Dublin, May 28, 2024 (GLOBE NEWSWIRE) -- The "South Korea Insurance Industry - Governance, Risk and Compliance" report has been added to ResearchAndMarkets.com's offering.
This report 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 the analyst'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.
Scope of the Report
- 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
Key Topics Covered:
- Legislation Overview
- Supervision and Control
- Legislation
- Compulsory Insurance
- Non-Admitted Insurance Regulations
- Company Registration and Operation
- License
- Foreign Direct Investment / Ownership
- Minimum Capital Requirements
- Solvency Margins
- Reserve Requirements
- Statutory Return Requirements
- Fee Structure
- Taxation
- Tax on Insurance Premium
- Corporate Income Tax
- Corporate Capital Gains Tax
- Value Added Tax
- Legal System
- Policy Practice
For more information about this report visit https://www.researchandmarkets.com/r/fmrljx
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