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The author:(作者)qqpublished in(发表于) 2014/6/24 8:45:43 Pilot retirement with House next month in Beijing， there are no insurance companies to apply for pilot
Beijing News dispatch (reporter Liang Weiwei Bai Jinkun) on June 23, the China insurance regulatory Commission announced that the China insurance regulatory Commission on the development of housing for the elderly reverse mortgage endowment insurance pilot guidance (hereinafter referred to as the opinion), housing for the elderly reverse mortgage endowment insurance (commonly known as "the aged with housing") pilot project was officially launched. Beijing, Shanghai, Guangzhou and Wuhan, will pilot since July 1. Beijing news reporters learned from the China insurance regulatory Commission, which has yet to receive applications for insurance companies to carry out pilot.
Circ cautious advance
Reverse mortgage pension insurance is a will housing mortgage and lifelong pension annuity insurance phase combines of innovation type commercial pension insurance business, that has housing completely property of elderly, will its real estate mortgage to insurance company, continues to has housing occupies, and using, and proceeds and by mortgage right people agreed of disposal right, and according to agreed conditions received pension until died; elderly died Hou, insurance company obtained mortgage real estate disposal right, disposal proceeds will priority for reimbursement pension insurance related costs.
It is understood that the views will be implemented with effect from July 1, 2014, in Beijing, four in Shanghai, Guangzhou and Wuhan cities carried out a two-year pilot, to policy group calls for elderly people above 60 years old with houses totally independent property rights.
Press Conference, Yuan Xucheng, Director of insurance supervision by CIRC reports, "the aged with housing" is a new thing in China, is also a niche business in a foreign country, in this regard, the CIRC and insurers are cautious.
It is reported that the pilot insurance company has strict requirements on the application. Insurance companies shall meet the conditions applying for pilot qualifications including have been opened for 5 years, with registered capital of no less than 2 billion dollars; meet the solvency regulations when applying for a trial late last year and the end of the latest quarter's solvency ratios of not less than 120%, such as the seven conditions.
Yesterday, the reporter "aged with housing" the pilot asked several insurance companies, only happy life is currently active in the relevant product research and development work, and said it would actively reported trial of reverse mortgage insurance claims. But most insurers said was not immediately informed, at present to develop or had not heard of this product.
"The market is still unknown"
In this regard, the capital University of Economics and business Department of finance, said Tuo guozhu, a Professor of Beijing news reporters, is currently involved in "the aged with housing," exactly how many of the elderly, how big is the market, it is not clear. Meanwhile, insurance companies, also face the risk of falling house prices and the elderly live longer, but these risks are unknown but try watching.
Journalists in contact with financial institutions in the process, they generally talked about the risk of falling house prices. In the case of the housing bubble in some big cities, the future home values plunge, financial institutions are not willing to take this risk.
In addition, China 70 years for residential use are also common concerns problems of institutions such as insurance companies. When the old mortgage, housing the remaining useful life is not much. And when the old man after his death, the remaining life is running out of the House. Insurers rely on the remaining service life may be a poor cover the pension costs have been paid.
Launched in 2007 the property law stipulates, "expire during the use of land for housing construction, the automatic renewal", but industry insiders worried about home mortgage needs paid for renewal, the renewal fee will be an unknown risk.
Insurance company applying for pilot qualifications as part of the conditions
Has been opened for 5 years, with registered capital of no less than 2 billion yuan;
Meet the solvency regulations when applying for a trial late last year and the end of the latest quarter's solvency ratios of not less than 120%.
Key issues
Price fluctuation risk how to solve it?
Response to price fluctuations, the China insurance regulatory Commission proposed the establishment of participatory and non-participation products. Participation products allows insurance companies to participate in real estate appreciation gains, through an assessment, insured property value increase, allocated in accordance with the contract between the insured and the insurance company. Non-involvement products are defined as insurance companies do not participate in the real estate appreciation gains belong to the insured property value growth. The elderly can choose according to their own ability.
Longevity risk by whom?
Circ officials said that under contract with an insurance company agreed to pay pensions to the elderly on a regular basis until death, ensuring that no worry old age for the elderly. If the property disposal proceeds are not sufficient to cover the insurance company have to pay pension costs, the insurance company will bear the price risk of running out, no longer recourse to the elderly families.
Completely independent of how property rights defined?
The opinion notes that insured groups for elderly people above 60 years old with houses totally independent property rights. Circ officials say, completely independent property refers to the independence of older persons property, if the property is shared with their children does not meet the criteria. For ongoing mortgage of real estate, capital University of Economics and business Department of finance, said Tuo guozhu, a professor should be able to participate in "the aged with housing." But on the real estate values will be discounted. This requires consultation with consumers and insurance companies, according to the contract execution.
During the sudden death for the elderly to do?
Tuo guozhu think it depends on what was agreed with insurance companies for the elderly. May agree to death so far, also may agree to pay a fixed period. There are a range of conditions, such as the one agreed to pay 20 years, but the old man lived to 15, while the remaining 5 years of pensions for the elderly and their family members or children.
70 how to solve the problem of property rights?
Tuo guozhu believes that assessment when property rights are taken into account. If a House has been living for 20 years, 50 years left the House is worth, after third-party Evaluation Agency, insurance companies, and consumers agree that price and then sold on the contract. In addition, after signing for a while, House quality problems led not to do? Tuo guozhu believes that before signing the contract, the insurance company to check a House assessed. After signing the contract, emerging issues and risks are borne by the insurance company.
Background
10 "spontaneous" pilot results
In fact, "the aged with housing" is not a new topic, made in China, "the aged with housing" concept has more than 10 years, starting from 2007, Beijing, Shanghai, Nanjing, Hangzhou and other places have had some spontaneous pilot, unfortunately, ineffective, is not accepted by the market.
Based on previous pilot experience, and insurance companies, there is a huge benefit for the elderly. Old people think "if I brought enough money had died, wouldn't it be good for insurance companies. "The insurers, there is a" House has expire, while the old man is still alive, "risks.
Ping an paid Wen Chao believed that "the aged with housing" the greatest risk comes from cannot be convicted of real estate values and liquidity risks, which would limit "the aged with housing" scale.
Wen Chao paid believes that China's old-age culture and cultural factors determine the participation of the elderly or children are not high. A Netizen said that traditional Chinese thinking is "old age", while the old man lives a life as a house died and left their children rather than, rather than in the Bank. "The aged with housing" for childless old people.
Related
The industry calling for incentives
According to the China insurance regulatory Commission in charge, at the early stage, the China insurance regulatory Commission has found, including happy life, Taikang life, Pacific life, seven or eight such as ping an life insurance company has set up a task force, conducting research.
Dou Yupei, Vice Minister of Civil Affairs said earlier that providing the public with more market-oriented, socialized, optional services, first of all, it is based on old-age home, followed by Community (old-age) of services based on, and supplemented by institutional endowment. "The aged with housing" pilot is an option in many service products, it is a completely voluntary, independent choice of behavior.
Problems encountered in actual operation, Meng Xiaosu, President of the China real estate development group suggested that can be led by the China insurance regulatory Commission, the Ministry of Civil Affairs and invited the Ministry of housing, the Ministry of finance and State administration of taxation in programme design, clear home ownership is established to life policy-holders in government subsidy mechanism to resolve the so-called "longevity risk" and so on.
Guotai Junan securities analyst Li Pinke that 70 renewal clear land, loans, insurance, Government subsidies and tax breaks introduced or will be the catalyst for the aged with housing.
View
"The aged with housing" abroad or less than high
Guotai Junan securities analyst Li Pinke that, seen from the international mode of reverse mortgages ripe, but the General ratio is not high.
Public information display, even if the reverse mortgage has been established abroad, the proportion of the aged with housing also is not very big. In 2009, the United States use a reverse mortgage housing elderly families accounted for only 1.4% while Japan can reverse mortgage because the only land financing and loans generally have a fixed term, than the United States developed; United Kingdom in 2012 17,500 new reverse mortgage, accounting for 65 per cent aged less than 0.2%.
To do this, first proposed "the aged with housing" concept of Meng Xiaosu, President of the China real estate development group repeatedly stressed in public, the aged with housing is not a mass market product, niche product only a few elderly people are willing to accept, can make seniors more pension options, besides the State pension is a supplement. "The reverse mortgage endowment insurance" is only an aged with housing many of the ways.
(Original title: Beijing next month a pilot aged with housing)
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