Market Research Report
Governance, Risk and Compliance - The South Korean Insurance Industry
|Published by||GlobalData||Product code||918442|
|Published||Content info||66 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The South Korean Insurance Industry|
|Published: December 5, 2019||Content info: 66 Pages||
The Financial Services Commission (FSC), established on January 2, 1999, and the Financial Supervisory Service (FSS), established in 2008, regulate and supervise the South Korean insurance industry. The FSC is responsible for the establishment, enactment, and amendment of insurance legislation. It grants licenses to insurance and reinsurance companies to conduct business in the country.
The FSS is the administrative division of the FSC and is responsible for the supervision and control of business operations and financial status of insurers, reinsurers, and intermediaries. It also registers brokers and agents and authorizes them to conduct insurance auxiliary operations. It functions as a public agency, with autonomous powers to safeguard policyholders' interest.
The principal legislation governing the South Korean industry includes the Insurance Business Act and the Enforcement Decree of the Insurance Business Act. These acts regulate the operation and mediation of policies in the country and provide detailed guidelines to regulate the operations of insurance companies and intermediaries.
The report "Governance, Risk and Compliance - South Korean Insurance Industry" is the result of extensive research into the insurance regulatory framework in South Korea. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.