We design a weather-based indemnity index for the insurance against freeze damage to citrus orchards so as to provide technological support for the development of policy-based agriculture. The indices are prepared by ...We design a weather-based indemnity index for the insurance against freeze damage to citrus orchards so as to provide technological support for the development of policy-based agriculture. The indices are prepared by separating a relative meteorological yield from the yield that is dependent on tree age, high-yield and low-yield years, and environmental factors, and then using a risk assessment scheme to determine the percentage yield reduction due to the meteorological hazard. We thus develop a set of indices associated with cold temperature damage with which to construct more severe weather indices in conjunction with the yield percentage decrease. We then combine the insured regional citrus yield index with the insured meteorological counterpart to obtain a weather-based indemnity index for the varying degree of freeze damage to crops. When the freeze damage index （FDI） is greater than -7.0℃ for the coastal belt of Zhejiang Province, China, or greater than -9.0℃ for other regions of Zhejiang, weather-based indemnity index （WBII） is zero, meaning there is no compensation; when the FDI is from -7.0 to -7.9℃ for the coastal belt or from -9.0 to -9.9℃ for other regions, the WBII is 1 with 50% compensation; when the FDI is from -8.0 to -8.9℃ for the coastal belt or from -10.0 to -10.9℃ for other regions, the WBII is 2 with 70% compensation; and when the FDI is less than -9.0℃ for the coastal belt or less than -11.0℃ for other regions, the WBII is 3 with 90% compensation. The weather indemnity indices of insured orchards are developed in the interest of owners, thereby eliminating adverse selection and moral hazard issues and providing timely recompense from the insurer, and resolving the problem of high indemnity cost in agricultural insurance.展开更多
This article considers the circumstances in which letters of indemnity(LOI) are usually provided and comments on the use of LOI in relation to the delivery of cargo without surrender of original bills of lading,change...This article considers the circumstances in which letters of indemnity(LOI) are usually provided and comments on the use of LOI in relation to the delivery of cargo without surrender of original bills of lading,changes of destination/deviation,the releasing of clean or wrongly dated bills of lading,the use of switch bills of lading and the commingling of cargoes.The article also comments on the circumstances in which the acceptance of LOI is obligatory and the circumstances in which they can be refused even if offered—an issue which is important given the risks which the acceptance of LOI often entails.Lastly,the article comments on various practical issues which should be borne in mind by those giving or accepting LOI.展开更多
The question of the amount of the First Sino-Japanese War indemnity involves three main elements： Japan＇s military expenditure on the war, China＇s actual payment, and the actual amount Japan received. On all of the...The question of the amount of the First Sino-Japanese War indemnity involves three main elements： Japan＇s military expenditure on the war, China＇s actual payment, and the actual amount Japan received. On all of these issues, there have always been considerable differences between Chinese and Japanese scholars. In this study, we analyze relevant archives and documents and the main scholarly work in both China and Japan and provide a detailed discussion of several scholarly points of views and their basis, and examine the pre- and postwar exchange rates between the yen, the Chinese treasury standard （Kuping） silver tael, and the pound sterling, taking account of the fluctuating value of the yen before and after the war. On this basis, we calculate that Japan＇s actual military spending on the war was no more than 125 million yen, while the actual payments by the Qing government, converted to pounds sterling and then to yen, totaled 358.36 million yen. Japan extorted 233.36 million yen from China, or three times Japan＇s total annual revenue at the time.展开更多
We examine the risk-preparing benefits of Chinese audit firms’professional indemnity insurance(PII)and professional risk fund(PRF)by using the Notice on Adjusting the Application Requirement of Audit Firms for Securi...We examine the risk-preparing benefits of Chinese audit firms’professional indemnity insurance(PII)and professional risk fund(PRF)by using the Notice on Adjusting the Application Requirement of Audit Firms for Securities Qualifications as an exogenous shock.This policy requires audit firms to raise the sum of the cumulative compensation limit of their PII and PRF from 6 million to 80million yuan.It is found,first,that the capital market regards this policy revision as a signal to strengthen investor protection and responds positively;client firms with high audit risks have a stronger response.Second,auditors’governance of financial information has strengthened,resulting in the significant improvement of their clients’financial reporting quality,with a stronger effect on firms with higher earnings management risk.There is no evidence that audit firms pass the costs on to their clients.Finally,the mismatch between auditors and new client firms is alleviated.We show that in an emerging market with weak investor protection,establishing a sound risk-preparedness mechanism for audit firms and strengthening the capacity for civil compensation ex post greatly improve the adaptive degree between international auditing standards and the legal environment of China,thereby enhancing the overall service quality of the audit market.展开更多
A pilot project that offers microinsurance policies to farmers provides a new means of financial security The China Insurance Regulatory Commission (CIRC)
In the case of third-party tort,due to the lack of clear and detailed provisions on the treatment of employee’s industrial injury insurance payment and tort damage compensation,the judicial theory and practice have b...In the case of third-party tort,due to the lack of clear and detailed provisions on the treatment of employee’s industrial injury insurance payment and tort damage compensation,the judicial theory and practice have brought many disputes.Through combing the current relevant laws and regulations,it can be found that the application of the two systems will lead to the overlapping of industrial injury compensation.This paper analyzes the problems arising from the concurrence of industrial injury compensation and tort compensation using the case of Fu and Li v.a passenger transport company,and puts forward some ideas and suggestions on how to improve the settlement measures of such cases.展开更多
基金supported by the National Natural Science Foundation of China (30370914)the major projects of Zhejiang Province Weather Bureau,China(2006zd005)
文摘We design a weather-based indemnity index for the insurance against freeze damage to citrus orchards so as to provide technological support for the development of policy-based agriculture. The indices are prepared by separating a relative meteorological yield from the yield that is dependent on tree age, high-yield and low-yield years, and environmental factors, and then using a risk assessment scheme to determine the percentage yield reduction due to the meteorological hazard. We thus develop a set of indices associated with cold temperature damage with which to construct more severe weather indices in conjunction with the yield percentage decrease. We then combine the insured regional citrus yield index with the insured meteorological counterpart to obtain a weather-based indemnity index for the varying degree of freeze damage to crops. When the freeze damage index （FDI） is greater than -7.0℃ for the coastal belt of Zhejiang Province, China, or greater than -9.0℃ for other regions of Zhejiang, weather-based indemnity index （WBII） is zero, meaning there is no compensation; when the FDI is from -7.0 to -7.9℃ for the coastal belt or from -9.0 to -9.9℃ for other regions, the WBII is 1 with 50% compensation; when the FDI is from -8.0 to -8.9℃ for the coastal belt or from -10.0 to -10.9℃ for other regions, the WBII is 2 with 70% compensation; and when the FDI is less than -9.0℃ for the coastal belt or less than -11.0℃ for other regions, the WBII is 3 with 90% compensation. The weather indemnity indices of insured orchards are developed in the interest of owners, thereby eliminating adverse selection and moral hazard issues and providing timely recompense from the insurer, and resolving the problem of high indemnity cost in agricultural insurance.
文摘This article considers the circumstances in which letters of indemnity(LOI) are usually provided and comments on the use of LOI in relation to the delivery of cargo without surrender of original bills of lading,changes of destination/deviation,the releasing of clean or wrongly dated bills of lading,the use of switch bills of lading and the commingling of cargoes.The article also comments on the circumstances in which the acceptance of LOI is obligatory and the circumstances in which they can be refused even if offered—an issue which is important given the risks which the acceptance of LOI often entails.Lastly,the article comments on various practical issues which should be borne in mind by those giving or accepting LOI.
文摘The question of the amount of the First Sino-Japanese War indemnity involves three main elements： Japan＇s military expenditure on the war, China＇s actual payment, and the actual amount Japan received. On all of these issues, there have always been considerable differences between Chinese and Japanese scholars. In this study, we analyze relevant archives and documents and the main scholarly work in both China and Japan and provide a detailed discussion of several scholarly points of views and their basis, and examine the pre- and postwar exchange rates between the yen, the Chinese treasury standard （Kuping） silver tael, and the pound sterling, taking account of the fluctuating value of the yen before and after the war. On this basis, we calculate that Japan＇s actual military spending on the war was no more than 125 million yen, while the actual payments by the Qing government, converted to pounds sterling and then to yen, totaled 358.36 million yen. Japan extorted 233.36 million yen from China, or three times Japan＇s total annual revenue at the time.
文摘We examine the risk-preparing benefits of Chinese audit firms’professional indemnity insurance(PII)and professional risk fund(PRF)by using the Notice on Adjusting the Application Requirement of Audit Firms for Securities Qualifications as an exogenous shock.This policy requires audit firms to raise the sum of the cumulative compensation limit of their PII and PRF from 6 million to 80million yuan.It is found,first,that the capital market regards this policy revision as a signal to strengthen investor protection and responds positively;client firms with high audit risks have a stronger response.Second,auditors’governance of financial information has strengthened,resulting in the significant improvement of their clients’financial reporting quality,with a stronger effect on firms with higher earnings management risk.There is no evidence that audit firms pass the costs on to their clients.Finally,the mismatch between auditors and new client firms is alleviated.We show that in an emerging market with weak investor protection,establishing a sound risk-preparedness mechanism for audit firms and strengthening the capacity for civil compensation ex post greatly improve the adaptive degree between international auditing standards and the legal environment of China,thereby enhancing the overall service quality of the audit market.
文摘A pilot project that offers microinsurance policies to farmers provides a new means of financial security The China Insurance Regulatory Commission (CIRC)
文摘In the case of third-party tort,due to the lack of clear and detailed provisions on the treatment of employee’s industrial injury insurance payment and tort damage compensation,the judicial theory and practice have brought many disputes.Through combing the current relevant laws and regulations,it can be found that the application of the two systems will lead to the overlapping of industrial injury compensation.This paper analyzes the problems arising from the concurrence of industrial injury compensation and tort compensation using the case of Fu and Li v.a passenger transport company,and puts forward some ideas and suggestions on how to improve the settlement measures of such cases.
