Analysis On The Application Andlegal Regulation Of Insurance Trust In China

Insurance Trust refers to a new type of financial product in which the trustor and the trust company conclude a trust contract with insurance money or insurance claim right as the trust property,and the trustee manages the trust property in accordance with the contract and distributes the proceeds to the trust beneficiary.Insurance Trust business of our country has developed for less than ten years.But in some foreign countries and regions,Insurance Trust business has formed the relative basic system and operation mode.With the development of the insurance trust in practice,the theoretical research on the insurance trust in our country also increases gradually.Insurance Trust is a combination of insurance and trust financial business.Its transaction structure and legal relationship are intricate.There are many subjects involved in the legal relationship.It is subject to the imperfection of the relevant legal system and regulatory rules of our country.There are still many legal problems and risks in the insurance money trust business under the practical framework,such as the validity of trust property and the unclear rights and responsibilities of legal subjects of all parties,which affect the further promotion and application of this product in our country.Based on this,this paper holds that it is necessary to research and analyze the business model of domestic insurance trust products,explore the problems and obstacles in the development of insurance trust in China,learn from the experience of countries and regions with mature business and system development,and put forward the feasible path of legal regulation and business optimization of Insurance Trust.Firstly,this paper introduces the development process and functional advantages of the Insurance Trust.The system functions of the insurance trust,such as asset isolation,risk guarantee,wealth inheritance and reasonable tax saving,can not only provide effective living guarantee for their children,spouses,parents and other close relatives according to the wishes of the trustor,but also play an important role in the process of family wealth inheritance.Since the first Insurance Trust of China came into being in 2014,the Insurance Trust business has made rapid development in our country.Under the background of unclear legal system and regulatory rules,Insurance Trust can be developed in practice and can not be separated from the drive of market demand,and the necessity of perfecting this business also needs to be analyzed.This paper starts with the current situation of the development of Insurance Trust,and discusses the actual demand and development space of Insurance Trust business in our country.Through the statistics and investigation of the business scale,the types of insurance products and the number of insurance institutions,it can be concluded that the Insurance Trust business of our country is at the stage of accelerated development.At the same time,the demand for wealth inheritance and the rapid development of the insurance and trust industries provide a broad market space for the Insurance Trust business.Through the study of Insurance Trust products in the market,we find that there are mainly three operating modes of Insurance Trust in our country.This paper analyzes the legal risks in the legal structure of different business modes from specific practical cases,and sums up the legal problems and institutional obstacles from the perspective of civil and commercial law in the development of insurance trust business.On the one hand,due to the lack of legal basis and supervision system,there are some theoretical disputes and legal risks in its business model.This requests our country to promulgate and consummate the insurance money trust correlation laws and regulations as soon as possible,clear supervision main body and supervision rule.At the same time,the theoretical disputes on the legal structure of insurance trust need to be clarified by laws and regulations or business rules,but we should also pay attention to avoid falling into the purely theoretical disputes and ignore the situation that has occurred in practice.On the other hand,with the rapid expansion of business scope,in order to fully protect the safety of trust property and the rights and interests of trust parties,the comprehensive risk management of insurance trust in the establishment link and management operation shall meet higher requirements,which requires the trustee to pay attention to the factors that may generate risks in each basic link and implement effective countermeasures.In addition,this paper also summarizes the experience of business model system and supervision system in our country by studying the trust system of Insurance Trust in the U.S.A.,Japan and Chinese Taiwan.Although different business models can bring different effects,the development of a system should not be based on the experience of other countries(regions),but should be combined with the existing national legal system,to propose targeted and feasible solutions.As a combination of two financial businesses,the development of insurance trust system can not be separated from the impact of a country’s(region’s) financial policy environment.Therefore,in addition to studying and learning from the development experience of other countries and regions,this paper holds that China’s financial environment can be properly changed.For example,under the background of separate operation and supervision of the finance,whether insurance companies can leave channels and opportunities for developing Insurance Trust business is not only a suggestion for improving Insurance Trust business,but also a discussion of the overall financial environment of China in the general trend of mixed operation of finance.In addition,under the background of the merger of the CBRC and the CIRC,the CBRC will naturally become the regulatory body for this business,but the specific regulatory rules and regulatory authorities for Insurance Trust still need to be further refined.