無關之貼水，在風險校正下，需要考慮更多不同與保險負債約無關之貼水。 ;The Insurance Capital Standards (ICS) is a standard issued by the International Association of Insurance Supervisors (IAIS). The construction method of the discount rate of insurance liability contracts is consistent with the principle of IFRS17. We apply the ICS system to analyze the discount rate for valuing insurance liabilities considering the matching and non-matching asset and liability allocation methods. According to the matching criteria, we divide insurance contracts into three granularities for the liability valuation, and then consider the actuarial practice guidelines of the Republic of China Actuarial Association to evaluate the best estimated liabilities(BEL) of the contract and discuss the feasibility of the ICS system. This study explores that when using the discount rate approach based on the ICS system to comply with the IFRS17, the risk-adjusted ratio for the general bucket method is too high. As a result, the discount rate for calculating the BEL based on the mismatched asset allocation is higher than that for the matched asset allocation. Thus, the research suggest it is important to set the standard for the qualification of the asset class in determining the discount rate for calculating the BEL. In addition, this study infers that in low-rated corporate debt spreads, in addition to credit risk, there is a risk premium that is not related to insurance liability contracts. Under risk correction, more different risk premiums that are not related to insurance liabilities should be considered.
