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The author:(作者)qq
published in(发表于) 2014/6/24 8:47:30
To pilot aged with housing， such as Beijing and Shanghai， price changes do not affect the rights of the elderly

Staff writer, Beijing, June 23 (reporter Li Songtao)-with effect from July 1, China will in some pilot cities to House and old-age insurance for business. Insurance Regulatory Commission today issued guidance in Beijing, Shanghai, Guangzhou, Wuhan and other cities will carry out pilot aged with housing.

According to the China insurance regulatory Commission on the development of housing for the elderly reverse mortgage endowment insurance pilot guidelines, housing for the elderly reverse mortgage insurance will be carried out. This kind of business, commonly referred to as society old-age insurance.

Applicant group is limited to elderly people above 60 years old with houses totally independent property rights. Pilot hours with effect from July 1, 2014 to June 30, 2016. Have full property rights for housing the elderly, to mortgage to insurance companies, in accordance with the agreed conditions of pension until death, and after his death in the elderly, insurance companies access to mortgage real estate disposition, proceeds of disposition will give priority to paying off pension-related expenses.

Opening for 5 years, with registered capital of no less than 2 billion yuan, late last year and the end of the latest quarter's solvency ratios of not less than 120% conditions, such as an insurance company may apply for this pilot project.

In accordance with the guidance pilot products include participatory and reverse mortgage insurance product and non-participatory reverse mortgage insurance products. -Involvement products are insurance companies can participate in the real estate appreciation gains, non-involvement products refers to the insurance companies do not participate in the real estate appreciation gains belong to the insured property value growth.

In design, the insurance companies hesitate to by requirements specified in the insurance contract shall be the time and length of hesitate within the customer's rights, and customers waiting for contract losses which may occur during the period hesitation period shall not be less than 30 calendar days.

Insurance companies should be disclosed to the customer periodically reverse mortgages a year pension-related information, including but not limited to annual amounts received, withdraw the redemption value, and so on. Participate in product customer should also disclose to them about real estate appraisal value and real estate assessment value changes impact on the amount of annuity received.

According to the regulatory Department, CIRC life insurance pension insurance introduced Yao Yu, Director, Beijing, Shanghai, Guangzhou and Wuhan was chosen 4 cities to do a pilot was due to first-tier cities are Beijing, Shanghai, Guangzhou, many old people, a prosperous real estate market, and already have two insurance companies had invested for retirement community in Wuhan.

Yao Yu, said upcoming pilot House-pension insurance products, is a reverse mortgage and life pension products, this product will be borne by the insurance company longevity risk and risk of falling house prices.

In other words, if house prices fall, insurance companies are not allowed recourse to older persons and their families; prices go up, insurance company cannot monopolize the property value returns. Choose products after the death in the elderly, their families can repay the insurance company pay back pensions and interest redemption of property, older people can withdraw at any point in the selection process for this product, but to meet the conditions agreed in the contract.

According to Yao Yu introduced, the China insurance regulatory Commission had previously organized seven or eight insurance companies involved in the research, which has both domestic companies and foreign companies. Happy life, Taikang life, and peace in the Pacific, United, Metropolitan, zhonghong insurance company all participated.

According to the latest statistics, ages 60 and older accounted for 14.9% of the total population. Old-age social security in the future under a lot of pressure, said Yuan Xucheng, Director of insurance supervision by CIRC, outstanding loans in China's aging services is very big, this trial does not mean that the Government does not bear responsibility, but a complement to the market.

According to the China insurance regulatory Commission's view, housing for the elderly reverse mortgage help improve China's social endowment insurance pension system and widen the channels of pension funds, pension choice in favour of rich old people is conducive to further participation in pension insurance business services.

Said Yuan Xucheng, there are no insurance applications received. Companies have the ability and willingness to participate in such business operations will not be too many. Aged with housing in foreign countries and also the small risk, not particularly mature experience to draw upon.

(Original title: Beijing, Shanghai and other places from July pilot House-old-age insurance)

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