Study On The Protection Of Investment Interests In The Investment-linked Lifelnsurance

Investment-linked life insurance is a new life insurance that the combination of investment and insurance, it provides the insured with risk protection, and it makes part of the premium can be invested by insurance companies in access to investment returns but also bear the investment risk alone at the same time. The so-called "link" is a combination of investment and life insurance, in the provision of basic life insurance coverage at the same time, through forced savings and a stable investment for the future need to provide financial support. The operation of principles of investment-linked life insurance, including the split of the insurance costs, investment account management, the commitment of the insurance liability. Investment-linked life insurance is a revolution of the insurance innovative for the insurance itself; for insurance companys, it is a breakthrough in insurance business; for the insured, it is an increase in insurance proceeds; for the financial markets, it is an interaction of insurance and capital.In this paper, the author through normative analysis, law and economics analysis and so on, learns from the general theory of the protection to the nterests of investors on the Securities Act, to seek a pragmatic balance between the principle of systematic way of thinking, trying to sort out the related issues of the protection of investment interests in the investment-linked life insurance. This paper is constituted by the following five chapters:The first chapter is "the inherent mechanism of the protection of the Investment-linked life insurance investment interests." The legal property of investment-linked life insurance is compound, the investment-linked life insurance have insurance property, trust property and securities attribute at the same time, but do not have the completeness of these properties, they are parts of the legal property of investment-linked life insurance.Investment-linked life insurance is a kind of compound financial products, has both insurance, trust and securities attributes. In addition, investment-linked life insurance as an innovative financial products, puts aside some of the risk of life insurance, the investment of investment-linked life insurance existences multiple risks in the product structure, market operational, legal regulatory and other aspects, including the objective risk and subjective risk. The objective risk of the investment-linked life insurance, is the risk that objective, and can not change because a moment of decision-making and behavior of individuals .The objective risk include market risk, technical risk and policy risk. The subjective risk of the investment-linked life insurance, refers to the risk that as personal decision-making and behavior, would have the impact to the operation of insurance and sales, earnings and other aspects, and it mainly includes the risk of investment decision-making, account risk and agent risk. The allocation mechanism of the investment risk of the investment-linked life insurance is also unique: objective risk of objective existence, canont be changed by personal behavior, and have the impact to the insurance companies and policyholders should be shared by insurance companies and the policyholders, that is the objective risk would make losses at the same time to both insurance companies and the policyholders, and the loss need not be mutually compensate, that is the "pole principle"; while for personal decision-making and behavior of the subjective risk, it is only one side caused the loss, and the loss would be undertaked by the relevant person , that is the " knapsack principles." The so-called Equity-linked investment interests of insurance policyholders is the relevant legal interests of investment in capital markets due to the insured and holds a portfolio of units produced by, including the policyholders have the right to be kept informed on relevant and accurate information on separate accounts, to distribute and partly participate the investment income; the policyholders should have interests that be guaranteed of the assets invested, and the interests that not to be illegally infringed and so on. These benefits include both property interests, and the physical interest. From the view of economic nature of the point, such an investment interest is a interest with risks, likely to benefit may also be a loss. Here the insured, are even more precise allegations are policy holders. The protection of the interests of policyholders in the investment-linked life insurance is to take protective measures to the investment interests of the policy holders through legal, administrative, industry self-regulation and other means to ensure that the policyholders can make a fair access to obtain information and investment opportunities, reduce investment risk and the potential losses caused by various unfair, malicious and environmental differences. With regard to the legitimacy and necessity of the protection to the investment interests of policyholders in the investment-linked life insurance has two respects that micro and macro respects.The second chapter is "the realization of the protection to investment interests of the Investment-linked life insurance." How to protect the efficient and safe operation of the separate accounts is the starting point, the center and the realization of the legal protection to the investment interests of the policyholders in the investment-linked life insurance. Separate account is an unique design in the investment-linked life insurance system, and the important symbol distinguishes that the investment-linked life insurance from other structures is that the separate account should be independent of the insurance account. Separate Account is the carrier of the investment interests of the the insured, is the platform to achieve the rights and obligations between the insured and the insurance company, is the performance tool of competitive of the investment-linked life insurance, and is support of the value of the investment-linked life insurance. The basic principles of the protection of the separate accounts, the author sum it up in four principles: the first, the principle of the independence of the separate accounts; and the second, the principle of information disclosure; and the third is the principle of participation of the insured and the fourth, the principle of risk prevention.Chapter III is " the protection of investment interests of the Investment-linked life insurance by rights. "For the investment interest of the policyholders in the investment-linked life insurance, the protection mechanism in the insurance law can not meet the needs of the investment interests of the policyholders. The policyholders need to establish a rights and obligations relations system which is new and can meet the need of the protection of investment interests under the existing legal protection mechanism of the rights and obligations. The system on the one hand needs expansion of the rights of the policyholders on the original basis, and the policyholders can have new rights which can adapt to the protection of the separate accounts; on the other hand, the insurer's obligation should be increased. The insurer is no longer simply the ultimate commitment of the insurance risk, it also have the status of the fund manager and the trustee. In addition, the commitment of the insurers after the obligations increase, as everyone knows, rights, obligations and responsibilities are closely integrated, only the trinity of the formation of private rights protection system will be able to establish the main laws of the civil protection system to combat the erosion to their legitimate rights and interests.Chapter IV is" the protection of investment interests of the Investment-linked life insurance by public powers." The scope of public power intervention of the executive to protect the investment interests of the policyholders in the investment-linked life insurance, including investment-linked life insurance market access, the legal review of the basic terms, and the standardisation of the investment behavior of the separate accounts, while its focus and core is to intervene the information disclosure in the investment-linked life insurance by public powers, that is information disclosure system. For the investment-linked life insurance whith has both insurance and securities property, the information disclosure system is the objective requirements and natural extension of safeguarding the legitimate rights of the insurers and the policyholders and safeguarding market order of fair competition.Chapter V is "the improvement to the protection mechanism of the investment interests in China's investment-linked life insurance." The author from the reality of China's investment-linked life insurance, to explore the practical problems of protection mechanism of investment interests, and also try to propose a tending toward perfection design on protection mechanism of investment interests in investment-linked life insurance, which including the institutional improvement, rules improvement; simultaneously, try to propose specific recommendations for the breakthrough of the main unity of public power protection, the upgrading of the completeness about the legal protection basis, the improvement of risk control mechanism and information disclosure system in the investment-linked life insurance and so on, so as to achieve the reality purpose of adequate and effective protection to policyholder's investment interests.