Research On The Legal System Of China's Housing Reverse Mortgage Endowment Insurance

In recent years,China's population structure shows the characteristics of continuous aging,so that the social pension demand is increasing.However,with the shortage of social endowment insurance funds and the limited supporting capacity of families,both the state and individuals are faced with great pension pressure,and it is difficult to meet so many pension needs.From the experience of various countries in dealing with old-age issues,personally insured commercial endowment insurance can effectively alleviate the problem of living in old age.Housing reverse mortgage endowment insurance is such a new type of commercial endowment insurance business that can provide pensions for the elderly by mortgage housing.In 2014,China officially launched the pilot program of this insurance,stipulating that insurance companies that meet certain conditions shall operate relevant businesses.The insurance was officially promoted nationwide during the pilot period until 2018.However,the insurance has been cold in the process of promotion,and the pilot effect is not satisfactory.The root cause is the imperfection of the relevant legal system,which is an important factor affecting its promotion.In view of this,it is necessary for us to study the deficiencies of the new endowment insurance from the perspective of law and make corresponding institutional improvements.Housing Reverse Mortgage Endowment Insurance is a new type of commercial pension insurance that requires the elderly to take insurance for their own houses and the insurance company to provide insurance for them.The amount of participation in the main body,collateral,mortgage secured creditor and the term and other aspects are unique,and the insurance parties have established multiple legal relationships such as insurance contracts,loans and mortgages.The pressure of the old-age security system increases sharply,the defects of the family old-age support mode and the mature second-hand housing market are the important background for China to develop this insurance.From the perspective of law,it can be found that there are some problems in the development of China's housing reverse mortgage endowment insurance,such as limited qualification of operating subject,narrow scope of mortgageable property,unreasonable right allocation between insurance parties,too much risk of mortgage and unsound supporting system and other issues.Housing reverse mortgage endowment insurance is an imported product,and the extraterritorial operation will be more mature.After analyzing the most representative development models of the United States,Britain and Japan,it can be found that supporting multi-party participation,focusing on product design,appropriate government support and improving relevant supporting systems are important guarantees for the smooth development of related businesses.For the improvement of this system,it is suggested to start from these aspects on the basis of drawing lessons from overseas development experience and combining with the specific national conditions of China's implementation: timely start the special legislation work for this insurance,establish the legislative mode,operation mode and basic principles to be followed of this insurance,etc.In terms of participating entities,we can expand the scope of business entities and reduce the requirements for registered capital.On the object side,it is suggested that the legislation on farmer's housing and incomplete property right housing be amended to expand the scope of application of the insurance.In terms of the allocation of the rights of both parties in the insurance,it is necessary to appropriately expand the right of disposal of the mortgage house by the applicant and improve the provisions on the exercise of the right of disposal by the insurance company to balance the rights of both parties.We can also guarantee the realization of the mortgage by clarifying the responsibility of heirs to assist the realization of the mortgage and establishing the mechanism of double guarantee responsibility of the government.At the same time,we should also value investment in supporting systems,such as improving the real estate evaluation mechanism,improving the multi-level supervision system and establishing special rights protection institutions by the government,so we can better improve this legal system.And these measures can promote the real effect of the insurance,so that the elderly could have no worries about their later life.