| With the development of commodity economy in our country and rising people living standard, the insurance industry is quickly developing, especially the number of person insurance contract. In recent years, due to the increasing difficulty of the commercial bank loans, life insurance policy pledge loan emerges rapidly as a new financing way, which has become one of the insurance company’s main business. But many problems arise in the actual process of the life insurance policy pledge business because of China’s ambiguous current laws and regulations of pledge of life insurance policy and no unified rules of the life insurance policy pledge business. The purpose of this paper be beneficial to our country’s legislation of pledge of life insurance policy through the analysis of the legal issues of pledge of life insurance policies. This paper is divided into four parts(excluding preface and conclusion).The first part is an overview of pledge of life insurance policies. This part illustrates the related concepts of pledge of life insurance policies on the basis of analyzing the characteristics of pledge of life insurance policies, especially points out the life insurance policy pledge, and the difference from general property insurance policy to the pledge is rooted in its cash value. Then this part analyzes a pledge for cash value return, the only main body is policy-holder, and the pledgor and policy-holder pledge loan is the precondition of the policy for effective cleaning. This part analyzes the value of pledge of life insurance policies at the same time, and points out the significance for policy-holder and underwriter, bank and capital market development, which lay a foundation for the following research.The second part is the legal analysis of pledge of life insurance policy, which is also the core content of this article. First of all, analyze the legal relationship of pledge of life insurance policies, clarify its three-layer legal relationship structure consisting of life insurance contract, debt contract and the pledge contract. Then analyze the parties and stakeholders involved in the legal relationship of pledge of life insurance policies. Through the analysis of the relationship between the parties, the related this part comes to a conclusion of the double attribute of life insurance policies, namely personal rights and property rights attribute. Finally, by analyzing the transferable property rights attribute during the period of pledge of life insurance policies, clarify life insurance policy is different from general property rights of securities such as stock, bills, warehouse receipt or bill of lading, and the right of the pledge is a kind of right pledge.The third part concerns risks and difficulties that China’s life insurance policy pledge business are facing. In our country, the biggest risk to the business by insurance policy form as security is the legal risk. This part illustrates the ambiguity of China’s current law on insurance policy pledge, seriously hindered the healthy development of the policy pledge business. In addition, there is credit risk, guarantee implementation risk and regulatory risk, which provide basis for improving the legal system of insurance policy pledge in the following parts.The fourth part concerns the perfection of legal system of pledge of life insurance policies in China. First of all, improve relevant legislation to provide an instruction for the life insurance policy pledge business. Secondly, insurance company or bank as a pledgee should deepen the cooperation between Banks and insurance, while strengthening the life insurance policy and the borrower credit review, to protect their legitimate rights and interests the most. Finally, the regulatory part should make full use of a variety of means, all kinds of power to strengthen the supervision and guarantee the fair competition of the insurance market, to promote the healthy and rapid development of the insurance market. |
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