The functional regulation of investment-type insurance products in the United States provides a reference for solving the practical difficulties of insurance regulation in China.The hybrid attribute of investment-type insurance in the United States,which combines protection and investment elements,extends it beyond the scope of insurance regulation to securities regulation,challenging the traditional institutional pattern based on industry-specific regulation.The U.S.case law firstly recognizes the at-tribute of"securities"of investment-type insurance,and then regards the separate account of investment-type insurance as an"in-vestment company",so that the product itself and the investment of funds in its separate account are subject to the Securities Act of 1933 and the Investment Company Act of 1940 respectively.At the same time,the"protection"attribute of the product is still regulated by the state insurance regulatory body.As a result,the investment-type insurance and its separate account are under the dual constraints of state insurance regulation and federal securities regulation,which demonstrates that the U.S.effectively protects the interests of product purchasers through the functional regulation of investment-type insurance and successfully restrains the ex-pansion of financial capital in the insurance industry to the industrial capital in order to safeguard the stable development of the industrial economy.The regulatory experience of the U.S.investment-type insurance and its independent account shows that the hybrid financial instruments erode the effective premise of the separation of supervision.To realize the effective supervision of in-vestment-type insurance products,transforming from the institutional supervision to the function of supervision is an inevitable trend.
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