傳統之再保險則主要將保險人因承保所產生之核保風險與時間風險轉嫁予再保險人。然而早自1960年代開始，財務再保險已在勞依茲市場上發展而被保險人用來作為轉嫁因投資、匯率與利息等所產生之時間風險與財務風險，並藉以增加承保能量。此外由證券化交易日漸頻繁，保險人開始透過風險證券化方式將資本市場充裕之資金挹注承保能量日益短絀之保險市場。就其交易模式而言，此類交易須透過特殊目的機構一方面承保風險，另一方面同時將此風險轉為證券發行予投資人。這些替代風險移轉方式已成為現今主要監理課題。 就此兩類替代風險移轉工具之交易型態而言，皆為保險人透過再保險方式而轉嫁本身之風險。由於此項特性，本文即以再保險監理為基礎，進而探討該類交易所衍生之各項監理議題。就限額再保險而言，本文先就其型態與特性簡要分析並討論限額再保險之監理必要性。同時藉由分析美英兩國監理制度進而提出相關再保險監理建議。本文第二部份則分析與討論風險證券化與再保險監理所衍生之議題。首先就風險證券化之基本交易型態予以介紹。繼而分析此證券化交易對於保險人與投資人所帶來之優點與缺失。並根據該類交易特性討論其所衍生之法律問題。同時將已發展之監理模式加以分析與比較，針對再保險監理部份提出建議。

　　　　　Traditional reinsurance can transfer all the component of insurer's underlying risk including underwriting risk and timing risk. Since 1960s, financial reinsurance, which can transfer the timing risk and other financial risk arising from investment, currency exchange and interest, has been developed to obtain more capacity and smooth fluctuation of insurer's risk in the Lloyd's market. Regulators have struggled to develop the regulatory regime and as a result end up considering individual transactions one by one as necessary, by looking either at the substantial economic of the products, or at its form. Securitisation of insurance risk provides additional capacity for the insurance and reinsurance market by tapping the capital markets through insurance-linked securities. In general, a special purpose vehicle is created not only to provide reinsurance coverage for the ceding insurers but also to issue insurance-linked securities to the investors. The ultimate return can be based on the actual loss of the ceding insurer, or the performance of the relating index, or the occurrence or nonoccurrence of the specific event, or the physical parameters of the natural hazard. Finite risk reinsurance (financial reinsurance) and insurance securitisation are based on the reinsurance contract. As the main purpose of this article is to discuss the regulation of reinsurance and other relevant issues, it will focus on those transactions, which are formed as reinsurance contracts, particularly in financial reinsurance and securitisation of risk. With regard to finite risk reinsurance, the types of the instruments will be introduced and described as well as their characteristics. It is followed by the discussion of relevant regulatory issues arising from such reinsurance contracts. Several leading regulatory models then will be analyzed. Learning from these regulatory models, the suggestions based on a comparative analysis on these developed models will be provided. The second part of this article will discuss the regulatory issues relating to securitisation of insurance risk. First, the general structure of securitisation of risk will be identified. The subsection follow with an explanation of the motivations for insurance-linked securities taken into account with the policyholders, investors and insurers, focusing on characteristics which facilitate and hinder transactions. Furthermore, the regulatory issues relating to securitisation of risk will be discussed. This will be followed by the analysis of some developed regulatory models and conclusion.