The Research On Legislation For The SPRV Of Catastrophe Insurance Risk Securitization

The securitization of catastrophe insurance risk is on the basis of asset securitization, butit is more complex and advanced than asset securitization. The securitization of catastropheinsurance risk that can transfer insurance risk to the capital market by issuing financialsecurities is a technique of asset securitization.The first element is the financial engineeringthat the cash flow will be "packaged" or dismantled, and finally converted into catastropherisk securitization. The second element is the capital market that is the final catastrophic risktransactions recipients. Form the law, the assets of the catastrophe insurance risksecuritization is essentially a claim. In essence, catastrophe insurance risk securitization is away of structured finance, whose core is to establish a rigorous and effective framework forthe transaction, and the framework of this complex transaction must play a decisive role in theprocess of the catastrophe insurance risk securitization.Compared to reinsurance and other financing methods, catastrophe insurance risksecuritization has its unique characteristics and advantages. However, because of the lack oflegal systems of the our catastrophe insurance risk securitization, the imperfectcapital markets, the unsound financial system, coupled with its own particularity ofcatastrophic insurance risk securitization, the securitization of catastrophe insurance systemhas many practical problems and legal obstacles. To cope with the risks, we must do moreresearch about asset securitization. We must learn from foreign experience and lessons inorder to build China’s catastrophe insurance risk securitization legal system.The article references the foreign successful experiences and lessons of AssetSecuritization and the Legislation of Catastrophe Insurance Risk Securitization, and thencombined with the Chinese legal status to do research on SPRV which is the core ofCatastrophe Insurance Risk Securitization, so as to analyze the obstacles in establishing andoperating SPRV in China, and put forward appropriate legislative proposals to establishChinese’s owe SPRV. This article is divided into six chapters:The first chapter is introduction. This chapter introduces the topic’s background andsignificance, the research status and the basic research course.The second chapter defined the catastrophe, expounds the conception and structure ofCatastrophe Insurance Risk Securitization, and then clear distinct the differences betweenCatastrophe Insurance Risk Securitization and traditional asset securitization.The third chapter researches Legislation for The SPRV of Catastrophe Insurance RiskSecuritization from contract law、tax、accounting and supervision of SPRV. Clearly defined contractual relationship among all the participants of SPRV in the relationship of contract law;tax and accounting issues are two closely related issues, which impact much on SPRV’soperation；the supervision on SPRV is the guarantee of the development of CatastropheInsurance Risk Securitization and SPRV.The fouth chapter stand on the perspective of SPRV’s establishment and operation，analyzes and puts forward the barriers of SPRV in Chinese Catastrophe Insurance RiskSecuritization from “Trust Law”、“Company Law”、“Insurance Law”、“Tax Law” andaccounting standards and regulation.The fifth chapter introduces the most mature catastrophe insurance risksecuritization legislation and practical experience in America.The sixth chapter puts forward the legal amendment and legal regulatory views ofChinese legislation corresponding to the forgoing analysis of legal barriers in the chapter fourand chapter five.