Insurance and reinsurance—South Korea—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—South Korea—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—South Korea—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in South Korea published as part of the Lexology Getting the Deal Through series by Law Business Research (published: August 2021).

Authors: Yoon & Yang LLC—Myung Soo Lee; Hwang Lim Jang; Hyun Suk Jung; Seung Jae Yeon

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

In Korea, the Financial Services Commission (FSC) is vested with the authority to actively supervise the business activities of insurance and reinsurance companies through licensing, approval or regulation of certain activities. The FSC is a national administrative agency falling under the jurisdiction of the Korean Prime Minister's Secretariat Office, established under the Act on the Establishment, etc of the Financial Services Commission (the FSC Act) to principally carry out financial supervisory and regulatory duties. Concerning insurance and reinsurance businesses, the FSC is responsible for the licensing of insurance and reinsurance businesses; the establishment and amendment of the Insurance Business Act (IBA), its enforcement decrees, its enforcement regulations and subordinate insurance supervisory regulations; and overall supervision and regulation of insurance and reinsurance businesses. For that purpose, the FSC may issue necessary orders affecting every level of an insurance company's operations, require an insurance company to submit documents and have the Financial Supervisory Service (FSS) review them, and also investigate individuals suspected of violating

Popular documents