| During the last a few years, securitization of catastrophe insurance has caused livelydiscussion in Insurance and Economics, but has not attracted too much attention to the legalcommunity. As an emerging catastrophe risk diversification mechanism, catastrophe insurancesecuritization is an extension of the catastrophe insurance risk-averse path, which primarilythrough independent special purpose reinsurance vehicles (referred SPRV) as the core of theimplementation of the debt securities and thus the insurance market and the capital market fordocking to achieve risk diversification purposes. In this process,SPRV plays a crucial role incatastrophe insurance securitization and the key to success lies in the scientific qualitative andcompliance management of the main body for SPRV. The purpose of this paper from theperspective of law to study and analyze catastrophe insurance securitization SPRV their legalrelationship established and contractual problems caused by the use of analytical methods andcomparative legal relationship analysis of the principal legal systems SPRV legal form setcontractual rights and obligations as well as the contents of the object are analyzed to clarifythe legal relationship between them, thus providing a legal basis for its regulatory and legalregulation.The full text is divided into four parts. The first part is the catastrophe insurancesecuritization SPRV system overview, aimed to give a clear understanding catastropheinsurance securitization SPRV basic system. This part starts from the overall concept ofsecuritization of catastrophe insurance and then to give qualitative and necessity analysis toSPRV. The second part is to analyze the legal form of catastrophe insurance securitizationmain SPRV. This part aims to find the advantages and disadvantages of other legal systems,through combination between advanced legislation and judicial practice like United States,Europe, Japan, Taiwan and other countries and regions. The third part is the legal analysis ofsecuritization of catastrophe insurance contracts SPRV, which is the key and difficult part ofthe entire article. This part emphasizes in the analysis of the contents of the rights andobligations of the insurance securitization SPRV catastrophe reinsurance contracts, thecontracts for the sale of securities content analysis and the promoters of assets “truesale”catastrophe insurance and securities laws and the legal nature of the relationship betweenthe object of analysis. The purpose of writing this part is to find a legal basis for the legal regulation through analysis of SPRV legal issues. The fourth part is the securitization ofcatastrophe insurance legislation to improve the legal system SPRV idea, specifically from thelegislative principles, analysis, and legal barriers to three small areas of specific legislativeproposals to elaborate. |
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