South Korea Insurance Industry - Governance, Risk and Compliance

South Korea Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘South Korea Insurance Industry - Governance, Risk and Compliance’ report 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 GlobalData’s 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.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in South Korea, including -

• An overview of the insurance regulatory framework in South Korea.
• The latest key changes, and changes expected in the country’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
• Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Key Highlights

• The Financial Supervisory Commission and the Financial Supervisory Service regulate the South Korean insurance industry
• Composite insurance is not permitted in South Korea. However, both life and non-life insurers can carry on accident and health insurance business
• 100% FDI is permitted in the South Korean insurance industry
• Motor third-party liability insurance, fire and liability insurance for buildings are the key mandatory classes of insurance in South Korea
• Non-admitted insurance is permitted for life and reinsurance business in South Korea

Scope

• The report covers details of the insurance regulatory framework in South Korea.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in South Korea.
• Track the latest regulatory changes, and expected changes impacting the South Korea insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.