Legal Problem Studies On Guarantee Insurance Contract

At the end of the 20th century, in order to meet the economic development needs, guarantee insurance, a brand new insurance product, was introduced into our insurance industry. In the initial stages, the guarantee insurance expanded rapidly. However, only a few years later, a large number of guarantee insurance disputes emerged. Because of legislation absence, theoretical circles endlessly debate over the legal matters related to the guarantee insurance, and practical groups insist on their own opinions. No conclusion has been made at this time. It is extremely urgent to properly understand our existing guarantee insurance and consummate applicable legislation to ensure it develops in a healthy and positive way. Accordingly, this article expounds the following researches on some guarantee insurance issues based on the combination of theory and practice, which combines basic legal theory with guarantee insurance operation procedure and present situation of our finance industry.The first part is the definition of guarantee insurance. Guarantee insurance is new in our country and we do not have clear stipulation in legislation. The insurance industry and legal society have different understanding of it and their definitions have different emphasis. This part has compared the definitions of guarantee insurance given separately by China Insurance Regulatory Commission, the Supreme Court of People's Republic of China and scholars, analyzed the characteristics of existing guarantee insurance in our country, and defined guarantee insurance scientifically.The second part is the discussion of the legal nature of the guarantee insurance contract. China Insurance Regulatory Commission and the Supreme Court of People's Republic of China have different explanations of the nature of guarantee insurance in different periods. In some places such as Beijing and Shandong province, guidelines for trying guarantee insurance cases were issued. Theoretical circles also have three different opinions on the nature of the guarantee insurance contract. The auto loan guarantee insurance contract is used as an example in this article to analyze the different status of all the parties during the making and executing contracts. This part has compared guarantee insurance contract with other countries' and drawn a conclusion:Our guarantee insurance contract intends to protect creditors and possesses some features of guarantee. But it is not the one of the guarantees defined in "People's Republic of China law on guarantees". There is an essential distinction between the two. It is one of the property insurance, which is named guarantee insurance, but in fact it is credit insurance.The third part is the discussion of the problems occurred during the law application of guarantee insurance contract. It is deficient in guarantee insurance legislation in our law system. To handle the disputes under this situation, the most important thing to do is to respect for party autonomy, determine the rights and obligations of all parties according to the agreement. If there is no agreement, the insurance regulations are applicable. In addition, this part has also paid attention to the related trial procedures in some cases.The fourth part is the discussion of the new situation and new challenges we will face when we develop new insurance products using the success and failure of guarantee insurance as reference. Detailed proposals are put forward on how to avoid the risks in respect of law, authority control and industry self-discipline.