《保险研究》20221207-《上市公司董事责任保险之责任范围界定》（姜婷婷）

［摘   要］董事责任保险对于强化上市公司治理具有重要意义。如何界定责任范围,是当前我国董责险实务中面临的关键性问题。本文从学理出发，通过对域内外董责险条款和法律制度的比较分析，结合我国立法与司法领域董事责任发展现状，对董责险的责任范围之界定提出可行性建议。本文认为，我国董责险应排除公司对董事的补偿责任，转而将其纳入保险人对于董事不当履职致损进行直接赔付的范畴之内，从而减轻公司负担；应明确公司作为受害第三人的地位，认定其享有保险利益，并结合上市公司在生命周期不同阶段的特点，对董责险积极责任范围进行区别性表述；应适度限缩除外责任范围，将违反忠实义务的除外责任界定为“以致害为目的的违法行为”；应肯定虚假陈述纳入除外责任范围的示范效用，实现与立法司法制度的有效衔接。

［关键词］上市公司；董事责任保险；责任范围

［作者简介］姜婷婷，对外经济贸易大学法学院博士研究生。

Defining Scope of Liability of Directors′ and Officers’ Liability Insurance of Listed Companies

JIANG Ting-ting

Abstract：Directors′ and officers′ liability insurance(D＆O insurance) is of great significance to strengthen the governance of listed companies.How to define the scope of liability is a key issue in the practice of D＆O insurance in China.Starting from the academic theory,this paper makes a comparative analysis of the provisions and legal systems of D＆O insurance both inside and outside China,and puts forward some feasible suggestions on the definition of the scope of liability of D＆O insurance in combination with the development status of D＆O insurance in China′s legislative and judicial fields.This paper holds that D＆O insurance in China should exclude the company′s compensation liability to directors,which should be included in the scope of the insurer′s direct compensation for the losses caused by directors′ improper performance of duties,thus reducing the company′s burden.The company′s position as the injured third party should be specified,and it should be recognized that it enjoys insurance interests.In consideration of the characteristics of listed companies at different stages of life cycle,the positive liability scope of D＆O insurance should be differentiated.The scope of exclusion should be limited properly,and the exclusion for breach of loyalty obligation should be defined as “illegal act with the purpose of causing harm”.We should affirm the demonstration effect of including false statement in the scope of exclusion,and realize the effective connection with the legislative and judicial system.

Key words：listed companies;directors′ and officers′ liability insurance;scope of liability