本個案描述國泰人壽對外匯價格變動準備金機制的態度，及2011年底該準備金制度發布後，其所受之影響。本個案試圖探討何以壽險業者致力於增加海外投資部位，以及該作為之經濟與會計後果。其次，本個案藉由分析外匯準備金的會計及實質影響，思考該制度對利害關係人之利弊。本個案發現外匯準備金雖然讓匯兌損益較平穩，但經濟實質上並未改善企業的匯率暴險。此外，不論就外匯準備金原始提列的來源或其對企業經營的實質影響，保戶利益皆可能因而受損。

This library case describes the attitude of Cathay Life Insurance Co., Ltd. toward the foreign exchange valuation reserves (FEVR) policy that was enacted at the end of 2011, and how it was affected by FEVR. We examine why life insurers increasingly engage in foreign investments and explore the influence of foreign investments on life insurers' financial condition and accounting numbers. By analyzing the effects of the FEVR policy on life insurers' accounting numbers and the economic reality, we discuss its effects on the stakeholders of life insurers. Our findings show that although the FEVR policy can ensure smooth earnings, insurers' exchange-rate exposure is not economically reduced. Moreover, analyses of the origin of FEVR and its real effects on business operation show that FEVR policy is harmful for policyholders.