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The South Korean Insurance Industry 2019 - Governance, Risk & Compliance - ResearchAndMarkets.com

January 8, 2020 GMT

DUBLIN--(BUSINESS WIRE)--Jan 8, 2020--

The “Governance, Risk and Compliance - The South Korean Insurance Industry” report has been added to ResearchAndMarkets.com’s offering.

Summary

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.

Key Findings

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.

Scope

Reasons to buy

Key Topics Covered:

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Workers’ compensation insurance

2.4.3 Fire and liability insurance for special buildings

2.4.4 Fire legal liability insurance

2.4.5 Liability insurance for damage caused by gas accidents

2.4.6 Liability insurance for industries that cause environmental pollution

2.4.7 eBiz liability insurance

2.4.8 Personal accident insurance for students and part-time assistants working in university laboratories

2.4.9 National health insurance

2.5 Supervision and Control

2.5.1 International regulatory authority

2.5.2 Financial Services Commission

2.5.3 National Regulatory Authority

2.5.4 Korea Life Insurance Association

2.5.5 General Insurance Association of Korea

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

For more information about this report visit https://www.researchandmarkets.com/r/drwjb1

View source version on businesswire.com:https://www.businesswire.com/news/home/20200108005401/en/

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KEYWORD: ASIA PACIFIC SOUTH KOREA

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 01/08/2020 06:21 AM/DISC: 01/08/2020 06:20 AM

http://www.businesswire.com/news/home/20200108005401/en