On 5 November, Jenny Yu, Counsel in the Hong Kong insurance team, delivered a webinar to a reputable insurance firm, titled “Use of Trust in Insurance” focusing on general guidelines on use of trusts in arranging insurance.
Jenny kicked off the webinar by giving a general picture of trust in insurance and then discussed insurable interest and trusts. She quoted Section 64B of the Insurance Ordinance Cap. 41 (IO) to explain under what conditions no contract of insurance shall be entered into on the life of any person or on any other event and the circumstances that a contract of insurance entered into was contravention of the subsection. She then talked about who could have insurable interest and analysed if a trust could. She highlighted the forms different parties including trustees, settlors and the insured have to complete. Towards to the end, Jenny outlined the cross-border guidelines including for Hong Kong, Japan, PRC and USA, in regard to where, for example, settlors and trustees must be located.