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|Other Titles: ||A Review on the Laws and Regulations Regarding Separate Account on Investment-Linked Insurance Products in Taiwan: Observations from the Perspectives of Theoretical and Comparative Law|
Cheng , Kuan-Chun
Separate account;Investment-linked insurance;Variable life insurance;Variable annuity
|Issue Date: ||2010-07-10 14:12:04 (UTC+8)|
A brand-new life insurance product, which is known as invest-ment-linked insurance (ILI), was first introduced in Taiwan in 2001. ILI combines traditional life insurance coverage with one or more separate investment accounts. Unlike traditional whole-life insurance policies, which carry fixed death benefits and cash values, the death benefits and cash values of ILI vary in accordance with the performance of a se-lected investment portfolio. Hence, the distinguishing feature of an ILI is that premiums may be allocated to one or more investment accounts, known as “separate accounts.” The policyholder may allocate premiums (net of premium charges) among investment accounts that offer a wide range of choices associated with different risks and opportunities from money-market and government bond accounts to domestic and interna-tional equity accounts. In addition, the investment risks and returns of the separate accounts are borne by the policyholder, who is free to ter-minate the policy should he or she become dissatisfied with the rate of return on the ILI policy. Although Taiwan has amended its Insurance law and related regulations in response to the development of the ILI market, without distinguishing the nature of the separate account from traditional “insurance”, it is virtually impossible to ascertain the category of the contract formed between each policyholder and insurer with respect to each such account and to determine which laws and regula-tions, including those related to the supervision of mutual funds, are particularly applicable to the administra¬tion of each such account. Based upon these considerations, Part Ⅱ of this paper aims first to clarify the nature of the separate account in the ILI product from a theo-retical perspective. Then, Part Ⅲ will verify the theoretical inference and its implementation from a comparative law perspective through the discussion of the related laws and rules concerning the supervision of ILI products in the United States. After affirming the character of the ILI’s separate account, Part Ⅳ will examine the present laws and regu-lations in Taiwan and expose the deficiencies of the current Taiwanese ILI supervisory system. Finally, Part Ⅴ proposes recommendations for the reform of related laws and regulations pursuant to the studies in previous parts of this paper.
|Relation: ||法學評論, 109 , 177-241|
|Data Type: ||article|
|Appears in Collections:||[法律學系] 期刊論文|
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