| Observed the financial system development of the international community, we can discover the trend of financial market that is opposite to in the quota of the bank system rise continuously. During the development of the financial market, such as stock and bond...etc are appeared firstly, then asset securitization comes out subsequently. The Chinese financial system long-term regards the bank system margin as principle, at the bank margin stage, Chinese insurance company funds usage mainly is hold bank deposit. Saw from the angle of Asset-Backed securities (ABS) and insurance funds, the usage of insurance funds is gradually diversified with the developing of capital market. And the money can invest in stocks and bonds, entering the securitization market. Because the insurance funds have already become the prominent organization investor in the Chinese financial system, it is important to foster an investment market of the ABS in China. Need not to doubt, the securitization turns to raise the liquid of the financial market. It also promotes the saving toward the valid conversion of the investment profoundly. This text draws up to research into the progress and the existing securitization in mature market and still do a research for the opportunity to participate for insurance company, learning from their experience, then turning the progresses of the securitization and the insurance funds to this market. It is an opportunity to the Chinese insurance industry with the related suggestions.This text "Discuss the securitize process of Chinese insurance from the participant of securitization", introduces the securitization of related knowledge briefly, include: The origins with the securitization, development, process and participant.Then insurance company is in virtue of the development of asset-backed securities, and participants a careful study in the process of securitization. The catastrophe insurance is highly demanded, but the guarantor risk is perfect high and the earth's surface circumstance is complex as our homeland is really huge ,what's more, we do not have the history data about the huge disaster, as a result, the insurance company has not provide this kind of insurance so far.Using the processes of securitization, it can solve the problem that the insurance takes over high risk by issuing catastrophe bonds, learning from the related knowledge of the random imitate theories, the effect function theories and the representative agent theories, it derivate the pricing model of the catastrophe bonds. The writer analyzes the new risk during the process of securitization, and the restriction of law, accountant, and tax revenue and supervise. Besides that, it analyzes the possible new risks and limits which insurance company will face during the process of securitize. In fact, the obstacles on the system that the insurance company faced are smaller and smaller under the joint effort of People's Bank of China, the China Banking Regulatory Commission, China Securities Regulatory Commission, and at last laws will improve and adapt the practice of securitization in the insurance company and other financing institutions.The outlook of the insurance industry in our country shows that it is most easily for insurance company to be an investor of the securitized productions, because it is already allowed for insurance company to invest the securitized productions under the premise that risks can be controlled. As an exterior credit increased organization, provide the finance guarantee service to the corporation who is the sponsor of the securitization can also be the business as a new choice. To become the sponsor of securitization, the insurance industry and the theories field of insurance have already started the research in this aspect. At the same time, the insurance company can also uses valid inner increasing means to raise the credit rating of the product. We believe that the insurance securitization can carry out in the near future as a result. |
PDF Full Text Request