보험연계증권(ILS) 발행에 관한 법적 연구

Usually insurance linked security is known as a “Catastrophe bond” related to damage compensation caused by a major natural disaster like a hurricane. This is the structure in which insurance companies spread insurance-risk to the capital market. It is as if the capital market, rather than insurance, is performing a function similar to re-insurance. This report is intended to securitize the risk of insurance company damage through catastrophe bonds and to sell them to investors as bonds. This structured finance is possible in Korea as well. As a result, ILS can provide new investment opportunities to the Korean capital market, and insurance companies can create macro variables and insulation with risk diversification. In recent years, non-insurance companies often made transactions with securitization and issue of risks as derivatives using alternative risk transfer. The issuer achieves the purpose of a contract through the non catastrophe risk as ILS. This paper describes the issuance process and structure of insurance linked securities, and reviews the theory of insurance linked securities with risk distribution or transfer functions. The conclusion examines the methods in which insurance linked securities can secure credibility as an investment product as well as examine the protection of investors and the aquisition ability of our market in that they are a high risk investment product.