How to Improve ILAS’ Fee Disclosure? (Chinese Article)

Estimated reading time 5 minutes

10Life Team

29 Sep 2021
How to Improve ILAS’ Fee Disclosure? | 10Life
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10Life Team

29 Sep 2021

Estimated reading time 5 minutes

早前文章提及,投資相連壽險(簡稱投連險,ILAS)利益說明文件中,若果能夠披露虧損情景下的預期退保價值,有助管理消費者預期。除此之外,若果有關文件能夠新增一欄顯示不同情景下投連險的「實際收費及費用」,有助投保人更清晰了解有關產品費用。

根據保監局發出的《長期保險保單利益說明指引》(指引28)(註1)列明,利益說明文件應反映所有保單層面的費用及收費所編制(但不包括基金管理費用)。惟有關費用及收費反映在預期退保價值及身故賠償,未有另設一欄獨立披露,令投保人難以了解在年期及回報假設下,究竟保險公司徵收了多少費用?

新增實際收費欄目 增投保人了解

筆者以友邦投連險「卓達智悅」做例子,以40歲男性一筆過投保100萬港元為例,除了根據利益說明文件列出每年回報0%及3%下第20年的預期退保價值,並要求10Life精算團隊估算每年虧損3%情景下有關年期的預期退保價值。

此預期退保價值包含收費及費用。筆者為求找出上述投連險具體收費及費用,要求10Life精算團隊計算出撇除費用及收費後不同回報情景下第20年的預期退保價值。只要兩者相減,就能以獨立及清晰角度,反映收費及費用之具體數字。(見下圖)

圖一:上述投連險在不同回報情景下的預計退保價值(有費用及無費用情況) 



註:
  1. 上述投連險利益說明文件假設受保人為40歲男性、整付保費100萬港元、保單年期為第20個年度。所列出的預期退保價值是根據淨回報率計算,以3%回報為例,10Life精算團隊模擬出TFCD最高百分比為24.27%,與產品資料概要列出的24%有輕微差距;
  2. 淨回報率是經扣除基金公司收取的參考基金的費用及收費,而該基金費用及收費會因參考基金不同而有所差異;
  3. 10Life以不同途徑搜集保險公司公開資料,包括產品資料概要及利益說明文件,力求最精準前提下計算出上述數字。數字僅供參考,並沒有考慮您的個人需要,絕對不是銷售建議。用戶投保前,應與持牌保險顧問商討;
  4. 以上資訊更新至2021年9月16日。
按上述圖表,以每年回報3%為例,第20個年度預期退保價值為145萬港元;假設收費及費用撇除後,預期退保價值則為187萬港元,差距高達42萬港元(見圖一)。

至於每年虧損3%情況下,第20個年度預期退保價值僅得43萬港元;撇除收費及費用後,則餘下57萬港元,意味在虧損以外,收費及費用再蠶食多約14萬港元。若果這些具體費用能夠在利益說明文件上清晰獨立列出,有助增進投保人對產品了解。

筆者上月向保監局查詢,問到應否在利益說明文件上,在不同年期及假設回報下,新增一欄提示投保人投連險實際收費及費用,讓他們更清晰知道產品實況。

保監局回覆時表示,過去一直致力在提高透明度和避免一般客戶可能接收過量資訊之間取得平衡,為促進保險業的健康和可持續發展;會不時審視現行的規管制度,以確保其與國際監管標準和業界發展同步。

TFCD算式 產品資料概要未披露

證監會曾於2013年提升投連險披露要求,實施總費用及收費披露(TFCD)規定(註2),產品資料概要(KFS)須列出支付予保險公司的費用及收費佔供款總額百分比(TFCD百分比),方便消費者辨識投連險收費,不過仍然存在不少問題:

  • TFCD百分比算式頗為複雜(註3),保險公司採取前期收費或後期收費模式,將影響有關百分比,導致未能反映收費實況;
  • TFCD百分比可比較性不高。例如「整付保費」與「定期保費」投連險本身假設已經有差異,前者是一筆過繳付保費後持有20年,後者則是分期供款一段較長時間;
  • 有些情況是「甲產品」大部份收費細項較「乙產品」為低,TFCD百分比卻較高;
  • TFCD百比分僅反映保單層面收費,未反映基金層面收費;
  • 投連險收費細項繁多,例如行政費用、投資組合管理費用、提款費用等,名目並不統一,令消費者未能比較。

10Life建議改善利益說明文件披露
根據傳媒報道,保監局正與業界探討開發保障性更高的投連險,身故賠償預料達到保單價值的150%,名為保障型投連險(Protection-Linked Plan,PLP),現時正在草擬指引階段,以便進行諮詢。

筆者歡迎保監局一切有助提升消費者權益的措施,亦建議當局藉此機會改善投連險披露要求:

  • 利益說明文件上應新增一項虧損情景,讓投保人清楚明白潛在虧損風險,更容易管理預期;
  • 利益說明文件上應明確列出投連險在不同年度及假設回報下,衍生的實際收費及費用,並以獨立一欄列出,提高產品透明度;
  • 每款投連險產品,有關保險公司發行人均需要在產品資料概要內詳細披露TFCD算式,增加透明度;
  • 統一產品資料概要內的費用及收費細項名目,避免消費者混淆,讓他們更容易作出比較,減少誤會。
註:
  1. 《長期保險保單利益說明指引》
  2. 證監會2013年更新投連險披露要求
  3. 投委會《總費用及收費披露》列出TFCD算式。 

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