我国发展寿险保单贴现的道德风险难题及其破解

The Moral Hazard of the Development of Viatical Settlement of Life Insurance and Its Solution in China

2018年1月8日,保监会下发《人身险保单贴现业务试点管理办法(征求意见稿)》试图将寿险保单贴现引入我国。通过寿险保单贴现,保单持有人能够将保单自由转让,从而提升保单之流通价值,对我国保险业具有重要意义。然而,我国发展寿险保单贴现面临着投资别人的"余命"这一道德质疑,即被保险人活得越短,保单投资人获利就越丰厚。纵观寿险保单之历史发展,其已由生活之最后保障演变成家庭财务规划的工具,加上投资型保险兴起,使其财产性质形塑寿险保单贴现之道德伦理基础。寿险保单贴现运作中的道德风险应采"间接交易"模式和"保单受益权资产证券化"化解,保单贴现机构应取得保单受益人地位,随后对保单受益权进行证券化,从根源上消除道德风险,保障保单持有人的人身安全。

On January 8,2018,the China Insurance Regulatory Commission issued the"Administrative Measures for the Pilot Business of Personal Insurance viatical settlement(Draft for Comment)"to try to introduce the life insurance viatical settlement to China.Through the viatical settlement of life insurance,policy holders can freely transfer the insurance policies,thereby increasing the circulation value of the insurance policies,which is of great significance to China’s insurance industry.However,there is a moral question of investing in others’"life"in the development of life insurance viatical settlement.In other words,the shorter the insured lives are,the more lucrative the policy investors will be.Throughout the historical development of life insurance policies,it has evolved from the last guarantee of life into a tool for family financial planning.With the rise of investmentbased insurance.Its property nature constitutes the moral and ethical basis of viatical settlement of life insurance.The moral hazard in the operation of the life insurance viatical settlement can be resolved by the"indirect transaction"model and the"the policy beneficiary asset securitization".The viatical settlement institution should obtain the policy beneficiary status,and then securitize the policy beneficiary right in order to eliminate the moral risks at the source and protect the personal safety of policyholders.