Core Viewpoint - Investment-linked insurance and variable annuities combine insurance protection with investment functions, featuring a separate account that reflects investment performance, thus mitigating inflation impacts [2][4]. Group 1: Legal Interpretation of Investment-linked Insurance - Investment-linked insurance possesses both traditional insurance attributes and innovative design, with variable payouts based on investment performance rather than fixed amounts [4]. - The independent account in investment-linked insurance resembles a contractual securities investment fund, sharing characteristics such as pooled funds for investment purposes and risk-sharing among investors [5][6]. - The independent account's structure allows for asset segregation, ensuring that funds are not mixed with other insurance products, thus providing legal protection for policyholders in case of insurer bankruptcy [7]. Group 2: Institutional Arrangements for Investment-linked Insurance - The relationship between the insurance component and the independent account should be understood as a contractual linkage, allowing for the application of different legal rules to each component [9]. - Comparative legal frameworks, such as those in the U.S. and Japan, recognize the dual nature of investment-linked insurance, suggesting that it should be regulated under securities law to protect investor rights [10][11]. - The legal classification of investment-linked insurance should avoid rigid categorization as either insurance or securities, as this could lead to regulatory gaps and misapplication of laws [12]. Group 3: Legislative Improvements for Independent Accounts - Legislative improvements should include provisions in the Insurance Law to address the unique characteristics of investment-linked insurance and its independent accounts, reflecting the regulatory experience accumulated over the years [13]. - Expanding the definition of "asset management products" in the Securities Law is necessary to encompass investment-linked insurance, ensuring that it aligns with current market practices [14]. - Regulatory focus should address specific risks associated with independent accounts, including sales fraud, information asymmetry, and fiduciary duties of insurers [15]. Group 4: Risk Management and Regulatory Obligations - Financial institutions should adhere to suitability obligations to prevent mismatches between product risks and customer capabilities, thereby reducing sales fraud risks [16]. - Information disclosure obligations must be strengthened to ensure transparency in investment-linked insurance products, drawing from securities governance rules [18]. - Insurers, as fiduciaries, must fulfill their duties diligently, managing independent account assets in the best interest of policyholders, with legal consequences for breaches of trust [19].

第二，指数型万能，代表本身是有最低保证利率，让中国更多老百姓包括销售渠道、销售业务人员更有 信心讲，反正最起码买这个是不亏本的。 第三，即期年金。从狭义的即期年金来说，买了就可以领，主要针对已经到了退休年龄，或者接近退休 年龄，现在保险监管精算规则上、产品规则上有一些限制，但是实际上我们可以变通来做，更大范围的 即期年金，可以更早开始领取，现在已经有一些商业保险公司近两年已经出了类似的即期年金，允许55 岁以上的人买。 "这三个结合下来，加上我们传统的，我个人判断，我们如果把这种非税收优惠商业保险年金也作为第 三支柱，我们很快中国的第三支柱就可以超过第二支柱，就可以超过第一支柱，就可以超过第一支柱、 第二支柱加起来。商业保险年金是必须创新大力发展。"龙格说道。 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，众托帮联合创始人兼总经理、对外经济贸易大学创新与风险管理研究中心副主任龙格出席并参加圆 桌论坛。 龙格结合自身创业经历与行业观察，剖析了当前养老保障体系存在第二支柱增长空间受限和商业保险产 品竞争力不足的核心痛点。龙格提出，商业保险年金需在传统产品基础上 ...

Core Viewpoint - The speech by Shang Jingguo highlights the limitations of domestic business models in the actuarial profession, particularly the preference for life insurance over pension insurance, leading to a shrinking annuity market and a lack of professional talent in the field [1][5]. Group 1: Actuarial Profession and Pension Insurance - Shang Jingguo calls for actuaries to explore the pension and commercial annuity sectors to address the professional gaps in international reinsurance risk sharing and longevity risk bonds in the international capital market [1][5]. - The shrinking annuity market is attributed to fewer participants and a lack of accumulated professional talent, which is exacerbated by the current focus on life insurance [1][5]. Group 2: Impact of AI and Digital Technology - In the context of global aging, Shang emphasizes the role of AI in managing longevity risk, suggesting that traditional actuarial pricing methods should evolve to incorporate more precise risk models that consider various factors [1][5]. - The focus on investment-linked annuities and variable annuities shifts the risk management responsibility to the insured, necessitating better management of policyholder expectations and risk matching on the liability side [1][5]. Group 3: Global Aging and Financial Tools - Shang suggests the exploration of more diverse global financial tools beyond reinsurance risk management, as the phenomenon of global longevity presents a larger sample pool for risk assessment [2][6]. - The potential for managing longevity risk through AI technology indicates significant growth opportunities for annuity insurance in the future [2][6].

声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 期刊介绍： 《Journal of Risk and Insurance》为季刊，每年4期，每期发表文章8-10篇左右。2024年影响因子为 2.1，是风险管理与保险领域的顶级权威学术期刊。该期刊主要发表保险经济学和风险管理主题的理 论和实证方面的学术论文，可以为保险市场的实践、决策和监管以及企业和家庭风险管理提供重要 的信息。 本期看点： ●欧美保险公司的投资策略存在差异：在市场收缩的第一个月，保险公司会顺周期地将投资组合转 向低信用风险资产。随着危机持续，欧洲保险公司表现出逆周期的风险投资行为（尤其青睐高收益 工具），押注市场复苏，而美国公司不存在这种逆周期行为。 ●德国寿险公司的数据表明，保险公司公开报告的偿付能力比率会影响保费增长和退保率，支持通 过公共风险披露来加强市场约束的结论。 ●系统重要性银行机构的系统性风险受多重冲击驱动，而系统重要性保险机构的系统性风险主要源 于新冠疫情的影响。 ●保额保险产品形式日益复杂，其每当出现良性创新后，便会涌现混淆性产品（隐性包装）。 ●保险会计信息对低破产风险企业更具 ...