本文選題：壽險(xiǎn)保單貼現(xiàn) + 保單貼現(xiàn)證券化�。� 參考：《吉林大學(xué)》2017年碩士論文

【摘要】：美國壽險(xiǎn)保單貼現(xiàn)制度是人壽保險(xiǎn)的二級市場,它起源于二十世紀(jì)八十年代爆發(fā)的艾滋病。這些患有艾滋病人中,一半左右的人面臨診斷后一年內(nèi)就死亡的厄運(yùn),而百分之八十五的人將會(huì)在三年內(nèi)死亡。當(dāng)時(shí)這些人既忍受著身體的強(qiáng)烈不適,又被社會(huì)所隔離,他們經(jīng)常不被允許參加工作,僅有雇主提供的人壽保險(xiǎn)單。此時(shí)保單貼現(xiàn)應(yīng)運(yùn)而生,這些艾滋病患者通過出售手中的人壽保險(xiǎn)單而獲得現(xiàn)金,從而得以支付昂貴的醫(yī)療費(fèi)護(hù)理費(fèi)等。隨著美國醫(yī)療技術(shù)的發(fā)展,艾滋病人的預(yù)期壽命得到延長,投資者為了增加收益,將目光轉(zhuǎn)向了末期疾病患者和老年人,今天,老年人占了保單貼現(xiàn)市場的絕大部分。與其他金融產(chǎn)品相比較,保單貼現(xiàn)具有收益率高、受經(jīng)濟(jì)波動(dòng)影響小等特點(diǎn),加之美國政府實(shí)施的稅收優(yōu)惠政策更加促進(jìn)了美國壽險(xiǎn)保單貼現(xiàn)制度的發(fā)展。隨著該制度的迅速發(fā)展,其發(fā)展模式呈現(xiàn)多樣化的態(tài)勢,運(yùn)行過程更加復(fù)雜,隨之而來的是出現(xiàn)了一系列監(jiān)管上的不足、道德上的風(fēng)險(xiǎn)等問題。由于美國政府高度重視,及時(shí)制定了明確的法律法規(guī)予以規(guī)范,加強(qiáng)了相關(guān)部門對保單貼現(xiàn)的監(jiān)管,確保了保單貼現(xiàn)制度繼續(xù)朝著良好的態(tài)勢發(fā)展。我國并未正式引入保單貼現(xiàn)制度,但從我國當(dāng)前的發(fā)展實(shí)際來看,已經(jīng)產(chǎn)生了大量對保單貼現(xiàn)的需求。一方面,我國老齡化現(xiàn)象嚴(yán)重,社保并不能完全滿足巨大的人口需求;另一方面,投資者在利益的驅(qū)動(dòng)下,更希望投資于優(yōu)勢金融產(chǎn)品,而目前我國的部分沿海地區(qū)出現(xiàn)了不合法的地下保單貼現(xiàn)市場,此種交易極易引發(fā)風(fēng)險(xiǎn),因此我國亟需建立完備的保單貼現(xiàn)制度,以規(guī)范相關(guān)的交易行為。本文的寫作目的在于通過介紹美國的保單貼現(xiàn)制度,以及其發(fā)展中遇到的問題,為我國今后發(fā)展保單貼現(xiàn)制度提供思路和建議。本文共有五部分,其結(jié)構(gòu)如下:一、介紹了壽險(xiǎn)保單貼現(xiàn)的基本問題,壽險(xiǎn)保單貼現(xiàn)在美國發(fā)展逐步規(guī)范化的過程以及壽險(xiǎn)保單貼現(xiàn)與終身壽險(xiǎn)附加提前給付、壽險(xiǎn)合同提前解約等保險(xiǎn)行為的比較,從而明確壽險(xiǎn)保單貼現(xiàn)自身存在的優(yōu)勢。二、介紹了壽險(xiǎn)保單貼現(xiàn)的主要運(yùn)作模式,其從最初的保單貼現(xiàn)人直接與貼現(xiàn)公司交易的簡單的單一保單貼現(xiàn)發(fā)展到涉及主體眾多的保單貼現(xiàn)證券化的發(fā)展模式,在證券化發(fā)展模式中產(chǎn)生過其是否應(yīng)屬于聯(lián)邦證券法管理范圍的爭論,文中通過對美國歷史上相關(guān)判例的介紹,最終明確壽險(xiǎn)保單證券化應(yīng)屬于聯(lián)邦證券法的管轄范圍。三、介紹了壽險(xiǎn)保單貼現(xiàn)的風(fēng)險(xiǎn)及法律控制,主要包括道德風(fēng)險(xiǎn)、商品品質(zhì)風(fēng)險(xiǎn)以及信用風(fēng)險(xiǎn),其中著重介紹了保單貼現(xiàn)中的欺詐現(xiàn)象以及商品本身存在的生命預(yù)期難以估計(jì)、合同效力缺陷等問題,并根據(jù)具體問題對相關(guān)機(jī)構(gòu)、法律法規(guī)提出了建議以防范上述風(fēng)險(xiǎn)。四、介紹了美國的《保單貼現(xiàn)示范法》以及《保單貼現(xiàn)示范條例》,由于美國的特殊性,其各州又有自己不同的規(guī)定,因此筆者也對各州的立法做了詳細(xì)的介紹。值得注意的是,美國推出了具有人性化設(shè)計(jì)的稅收優(yōu)惠政策,而該政策極大的促進(jìn)了保單貼現(xiàn)業(yè)的發(fā)展,因此筆者也對其進(jìn)行了闡述。五、介紹了我國對引入壽險(xiǎn)保單貼現(xiàn)制度存在的現(xiàn)實(shí)需求、可行性分析以及對發(fā)展壽險(xiǎn)保單貼現(xiàn)提出的建議。在引入保單貼現(xiàn)制度后,應(yīng)及時(shí)建立完備的法律法規(guī)體系以規(guī)范各參與者的行為。由于保單貼現(xiàn)在我國尚不合法,因此筆者無法獲得更多的有關(guān)投資者盈虧、保單貼現(xiàn)人收益等一手資料,這導(dǎo)致本文更偏向于理論的分析,并且本文中沒有涉及保單貼現(xiàn)的另一重要問題,即定價(jià)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.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D971.2;DD912.28

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