Trust property is different
The trust property of an insurance trust is the right to claim insurance money. At present, whole life insurance and large annuity insurance are widely used in the market to set up insurance trusts. Trust is established with different insurance claims, and the value and determination of trust property need to be determined according to different insurance types. To set up an insurance trust in whole life insurance, because whole life insurance has a certain saving nature, the policy will generate corresponding cash value and increase with the passage of time, so it is necessary to bring these cash values into the scope of trust property at the same time, so the scale of trust property should be calculated according to the insured amount; When an insurance trust is established with large annuity insurance, the scale of trust property is usually calculated by premium, but in some annuity insurance, besides insurance coverage, there are regular income, which should also be included in the trust property; In addition, there are some special circumstances. For example, under legal or agreed circumstances, the insurer returns a certain amount of premium to the insured. The returned premium is not insurance income, but it can be agreed to belong to trust property and needs to be fully considered.
The trust property forms of family trust are relatively rich. At present, the mainstream in the market are monetary funds, asset management products, insurance policies and other financial assets and their corresponding rights. At present, more and more high-net-worth people choose family trusts to carry out the inheritance planning of family fortune, and their demands are gradually diversified, and their entrusted property is diversified. In addition to the above-mentioned financial assets, more and more family trust customers are gradually strengthening their willingness to inherit non-monetary property, and the types of entrusted property of family trust are also constantly enriched. The establishment of family trusts with listed or unlisted company shares, even real estate, works of art and other property is further increasing, which puts higher demands on the trustees of family trusts to manage, use and dispose of trust property for a long time.
The regulatory requirements for setting thresholds are different.
Family trusts have clear requirements on the scale of establishment in terms of supervision. According to CBRC No.20 18 Notice of the Trust Department on Strengthening Trust Supervision in the Transition Period of Property Management Business (Trust Letter [2018] No.37) (hereinafter referred to as "Document No.37"), the amount or value of family trust property is not less than100000 yuan. However, during the existence of the trust, the value of the trust property is not required to be less than RMB 654.38+million at any time, and the restrictions on the amount or value of the trust property that may trigger the termination clause of the trust shall be subject to the terms agreed by both parties.
There is no special regulation on the scale of insurance trust, but it still needs to meet the requirements of trust property scale of general trust. At present, the scale threshold of insurance trusts operating in industry practice is usually higher than 6,543,800 yuan to meet the needs of future wealth management and inheritance. In addition, if the related insurance contract is terminated, suspended, cancelled, confirmed invalid, dissolved or other reasons, the insured amount is reduced, thus affecting the scale or value of the trust property, or other circumstances that may cause the insurance beneficiary to suffer losses, the corresponding early termination clause is usually agreed in the insurance trust contract.
The requirements for the establishment of trust parties are different.
The regulatory requirements of family trusts are relatively clear. First, in terms of clients, "No.37 Document" puts forward a clear definition of family trust, which makes it clear that the clients of family trust can be a single individual or a family; Second, in the relationship between the trustor and the beneficiary, the family trust takes the protection, inheritance and management of family wealth as its main trust purpose, and its beneficiaries are family members including the trustor, but people other than family members cannot be the beneficiaries of the trust; Third, in terms of the requirements for the establishment of the beneficiary, the client cannot be the only beneficiary, which makes it clear that the family trust cannot be a self-beneficial trust.
The establishment of relevant parties in an insurance trust should not only meet the requirements of trust-related laws and regulations, but also be bound by insurance law and insurance contract. First, the interest relationship between the parties to an insurance trust. As the trustor is the applicant of an insurance contract, it should meet the requirements of China's insurance law that the applicant of life insurance should have an insurable interest in the insured when concluding an insurance contract. Second, the role of the trustee in the insurance contract. When establishing an insurance trust, the trustee has multiple identities, and the trust company will be designated or changed as the insurance beneficiary, so it can enjoy the right to claim insurance money and the right to manage, use and dispose of the trust property according to law. Third, according to the insurance contract, the beneficiary of personal insurance is designated by the applicant or the insured, and the beneficiary of the insurance trust must meet this requirement, but it does not need to be exactly the same as the original insurance beneficiary; Fourth, in the insurance trust established in whole life insurance, the insured cannot be the beneficiary of this part of the trust property; Fifth, unlike family trusts, insurance trusts can be self-beneficial trusts.
The characteristics of trust property management and application are different.
Insurance trust is different from other trust products in the management and application stage of trust property, and there are three aspects that need attention. First, information disclosure. When an insurance accident stipulated in the insurance contract occurs, the trustee (i.e., the new beneficiary of the policy) should be ensured to know the relevant information in time, and the beneficiary stipulated in the trust contract can inform the trustee and provide all the supporting materials required for claim settlement on his own initiative to assist the trustee in handling the claim settlement; Second, the trust documents should clearly stipulate the process requirements for claims funds to enter the trust account. After the occurrence of an insured accident stipulated in the insurance contract, the trustee shall lodge a claim with the insurer in accordance with the insurance contract. If a person other than the trustee notifies the insurer of the insured accident, the insurer shall promptly notify the trustee in writing; III. Requirements for the management of trust property after the claim funds are received. In fact, the trustee's management, application and disposition of the trust property did not begin at the initial stage of the trust, but after the insurance accident happened and the settlement funds entered the trust account. At this time, the trustee performed management duties according to the trust contract, including but not limited to the investment and application of the trust funds, account management, operation and maintenance, liquidation and distribution, and provided or issued necessary documents to cooperate with the trustor in managing the trust property, which also provided the trustee with higher long-term stable management ability.
The management, application and disposal of trust property by family trust began after the establishment of the trust and the confirmation procedure of the corresponding asset transfer under the trust, but due to the characteristics of family trust, higher requirements were put forward for the corresponding management and application. First, the customer's requirements for the risk management of trust property, and the management and application of family trust property should be consistent with the risk preference of the client determined in advance; Second, the liquidity requirements of family trust benefit distribution. Due to the need to play an important role in the inheritance of wealth, the terms of regular distribution, conditional distribution and temporary distribution of family trusts are usually set up comprehensively, which requires the liquidity of interest distribution and the trustee to allocate assets reasonably to ensure the liquidity demand of interest distribution. Third, family trusts have professional requirements for the management of non-monetary property. Due to the various types of entrusted property, the trustee began to manage and use financial assets such as monetary funds, wealth management products and insurance products, or complex assets such as company equity, real estate and artworks. After the trust comes into effect. With high complexity and strong professionalism, the trustee's fiduciary ability and comprehensive strength are very important. It is necessary to manage different assets according to different stages to achieve the long-term goal of family trust wealth planning and inheritance.
Business intersection of insurance trust and family trust
In practice, insurance trust business and family trust business still overlap. On the one hand, an insurance trust with a trust scale of more than 6,543,800 yuan can be set as a family trust, or property such as insurance policies can be put into the family trust together. For family trusts, including insurance claims, we should pay attention to meeting the requirements of laws, regulations and supervision: first, unlike conventional insurance trusts, they cannot fully benefit themselves; In addition, if the whole life insurance policy is put into the trust, it should also meet the restrictions on beneficiaries in the whole life insurance.
On the other hand, after the establishment of family trust, the trustee of family trust can be the insured, that is, the 3.0 model of insurance trust. In this mode, the trustor who set up the family trust is no longer the insured, but the trust company, as the insured and the beneficiary of the policy, directly uses the trust property to pay the premium, and effectively manages the insurance claim funds according to the contract, which is beneficial to the deep combination of the insurance trust and the family trust, and can cut off the risk of the policy as the customer's property and realize the comprehensive isolation and protection of the assets.