Research On The Catastrophe Insurance Legal System In China

At the beginning of 2008, after the expressive catastrophe of sleet and frost in south China, the condition of insurance payments is gloomy (no more than 1%). The insurance industry supposed to compensate the losses is under service. Then, what is the key issue of this problem? That is the deficiency of insurance industry. In view of this, this paper researches into the catastrophe insurance system in a legal perspective, trying to establish catastrophe insurance legal system in response to China's national condition. Focusing on this point, this paper is composed of four parts:Partâ… begins with the fundamental theory of catastrophe insurance. It makes an introduction and comment of various definitions of"catastrophe". On the basis of the analysis, it comes to a natural definition of"catastrophe insurance". The so-called"catastrophe insurance"refers to a risk-diversification system, which compensates for the material and personal losses resulted from paroxysmal unexpected and unavoidable natural catastrophe with tremendous damages, earthquake, hurricane, tsunami, for instance. Then it analyzes the character of catastrophe insurance in the following three aspects: in view of its operational method, it belongs to compulsory insurance; in view of its article feature, it is part of quasi public goods; in view of its category of system, it falls into policy insurance.Partâ…¡makes a comparison of different catastrophe insurance legal system home and abroad. It firstly illustrates the theoretical research fruits and practical development of catastrophe insurance in China. Then, by a brief survey of the catastrophe insurance legal systems in USA, France and Italy, it sums up the common experience of different nations'catastrophe insurance legal system: the operational method of catastrophe insurance, the legislative confirmation of catastrophe insurance and the diversification of risk-deployed system of catastrophe insurance. The discussion hints the integral role of legal support in catastrophe insurance legal system in China and thoughtful reference of overseas systems in response to China's condition.Partâ…¢emphasizes on the necessities and feasibilities of catastrophe insurance legal system in China on the basis of the comparison above. Specifically, the former is based on the status quo of China's catastrophe insurance system and the limits of traditional insurance law, and the latter is grounded on the practices and legislations of catastrophe insurance in China and valuable experiences abroad.Partâ…£treats the preliminary design of in China, proposing detailed ideas in legislative style, legislative principles, operational method, implementation procedure, insurance method, insurance coverage, rate of premium, risk management, governance and fiscal support, to establish China's integral stratified and sustainable-developing catastrophe insurance legal system hosted by insurance companies with government's support.