Governance, Risk and Compliance-The South Korean Insurance Industry

 Published: Jun-2018 |  Number of pages: 70 |

Description
Synopsis
Governance, Risk and Compliance - The South Korean Insurance Industry

Summary

"Governance, Risk and Compliance - The South Korean Insurance Industry", is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in South Korea. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with 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 South Korea.
- 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.

Some of the Key Takeaway’s of the report are -
- The South Korean insurance industry is regulated by the Financial Supervisory Commission and the Financial Supervisory Service.
- 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

- Gain insights into the insurance regulatory framework in South Korea.
- Track the latest regulatory changes, and expected changes impacting the South Korean 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.

Geographical Area
South Korea
Table of Content
Index
Table of Contents
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
2.5 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
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
List of Tables
Table 1: Insurance Industry Definitions
Table 2: South Korea - Insurance Regulatory Framework Key Features
Table 3: South Korea - Standard Rate for the Calculation of Fines
Table 4: South Korea - Life Insurance Regulatory Framework
Table 5: South Korea - Property Insurance Regulatory Framework
Table 6: South Korea - Motor Insurance Regulatory Framework
Table 7: South Korea - Liability Insurance Regulatory Framework
Table 8: South Korea - Corporate Tax Rates for the Financial Year 2017

List of Figures
List of Figures
Figure 1: South Korea - Insurance Supervision and Control at Various Levels
Figure 2: South Korea - Insurance Regulatory Frameworks for Company Registration and Operation

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