《保险研究》20250108-《美国投资型保险独立账户的监管规范研究与启示》（文欣平、李敏）

［摘   要］当前我国针对投资型保险独立账户的险资投资与风险管控规则还不完善，美国投资型保险独立账户的联邦证券与州保险双重监管可为完善我国保险监管制度提供借鉴。在功能性监管理念之下，美国以判例法形式判定投资型保险属性为“证券”，继而判定独立账户属性为“投资公司”，由此，独立账户须严格遵守1940年《投资公司法》下对于账户设立、管理基本原则、信息披露以及对外投资的限制。美国投资型保险在产品与账户管理层面遵循州保险与联邦证券双体系监管，不仅保障账户运作透明、保护产品购买者利益，还能实现基金业与保险业的公平竞争。美国投资型保险独立账户监管对我国具有参考价值，即在功能性监管理念之下，适度扩张我国《证券法》下“证券”的内涵，将投资型保险纳入证券监管体系，与投资基金运作机理相同的独立账户应被视作“投资基金”，从而纳入《证券投资基金法》对于设立、管理基本原则、信息披露以及投资限制的规制之下。同时，为适应独立账户差异化监管需求，须对《证券投资基金法》中信息披露和投资限制等方面进行调整与扩充，由此形成我国投资型保险独立账户的设立、管理、信息披露与投资限制全方位监管规范体系。

［关键词］投资型保险；独立账户；功能性监管；《投资公司法》

［作者简介］文欣平，对外经济贸易大学法学院博士研究生，研究方向：国际经济法；李敏，中央财经大学法学院副教授，硕士研究生导师，研究方向：金融法。

A Research on the US Regulatory Norms of Investment Type Insurance′s Separate Accounts and The Enlightenment

WEN Xin-ping,LI Min

Abstract：The insurance fund investment and risk control rules for investment type insurance separate accounts in China remain to be improved.The dual supervision of federal securities and state insurance for U.S.investment type insurance separate accounts can provide reference for improving China′s insurance regulatory system.Under the concept of functional regulation,the United States determines the attributes of investment type insurance as "securities" in the form of case law,and then determines the attributes of separate accounts as "investment companies".Therefore,separate accounts must strictly abide by the restrictions on account establishment,basic principles of management,information disclosure and foreign investment under the Investment Company Act of 1940.U.S.investment type insurance follows the dual supervision of state insurance and federal securities at the product and account management levels,which not only ensures the transparency of account operations and protects the interests of product buyers,but also achieves fair competition between the fund industry and the insurance industry.The supervision of separate accounts for investment type insurance in the United States is of reference value to China,that is,under the concept of functional regulation,the scope of "securities" under the Securities Law should be moderately expanded,and investment type insurance should be included in the securities supervision system.Separate accounts with the same operating mechanism as investment funds should be regarded as "investment funds",and thus included in the regulation on the establishment and management basic principles,information disclosure and investment restrictions of the Securities Investment Fund Law.At the same time,in order to meet the differentiated supervision needs of separate accounts,it is necessary to adjust and expand the information disclosure and investment restrictions of the Securities Investment Fund Law,thereby forming a comprehensive regulatory system for the establishment,management,information disclosure and investment restrictions of separate accounts for investment type insurance in China.

Key words：investment type insurance;separate account;functional regulation;Investment Company Law