证保分业及险资股票投资的分水岭——基于1905年美国阿姆斯特朗调查报告的研究探索

The Watershed Event of Equity Investment Regulations of Insurance Funds

1905年7月,美国纽约州针对当时美国寿险公司保险业务极不规范、公司治理与内控机制严重缺失、险资股票投资失控及政治献金等问题,开展了广泛而深入的调查,此即阿姆斯特朗调查。该项调查报告的立法建议,几乎在次年被纽约州立法机构全部采纳,一举奠定了美国乃至全球保险业规范运行的基础。其中,源于此项调查的保险公司投资股票禁令,虽历经80年后最终放开,但由此衍生并确立的险资消极机构投资者的基本定位和险资投资管理基本原则,却至今仍然被全球保险界和投资界奉为圭臬。再次回顾这段历史发现,阿姆斯特朗调查报告的发现与建议,对于当前我国保险业发展及险资投资规范发展,仍然具有十分重要的借鉴意义。

Dating back to the early 20th century, the growth of power in the insurance industry eventually led to accusations of mismanagement, fraud, and corruption, the outcome of which was the 1905 Armstrong Investigations held in New York. These investigations revealed multiple abuses in the state, including twisting, rebating, exaggerated returns, exorbitant premiums, inability to pay claims due to lack of reserving, political coercion, and embezzlement. Subsequent remedial legislation was made in the report, setting the foundation of regulated operation in the insurance industry, locally and globally. As a result, insurers were prohibited from owning common stock, underwriting securities, and paying excessive agent commissions. Although these restrictions were relaxed after 80 years, the basic niche of insurers being passive institutional investors and the principle of insurance funds investment illustrated in the report are looked up to as the standard by the global insurance and investment industry. Looking back, the results and suggestions revealed in the Armstrong Investigation is essential to the development of China＇s insurance industry and insurance funds investment.