미국 보험지주회사제도에서의 금융자본과 산업자본의 분리 원칙-보험지주회사법상의 자산운용규제를 중심으로

In various countries the separation of financial and industrial capitals is perceived as an important financial policy goal. Some opponents, however, argue that this separation principle be applied only to the commercial banking in a narrow sense. It is true that the outright prohibition rule under the ownership and activities clauses is the representative policy tool implementing the separation principle. But it does not mean that this rule is the unique or the most effective method to achieve the separation principle. There exists another way. The strict regulation on financial institutions' portfolio, especially on the transactions with affiliated persons, combined with the imposition of the broad disclosure duty, can be an alternative. The Insurance Holding Company Act in the United States is the outstanding example. The federal banking laws and the state insurance laws in the United States show two different ways approaching the same separation principle. In short, if considering the Korean situations where the supervisory and internal disciplines on the interested transactions among Chaebols' affiliates cannot be said to be working properly, the abolition or loosening of ownership and activities clauses may arouse the serious risks of conflict of interests and financial instability.