《保险研究》20240304-《美国投资型保险的监管历史及其逻辑》（李敏）

［摘   要］美国投资型保险产品的功能性监管为化解我国保险监管的实践难题提供了参照。在美国，投资型保险兼具保障与投资的混合属性使其超出了保险监管范围，延伸至证券监管领域，对传统上基于分业监管而形成的机构监管格局带来了挑战。为此，美国首先在判例法上将投资型保险的属性认定为“证券”，进而明确经营投资型保险的独立账户性质为“投资公司”，从而使相关投资型保险产品本身及其独立账户资金的运用分别受制于《1933年证券法》以及《1940年投资公司法》的约束。当然，投资型保险的“保障”一面仍受州保险监管的约束。由此使得投资型保险及其独立账户处于州保险监管和联邦证券监管双重约束之下，显示美国通过对投资型保险的功能性监管，从而有效保护产品购买者利益，并成功约束保险业金融资本向产业资本的扩张以维护产业经济的稳定发展。美国投资型保险及其独立账户的监管经验为我国当前投资保险产品本身及其资金运用监管提供了思路借鉴，即混合性金融工具侵蚀了分业监管的有效前提，为了实现对投资型保险产品的有效监管，需要从机构监管迈向功能监管。

［关键词］投资型保险；保险监管；独立账户；功能性监管

［作者简介］李敏，中央财经大学法学院讲师，研究方向：金融法、经济法。

The Regulatory History and Logic of Investment-type Insurance in the U.S

LI Min

Abstract：The functional regulation of investment-type insurance products in the United States provides a reference for solving the practical difficulties of insurance regulation in China.The hybrid attribute of investment-type insurance in the United States,which combines protection and investment elements,extends it beyond the scope of insurance regulation to securities regulation,challenging the traditional institutional pattern based on industry-specific regulation.The U.S.case law firstly recognizes the attribute of “securities” of investment-type insurance,and then regards the separate account of investment-type insurance as an “investment company”,so that the product itself and the investment of funds in its separate account are subject to the Securities Act of 1933 and the Investment Company Act of 1940 respectively.At the same time,the “protection” attribute of the product is still regulated by the state insurance regulatory body.As a result,the investment-type insurance and its separate account are under the dual constraints of state insurance regulation and federal securities regulation,which demonstrates that the U.S.effectively protects the interests of product purchasers through the functional regulation of investment-type insurance and successfully restrains the expansion of financial capital in the insurance industry to the industrial capital in order to safeguard the stable development of the industrial economy.The regulatory experience of the U.S.investment-type insurance and its independent account shows that the hybrid financial instruments erode the effective premise of the separation of supervision.To realize the effective supervision of investment-type insurance products,transforming from the institutional supervision to the function of supervision is an inevitable trend.

Key words：investment-type insurance;insurance regulation;separate account;functional regulation