환변동보험의 법적 문제에 관한 연구

Abstract

When a company conducts transactions in different currencies, it exposes itself to risk. The risk arises because currencies may move in relation to each other. If a company is buying and selling in different currencies, then revenue and costs can move upwards or downwards as exchange rates between currencies change. If a company has borrowed funds in a different currency, the repayments on the debt could change or, if the company has invested overseas, the returns on investment may alter with exchange rate movements. This risk is usually call as foreign exchange risk. An exporting company must manage foreign exchange risk. Foreign exchange hedge is most general method used by exporting companies to eliminate or hedge foreign exchange risk resulting from transactions in foreign currencies. But foreign exchange hedge is too complicate for small-size exporting companies. So since 2000, Korea Trade Insurance Corporation(Ksure) present the foreign exchange risk insurance to manage foreign exchange risk for Korean small medium-size exporting enterprises. Foreign exchange risk insurance is a scheme to support the exporting company in its active export activities by indemnifying losses that might occur as a result of foreign exchange fluctuation. Foreign exchange risk insurance of Ksure has three type. The first type uses the forward exchange method. The forward exchange method in foreign exchange risk insurance helps small medium-size exporting enterprises with weak foreign exchange capacity to easily hedge exchange risks. The second type is bidding type. When the exporter participates in an international bidding, tending acceptance depends on the client’s decision 100 percent. Such uncertainties of order acceptance might make hedging in a foreign exchange market difficult, or impose high hedging costs. Bidding type in foreign exchange risk insurance is a scheme enabling an exporting company participating in an international bidding to effectively hedge foreign exchange risks at a low cost. The third type is forward exchange method-rollover. This type is similar to the first type, but it covers rollover period of insurance. Foreign exchange risk insurance is a scheme to eliminate exchange losses and gains that might occur in a procedure where the exporting company acquires foreign currencies through its export activities, and confirm the export proceeds in the Korean Won in advance. It is very effective method for Korean small medium-size exporting enterprises to hedge exchange risks. But the author think, its legal nature is not a insurance but a variation of hedging of forward exchange. So it's better to be operate as a independent program of Ksure than to be operate as a insurance product.