美国保险公司投资性房地产监管法规研究与借鉴

American Regulation on Income-producing Real Estate Investment of Insurers and Its Implications for China

通过梳理1759年以来美国放开保险公司房地产投资的背景和脉络,比较纽约、加州和美国保险监督官协会的现行相关法规,发现经过绝对金额限制、自用和收债限制、19世纪下半叶的放开教训之后,美国20世纪中期确定出租为保险公司投资性房地产的主要途径。各州从合计上限、单项限额、会计处理、资产门槛、行业选择、产寿险差异等多方面逐步完善法规,在20世纪八、九十年代规则趋于定型。这些基本规律和经验教训值得中国借鉴吸收。

Ever since 1759, America has permitted insurance companies to invest in real estate to a limited extent. The paper reviewed the long history of regulation evolution and current regulations in New York, California and by National Association of Insurance Commissioners which includes dollar amount capping, accommodation for business, or acquired for satisfaction of debts, and liberalization in the later half of the 19th century. It found out that, starting from 1950s,the U. S. regarded income-producing real estate as the choice for insurance funds. However,va- rious restrictions on such an asset have been tried in different states：maximum percentage in the aggregate and for each parcel of land, accounting treatment, asset threshold, allowing investment into selective industries, differentia- tion between life and non-life funds, etc. The rules seemed to be mature from the 1980s. The experiences, lessons, as well as current laws summarized here are a good reference for the Chinese authority.