投资连结保险的监管问题与对策构建

The Regulatory Issues about Investment-Linked Insurance and Countermeasures

投连险在误导销售、信息披露、资金运用等方面的监管问题皆因其投资属性未被正确规制而引发。投连险兼具保障与投资属性,投连险合同为保险与信托混合而成的混合合同。最优的监管路径为将投连险定位为兼具保险与资产管理产品属性的混合型金融产品,由金融监管总局予以功能性监管。具体构建投资部分的监管规范时,应与资产管理产品保持一致,参照较为成熟的公募基金监管标准,重点针对误导销售、信息披露和资金运用等三方面制定监管规则。

Investment-linked insurance′s regulatory issues in terms of mis-selling,information disclosure and use of funds are all triggered by the fact that its investment attribute has not been properly regulated.It combines the nature of insurance and investment,and its contract is a hybrid contract embodying insurance and trust attributes.The optimal regulatory path is to characterize it as a composite financial instrument with the attributes of both insurance and asset management products,and have it functionally regulated by the State Administration of Financial Regulation.The regulatory rules for its financial instrument part should be consistent with the asset management products and refer to the sophisticated regulatory standards for public funds,focusing on the aspects of mis-selling,information disclosure and utilization of funds.