美国寿险保单贴现规则研究

发布时间：2018-05-15 05:27

本文选题：寿险保单贴现 + 保单贴现证券化　；参考：《吉林大学》2017年硕士论文

【摘要】：美国寿险保单贴现制度是人寿保险的二级市场,它起源于二十世纪八十年代爆发的艾滋病。这些患有艾滋病人中,一半左右的人面临诊断后一年内就死亡的厄运,而百分之八十五的人将会在三年内死亡。当时这些人既忍受着身体的强烈不适,又被社会所隔离,他们经常不被允许参加工作,仅有雇主提供的人寿保险单。此时保单贴现应运而生,这些艾滋病患者通过出售手中的人寿保险单而获得现金,从而得以支付昂贵的医疗费护理费等。随着美国医疗技术的发展,艾滋病人的预期寿命得到延长,投资者为了增加收益,将目光转向了末期疾病患者和老年人,今天,老年人占了保单贴现市场的绝大部分。与其他金融产品相比较,保单贴现具有收益率高、受经济波动影响小等特点,加之美国政府实施的税收优惠政策更加促进了美国寿险保单贴现制度的发展。随着该制度的迅速发展,其发展模式呈现多样化的态势,运行过程更加复杂,随之而来的是出现了一系列监管上的不足、道德上的风险等问题。由于美国政府高度重视,及时制定了明确的法律法规予以规范,加强了相关部门对保单贴现的监管,确保了保单贴现制度继续朝着良好的态势发展。我国并未正式引入保单贴现制度,但从我国当前的发展实际来看,已经产生了大量对保单贴现的需求。一方面,我国老龄化现象严重,社保并不能完全满足巨大的人口需求;另一方面,投资者在利益的驱动下,更希望投资于优势金融产品,而目前我国的部分沿海地区出现了不合法的地下保单贴现市场,此种交易极易引发风险,因此我国亟需建立完备的保单贴现制度,以规范相关的交易行为。本文的写作目的在于通过介绍美国的保单贴现制度,以及其发展中遇到的问题,为我国今后发展保单贴现制度提供思路和建议。本文共有五部分,其结构如下:一、介绍了寿险保单贴现的基本问题,寿险保单贴现在美国发展逐步规范化的过程以及寿险保单贴现与终身寿险附加提前给付、寿险合同提前解约等保险行为的比较,从而明确寿险保单贴现自身存在的优势。二、介绍了寿险保单贴现的主要运作模式,其从最初的保单贴现人直接与贴现公司交易的简单的单一保单贴现发展到涉及主体众多的保单贴现证券化的发展模式,在证券化发展模式中产生过其是否应属于联邦证券法管理范围的争论,文中通过对美国历史上相关判例的介绍,最终明确寿险保单证券化应属于联邦证券法的管辖范围。三、介绍了寿险保单贴现的风险及法律控制,主要包括道德风险、商品品质风险以及信用风险,其中着重介绍了保单贴现中的欺诈现象以及商品本身存在的生命预期难以估计、合同效力缺陷等问题,并根据具体问题对相关机构、法律法规提出了建议以防范上述风险。四、介绍了美国的《保单贴现示范法》以及《保单贴现示范条例》,由于美国的特殊性,其各州又有自己不同的规定,因此笔者也对各州的立法做了详细的介绍。值得注意的是,美国推出了具有人性化设计的税收优惠政策,而该政策极大的促进了保单贴现业的发展,因此笔者也对其进行了阐述。五、介绍了我国对引入寿险保单贴现制度存在的现实需求、可行性分析以及对发展寿险保单贴现提出的建议。在引入保单贴现制度后,应及时建立完备的法律法规体系以规范各参与者的行为。由于保单贴现在我国尚不合法,因此笔者无法获得更多的有关投资者盈亏、保单贴现人收益等一手资料,这导致本文更偏向于理论的分析,并且本文中没有涉及保单贴现的另一重要问题,即定价模型,期望能在今后的研究中逐步深入和完善。
[Abstract]:The US life insurance policy discounting system is the two market of life insurance, which originated in the outbreak of AIDS in 1980s. About half of these people are suffering from death in one year after the diagnosis, and eighty-five percent of them will die within three years. These people were suffering from the intensity of their health. Discomfort and isolated from society, they are often not allowed to take part in the work, only the life insurance policy provided by the employer. The policy is discounted at the times when the AIDS patients get cash by selling their life insurance policies, so as to pay expensive medical care costs. With the development of American Medical Technology, AIDS Life expectancy has been extended, and in order to increase profits, investors turn their eyes to patients with end-stage diseases and older people. Today, the elderly account for the vast majority of the discount market. Compared with other financial products, the policy is characterized by high yield, small impact on economic fluctuations, and the tax preferences implemented by the United States government. With the rapid development of the system, with the rapid development of the system, its development pattern is diversified, the operation process is more complex, followed by a series of lack of supervision, moral hazard and so on. Due to the high importance of the government of the United States, a clear law has been made in time. The regulation of the law has been standardized, and the supervision of the discount policy of the relevant departments has been strengthened, and the policy of the discount policy is ensured to continue to develop well. China has not formally introduced the policy of the discount policy, but from the current development reality of our country, there have been a large number of demand for the policy of insurance policy. On the one hand, the aging phenomenon is serious in our country. On the other hand, the investors, on the other hand, are more likely to invest in the advantage financial products under the interest of the investors. At present, some of the coastal areas of our country have appeared unlawful underground policy discounting market. This kind of transaction is very easy to cause risk. The purpose of this article is to provide ideas and suggestions for the future development of the policy of insurance policy discounting by introducing the US policy of discount policy and the problems encountered in its development. There are five parts in this paper. The structure of this article is as follows: first, the basic problems of the discounting of life insurance policies are introduced, and the life insurance policy is discounted in the United States The development of the process of gradual normalization, and the comparison of the insurance behavior of life insurance policy and life insurance additional advance payment, life insurance contract ahead of time, and so on, so as to clarify the advantages of the existence of life insurance policy. Two, the main operation mode of the discounted life insurance policy is introduced, which deals with the discount company directly from the discount company. A simple single policy discount has developed to the development model of a large number of insurance policy related to the discounted securities. In the securitization development model, whether it should belong to the administrative scope of the federal securities law is an argument. By introducing the relevant jurisprudence in the history of the United States, it is finally clear that the securitization of life insurance policy should belong to the federal securities law. The scope of jurisdiction. Three, it introduces the risk and legal control of the discounting of life insurance policy, mainly including moral risk, commodity quality risk and credit risk. It focuses on the fraud in the discount policy, the difficult to estimate the life expectancy of the commodity itself, the defects of the contract effectiveness and so on, and to the relevant machine according to the specific problems. Construction, laws and regulations put forward suggestions to prevent the above risk. Four, introduced the United States "insurance policy discount demonstration law >" and "policy of discount policy discounting demonstration regulation >", because of the particularity of the United States, the states have their own different regulations, so the author also introduced the legislation of each state in detail. It is worth noting that the United States has introduced humanization. The tax preferential policy is designed, and the policy greatly promotes the development of the policy of the discount policy. Therefore, the author also expounds it. Five, it introduces the actual needs, feasibility analysis and suggestions for the development of life insurance policy discounting system in China. A complete law and regulation system is established to regulate the behavior of the participants. Because the policy is not legal in our country, the author is unable to obtain more information about the profit and loss of the investor and the income of the discount policy. This leads to a more theoretical analysis, and there is no other important issue in this paper. That is, the pricing model, which is expected to be deepened and perfected in the future research.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D971.2;DD912.28

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