With an insurance wrapper, a person takes out a life insurance policy whose premium flows into a custody account at a bank held in the insurer’s name. Legally the insurer is the account holder; economically the policyholder and beneficiaries stand behind it. So that this structure does not undermine the identification of beneficial owners, CDB 20 provides a separate form.
What is recorded
With Form I the insurer declares which policy the account relates to and who stands behind it economically, in particular the policyholders and the persons who benefit when the insured event occurs. The bank can then check whether the source of funds and the relationship profile fit these persons, as it would for a direct account.
Why it needs its own rule
Insurance wrappers are a legitimate wealth and estate planning instrument. Without a dedicated form they could be used to hide beneficial owners behind an insurer. CDB 20 therefore treats them, like domiciliary companies and trusts, as a special case with its own declaration.
Practice in family offices
Family offices encounter Form I when structuring estate and pension solutions through insurers, often across borders. Anyone changing beneficiaries or topping up premiums from other sources should check whether the declaration to the bank must be updated. The other forms are explained under Form A.