《保险研究》20250508-《论投资型寿险独立账户基金属性的规范因应》（李游）

［摘   要］投资型寿险作为金融复合型产品，存在法律适用的错位和缺位，特别是其独立账户法律属性不明，引起了相应投资权益保护不周的现象。通过法解释学、比较法研究等方法，本文发现独立账户当事人关系并非是以可保风险转移为对价的传统保险关系，产品功能偏向投资理财。独立账户本质上是一种投资基金设计，不但投资风险完全由投保人自行承担，而且在交易结构、资产隔离、账户资产所有权与利益分离等方面契合信托的要素，其基础关系应为信托关系。独立账户基金属性有效规范思路在法解释学上应遵循“实质重于形式”的法律改进，立法论上应在保险法中设置准用性条款，参照适用证券投资基金法和信托法，并引入金融私法中的适当性义务、信息披露义务、受信义务等规则，以此强化投资权益保护。

［关键词］独立账户；基金属性；信托关系；投资权益保护

［基金项目］本文为国家社科基金（24FFXB087）阶段性成果。

［作者简介］李游，北京航空航天大学法学院副教授、法学博士，研究方向：金融法。

On the Legal Response to the Fund Attributes of the Separate Account of Investment-type Life Insurance

LI You

Abstract：As a financial composite product，the investment-type life insurance product has the problem of inadequate protection on investment rights and interests due to the misalignment and lack of applicable laws and，in particular，the undefined legal attribute of its separate account.Through jurisprudence of legal interpretation and comparative study method，this paper demonstrates that the related parties to the separate account do not hold the traditional insurance relationship based on the transfer of insurable risk，and the function of such insurance product is mostly investment and wealth management.The separate account is，in essence，a type of investment fund.Its investment risk is borne completely by the applicant.It also fits the elements of trust in terms of transaction structure，asset segregation，and separation of ownership and interests of account assets.Therefore，its basic relationship should be a trust relationship.The effective regulatory approach for the fund attributes of the separate account should follow the principle of “substance over form”，establish applicability clauses in the Insurance Law，refer to the Securities Investment Fund Law and Trust Law，and introduce rules such as suitability obligations，information disclosure obligations，and trust obligations in financial private law to strengthen the protection of investment rights and interests.

Key words：separate account;fund attributes;trust relationship;investment rights and interests