就保單貼現商品之發展歷程觀之，吾人可知其係以人道救助為基礎，提供資金末期患者度過難關，其本身具有高度道德情操，實值肯定。惟因將其商業化之後，企業將本求利，提高獲利率之際，頻傳各種保單貼現詐欺案件之情事，使原本之創設本意遭到忽略，並被譏為「趁人之危賺死人錢」，此恐創設斯制之人士所始料未及。 為解決此商品適用法規之爭議，首先，本文將保單現交易流中保單持有人與保單貼現供給者所為之交易行為簡稱為前段交易；而將保單貼現供給者與投資人所為之交易行為簡稱為後段交易。其中，就前段交易而言，本文認為此交易契約，其本質非屬保險業務範疇，而為債權與讓契約。故對自然人（投資人）與保單末有人所為之保單貼現契約（直接交易），恐無法禁止。另就後段交易而言，無論保單貼現供者將保單受益權比例出售予投資人亦或將其證券化（發行保單受益權擔保證券或受益憑證）等，本文均認為為有利於保單貼現交易之進行並為投資人權益之保護及能建構一良善之人理機制，似應將保單受益權解釋為金融資產之一，而其交易所為之契約或所發行之證券亦解釋為有價證券為宜，牌有金融資產證券化條例及證券交易法之適用。至於保險法戲一百零五條所生之問題，恐須針對保單貼現交易另立特別法以為解決之道。 A viatical settlement is a process by which a terminally ill individual can sell his life insurance policy to an investor who pays the insured a discounted face value and then collects the policy benefit upon the insured’s death. This article analyzes and evaluates the legal problems that have arisen in connection with viatical settlement. By analyzing the definition, function, and characteristics of viatical settlement, this article has found that viatical settlement is not only one of securities but classifying as one of so-called “asset-backed securitization” regulated under “Financial Asset Securitization Act of Taiwan”. Finally, this article will offer some suggestions for the formation of a supervisory system for viatical settlement transaction based upon previous discussion.
