보험유사파생상품에 관한 연구

Abstract

Insurance occupied the dominant position as a vehicle hedging risk. But derivative is also functionally similar to insurance in spite of difference of shapes. It is noted that recently size of derivative transactions in domestic has been rapidly increasing and is expected to increase continually. Derivative is a financial instrument designed to facilitate the transfer of risk. The core of all derivative transactions is the transfer of risk. Hedging risk is a same function between insurance and derivative. Therefore it is required a relationship of insurance and derivative. The purpose of this study is to investigate similarity of insurance and derivative, so derivative which is similar to insurance would be under same regulations with insurance. Therefore it would be necessary to limit the scope of derivative alike insurance in shape. Among the number of derivative - such as future, option, swap - only option is similar to insurance. Of a factor of option, premium is alike insurance fee. But, there are some special principals in insurance - such as the Law of Truly Large Numbers, existence of insurable interest, and Principal of Indemnity - distinguished with derivative. It is necessary to enlarge the scope of insurable interest, so derivative with economic interest needs to recognize the insurable interest. Also, derivative without moral hazard is needs to be regulated equally with insurance. But, the Law of Truly Large Numbers is the core principal of insurance. Derivative transaction is a private contracts. So, derivative is distinguished with insurance. But it is necessary to regulate derivate equally for the protection of derivative transaction contractors. If derivative is under same regulations with insurance, it is applicable commercial law part 3 and insurance company law. Especially, the notice obligation and the claim of contractor will have special meanings.