The Legal Research On Endowment Insurance Fund Trust Operation

Investment and operation of the endowment insurance fund is directly related to the stable operation of the endowment insurance system.To realize the basic objective to maitain and increase the value of the endowment insurance fund in China,there is a depth-study-need for the endowment insurance fund operation mode, the supervision mechanism, the operator of the subject, accountability mechanism and so on.In China’s endowment insurance system reform process, we can boldly introduce the successful model of the endowment insurance fund operation of developed countries. Under the present legal framework, we should transplant and innovate the system combined with China’s actual conditions.Trust is widely used in common law countries’capital market as an advanced investment concept. Our country’s endowment insurance personal account fund operation can make use of the trust system, and establish the pension insurance fund operation of trust mode on the basis of the developed countries’experience. Firstly, we should position clearly the legal nature of endowment insurance fund in China, consider it as a separate legal entity with the legal nature of the fund itself as a client of the trust relationship between the fund property entrusted to a specialized legal trustee.The trustees establish another layer of principal-agent relationship between the trustee and investment manager, custodian by professional and efficient trust operating. The income of fund assets is owned by the funds.Secondly, in view of our country endowment insurance fund operation blank in legislation, the basic law of endowment insurance fund should be formulated to regulate collection, operation, payment and other aspects to establish an endowment insurance fund trust operating system design in a legal form, and to determine the regulatory body of the fund,as well as the rights and obligations of the parties.