金融监管总局最新印发！

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to support domestic insurance companies in issuing "sidecar" insurance-linked securities in the Hong Kong market, aiming to enhance catastrophe risk management and solidify Hong Kong's status as an international financial center [1][2]. Group 1: Background and Purpose - The notice is part of efforts to explore catastrophe bonds and effectively use reinsurance to mitigate risks, as outlined in the State Council's opinions on strengthening regulation and promoting high-quality development in the insurance industry [3]. - The issuance of "sidecar" insurance-linked securities is intended to enrich the catastrophe risk management toolbox and build a multi-layered catastrophe risk dispersion network [3]. Group 2: Definition and Mechanism - "Sidecar" insurance-linked securities involve insurance companies transferring catastrophe risks from natural disasters or public health emergencies to specially established special purpose insurers (SPI) through proportional reinsurance [3][4]. - The SPI raises funds for compensation by issuing equity or debt securities, which are then invested in low-risk, highly liquid assets to ensure timely payment of claims [3][4]. Group 3: Benefits and Implications - The introduction of "sidecar" insurance-linked securities is expected to improve China's catastrophe risk protection system by providing additional coverage from the Hong Kong capital market, complementing traditional reinsurance [4]. - It enhances the financial stability of insurance companies by allowing them to share catastrophe risks with the capital market, thus smoothing operational volatility and increasing resilience against catastrophe risks [4]. - The new securities offer a novel investment product for the Hong Kong market, characterized by low correlation with traditional financial assets and typically triggered by natural disasters, making them less affected by conventional market factors [4].