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미국에서의 투자선행형 전매(STOLI)에 대한 법적 규제와 시사점

The legal regulation against STOLI(Stranger-Owned Life Insurance) in USA and its suggestion

김문재
한국상사판례학회 (The Korea Commercial Cases Association)|2013.12|상사판례연구 (Commercial Cases Review)|제26권 제4호|pp. 89-141|DOI 10.22864/kcca.2013.26.4.003

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참고문헌

키워드

생명보험전매제도투자선행형 전매가쟁기간취소불능생명보험신탁공동의사단독의사Stranger-Originated Life Insurance or STOLIViatical or Life Settlementcontestability periodirrevocable life insurance trust or ILITmutual intentunilateral intent
주제분류법학

초록

The Viatical or Life Insurance Market is a burgeoning field of sophisticated investment transactions in USA. A Viatical or Life Insurance Policy, traditionally an illiquid asset, has developed into an asset-backed security which has proved quite profitable to investors and insureds alike. The development of this secondary market has injected competition into the life insurance business and resulted in better products with more options for consumers. Stranger-Owned Life Insurance, also known as STOLI, is an outgrowth of this legitimate secondary market. It is a consequence of innovation and sophisticated investment planning, but has distorted the purpose of life insurance. It allows strangers to benefit from the death of an insured, to wager on the lives of others for profit. In STOLI transactions, this anticipated profit is the sole motivation for acquiring the life insurance. But the potential risks STOLI transactions pose, not only for legitimate secondary market transactions and the insurance industry generally, but also for consumers and investors, need to be addressed. Therefore this paper has the objects to investigate STOLI in the State Supreme Courts and state regulation in USA, also to explore the admission and its limitations of the viatical and life settlement or STOLI in Korea. This paper deals with the following contents. Part II addresses the development and mode of STOLI transactions. Part III and Part IV investigate STOLI in the State Supreme Courts and explore the states' roles in regulating STOLI. Part IV also explores regulatory alternatives such as adoption of the NAIC and NCOIL new model act limiting STOLI transactions. Part V examines the risks of STOLI transactions for life insurance companies, consumers, and investors. This section also discusses the analysis of the adverse consequences to all involved in a STOLI transaction, including the negative and distorting impact it has on the life insurance market, demonstrates the need for regulation and prohibition in Korea. Also this paper discusses that the viatical and life settlement could be imported in Korea, without the legal obstacles in present legal system.

Abstract

The Viatical or Life Insurance Market is a burgeoning field of sophisticated investment transactions in USA. A Viatical or Life Insurance Policy, traditionally an illiquid asset, has developed into an asset-backed security which has proved quite profitable to investors and insureds alike. The development of this secondary market has injected competition into the life insurance business and resulted in better products with more options for consumers. Stranger-Owned Life Insurance, also known as STOLI, is an outgrowth of this legitimate secondary market. It is a consequence of innovation and sophisticated investment planning, but has distorted the purpose of life insurance. It allows strangers to benefit from the death of an insured, to wager on the lives of others for profit. In STOLI transactions, this anticipated profit is the sole motivation for acquiring the life insurance. But the potential risks STOLI transactions pose, not only for legitimate secondary market transactions and the insurance industry generally, but also for consumers and investors, need to be addressed. Therefore this paper has the objects to investigate STOLI in the State Supreme Courts and state regulation in USA, also to explore the admission and its limitations of the viatical and life settlement or STOLI in Korea. This paper deals with the following contents. Part II addresses the development and mode of STOLI transactions. Part III and Part IV investigate STOLI in the State Supreme Courts and explore the states' roles in regulating STOLI. Part IV also explores regulatory alternatives such as adoption of the NAIC and NCOIL new model act limiting STOLI transactions. Part V examines the risks of STOLI transactions for life insurance companies, consumers, and investors. This section also discusses the analysis of the adverse consequences to all involved in a STOLI transaction, including the negative and distorting impact it has on the life insurance market, demonstrates the need for regulation and prohibition in Korea. Also this paper discusses that the viatical and life settlement could be imported in Korea, without the legal obstacles in present legal system.

참고문헌 (45)

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