Governance, Risk and Compliance - The South Korean Insurance Industry

Published: Mar, 2016 | Pages: 48 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Governance, Risk and Compliance - The South Korean Insurance Industry' 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 Timetric'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.

Summary
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.

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.

Key Highlights
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 mandatory in South Korea.

Non-admitted insurance is permitted for life and reinsurance business in South Korea.

 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 Regulations
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 Liability insurance for buildings to cover third-party bodily injury caused by fire
2.4.4 Fire legal liability insurance
2.4.5 Liability insurance for damage caused by gas accidents
2.4.6 eBiz Liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Financial Services Commission
2.5.3 Financial Supervisory Service
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 Types of insurance organization
2.7.2 Establishing a domestic company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
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 Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: South Korea - Insurance Regulatory Framework Key Features
Table 3: South Korea - Life Insurance Regulatory Framework
Table 4: South Korea - Property Insurance Regulatory Framework
Table 5: South Korea - Motor Insurance Regulatory Framework
Table 6: South Korea - Liability Insurance Regulatory Framework
Table 7: South Korea - Corporate Tax Rates for the Financial Year 2016