기상변동위험의 법적 담보에 관한 연구 — 날씨보험과 기후파생상품을 중심으로 —

There are many companies and individuals who suffer from weather fluctuation. Weather Derivatives are like Options managing and reducing this risk. Option purchaser is granted the privilege of buying(call option) or selling(put option) a underlying commodity. If the price fluctuates, he is, as a result, more attractive than the option writer. The buyers pay the seller a fee for granting the privilege. This fee is called the premium. An option may be defined as the right, but not an obligation to buy or sell a particular item. On the other hand, insurance contracts are based on statistics and the other insured in here is helpful to one. Weather Derivatives are not the way of financing in the company, but zero-sum game between the parties. The loss in one is to be offset by a gain in the other. Deregulation is an worldwide phenomenon in this area, but derivatives like underlying assets are to be harmful to the parties with its complexity, market manipulation and fraud, so CEA as an regulations rule is applied to swap agreement in america. Weather derivatives are also in need of regulation ? Yes, american legislator ease it to the ECP(eligible contract participant) in CFMA 2000. But this attitude brings about a banking crisis, Dodd-Frank Act regulates strictly again in recent. Our country, with precedence, has to see the insurance order from Japan and CAT-Bond experiences from the United States. Because the insurance system has well developed in Japan and the securities market in the United States.