Legal Issues of Risk Securitization in China

摘要：

The traditional insurance mechanism alone cannot spread the risk of repeated catastrophic losses. Risk securitization, or insurance securitization and securitization of risk of loss from future events, generally provides an alternative to traditional reinsurance and can transfer risk to the deep pool of the global capital markets. This paper suggests that the government should foster a regulatory environment in which the private sector can develop a capital market solution for catastrophe. Presently,this process has just taken a few steps in some countries. Risk securitization is different from traditional asset securitization in that a contingent liability, not an asset or pool of assets, is the principal subject of the transaction-Consequently, the legal issues relevant to risk securitization are in many respects different from the legal issues traditionally of concern in asset securitizations. Legal reforms must be adopted to reduce the cost of securitization and enhance the investment appeal, making risk securitization products, especially such as catastrophe bonds, more price competitive with reinsurance.

关键词： catastrophe risk securitization legal issues reform

作者: LIU Hanxia CHEN Zhongqiu

作者单位: Law school,South China University of Technology,Guangzhou 510006,China School of Economy and Trade,South China University of Technology,Guangzhou 510006,China

会议类型: 国际会议

会议名称: The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)

会议地点: 杭州

会议语种:英文

页码: 413-418

在线出版日期: 2008-05-18（万方平台首次上网日期，不代表论文的发表时间）