Legal Regulation Of Investment-linked Insurance In China

Investment-linked insurance has been developed in China's insurance market for more than 20 years.As a kind of investment insurance,it is also the most representative one.Based on the traditional life insurance sharing risk-bearing guarantee function,the innovation expands the investment function.The new insurance products of "guarantee + investment"are favored by consumers in the financial market.However,the development of investment-linked insurance in China has been weak now.The reason is that there have been a series of problems in China' s financial supervision.The development of investment-linked insurance cannot meet expectations.For example,the definition of legal property of investment-linked insurance,imperfect regulatory system,inadequate sales regulation,and inadequate protection of policyholders' interests have been plaguing China's investment-linked insurance.In the direction of development,especially in the context of the reform of the central financial system,how to regulate investment-linked insurance is the focus of this paper.This paper first analyzes the operation principle of investment-linked insurance and' the difference of its investment insurance.It concludes that investment-linked insurance has the following characteristics:it integrates the guarantee function and the investment function,and transfers some investment risks to the insured and owns Higher information transparency and other characteristics.At present,the research on investment-linked insurance in China's academic circles has no standard in defining its legal attributes,so that the legislation and supervision of investment-linked insurance still regards it as a traditional life insurance with certain innovation.The author analyzes the investment-linked insurance investment account.Based on the operation principle,it is concluded that its investment account has the legal property of trust,and the trust is used as a breakthrough to explore the legal regulation path of investment-linked insurance in China.By analyzing some of the problems exposed in the development of investment-linked insurance in China at present,the author summarizes the three legal risks of low-level legal hierarchy,imperfect regulatory system and insufficient protection of investment interests of policyholders in China's investment-linked insurance,and seeks to pass Analyze the experience of legal regulation in the United States and Taiwan,and solve the three legal risks that currently plague China's investment-linked insurance development.First of all,in view of the current legal regulation of investment-linked insurance in China,we refer to the status of other laws and lower-level related legal documents.In order to form a complete legal norm system in the future,the author suggests actively promoting the revision of the Insurance Law and investing in it.Type insurance,in particular,investment-linked insurance for special regulation.In addition,as a supplement to the Basic Law,a series of investment-type insurance can also be formulated by reference to the legislative methods adopted by extraterritorial countries under the principles stipulated by the basic legal level.The Regulations and Regulations supplement the investment-type insurance regulations,and form a complete legal norm system for the regulation of investrment-linked insurance.Secondly,in view of the problems existing in the regulatory system,it is recommended to separately supervise the investment account and the ordinary account.The investment account chooses to refer to the American-style functional supervision method because of its own trust property.It may be considered to gradually separate the two accounts of investment-linked insurance,the insurance belongs to insurance,the trust belongs to the trust,and the investment account is divided into the supervision scope of the trust industry supervision institution in China.At the same time,supervision cannot walk on one leg.It is necessary to give foll play to the advantages of industry supervision and rmobilize the insurance industry and the trust industry to participate in the supervision of investment-linked insurance.Finally,in view of the insufficient protection of China's investment-linked insurance investment interests,the paper focuses on the information disclosure of investment accounts,the use of funds in investment accounts,and the protection of participatory rights of policyholders.First,in terms of information disclosure,it is necessary to establish the principle of maximum good faith,improve the accountability system for information disclosure and the credit rating system.Second,in the use of funds in investment accounts,it is recommended that insurance companies provide insurance for general insurance funds and investment.Under the premise of separate management of investment account books,the restrictions on the use of ordinary bookkeeping funds are exempted from the investment account of investment-linked insurance,but the high-risk investment category should be set to the maximum investment ratio limit to prevent concentration risks,and at the same time,due to the investment direction of investment account funds It involves a wide range of fields,and it is recommended to establish a cross-disciplinary integrated insurance fund supervision platform to enable flexible,efficient and comprehensive supervision of the use of investment account funds.Thirdly,in terms of protecting the participatory rights of policyholders,the author believes that the key to the protection of some participation rights lies in the supervision of insurance personnel,especially insurance sales personnel.Therefore,the author proposes to establish the credit rating and credit assessment of insurance agents and insurance sales personnel.The grading system evaluates the rating system by an authoritative rating agency.At the same time,for the improper sales,the insurance salesperson must stipulate that the insurance salesperson and the policyholder must enter into the investment-linked insurance contract,and must fully inform the insurance product and inform the insurance in writing.Various expenses,possible risks of investment targets,relevant warning notices,methods of obtaining account information and other non-investment insurance related matters as required by relevant laws.Secondly,improve the punishment and accountability system for improper sales,and increase the illegal cost of improper sales.On the other hand,it is necessary to regulate the policy holders of investment-linked insurance.This is not to say that the insured is required,but the Banking Insurance Regulatory Commission should formulate corresponding The standard classifies different policyholders,strictly selects the policyholders who meet the applicable investment-linked insurance products,and finally formulates a reasonable financial plan to form a market access mechanism similar to the policyholder,thus resisting investment-linked insurance from the source of the policyholder.Improper sales behavior.Through the above suggestions,we hope to protect the future development of China's investment-linked insurance.