《保险研究》20251209-《保险产品合同的混合属性与监管因应》（王睿、武亦文）

［摘   要］目前我国仍未完全实现对不同类型保险产品的功能监管。以保险产品合同的性质厘清为基点，通过“识别合同性质-定位金融功能-制定对应监管规范”这三个步骤，可以有效解决这一问题。以合同的性质为标准，现有保险产品可以划分为保障型保险、储蓄型保险、分红型保险、投资连结型保险、万能型保险五个类别。其中，仅保障型保险的合同为典型保险合同，其他险种的合同都属于保险合同与其他有名、无名合同组成的混合合同，除保险属性外还具备间接融资工具或直接融资工具的属性。基于功能监管理念，应结合保险产品合同的实际法律性质对其进行针对性监管。在我国现有保险监管制度下，由储蓄型保险、分红险的间接融资工具属性引发的风险可得到较好控制，应重点规制投资型保险的直接融资工具属性，完善相关险种在保险保障基金救助、适当性管理、信息披露、资金运用等方面的监管规范。

［关键词］保险监管；合同性质；融资工具；适当性管理；信息披露

［作者简介］王睿，武汉大学法学院博士研究生，研究方向：保险法、卫生健康法；武亦文，武汉大学法学院副院长、教授、博士生导师，研究方向：保险法、卫生健康法。

The Hybrid Nature of Insurance Product Contracts and Regulatory Response

WANG Rui，WU Yi-wen

Abstract：Chinese insurance regulatory system has yet to fully incorporate the concept of functional supervision to different types of insurance products.By clarifying the nature of insurance product contracts through a three-step process—identifying contract nature，categorizing financial functions，and formulating corresponding regulatory rules—this issue can be effectively addressed.Based on the nature of contracts，existing insurance products can be categorized into five types：protection insurance，savings insurance，participating insurance，investment-linked insurance，and universal insurance.Among these，only the contracts of protection insurance are typical insurance contracts，while the contracts of other types are hybrid contracts composed of insurance contracts and other named or unnamed contracts，possessing attributes of indirect or direct financing instruments in addition to insurance attributes.Under the functional regulatory approach，their supervision should correspond to the actual legal nature of each insurance product.Within current regulatory system，risks from the indirect financing attributes of savings and participating insurance are adequately controlled，therefore it is imperative to focus on the direct financing instrument attributes of investment-based insurance，improving regulatory norms in areas such as rescue by the insurance security fund，suitability management，information disclosure，and fund utilization.

Key words：insurance regulation;nature of contract;financing instruments;suitability management;information disclosure