Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles

This report is an assessment of Korea's compliance with International Association of Insurance Supervisors' Insurance Core Principles (ICPs), as adopted in October 2011. The review was carried out as part of the 2013 Financial Sector Assessment Program (FSAP) assessment of Korea, and was based on the regulatory framework in place, the supervisory practices employed, and other conditions as they existed in April 2013. The assessment was carried out by Craig Thorburn, Lead Insurance Specialist, Non-Bank Financial Institutions Group, Capital Markets Practice, World Bank. The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of assessment.

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Bibliographic Details
Main Authors: World Bank, International Monetary Fund
Format: Financial Sector Assessment Program (FSAP) biblioteca
Language:English
en_US
Published: World Bank, Washington, DC 2014-05
Subjects:ACCESS TO INFORMATION, ACCOUNTING, ACCOUNTING STANDARDS, ACTUARIES, AGENTS, ASSET MANAGEMENT, ASSET-LIABILITY MANAGEMENT, ASSETS, ASSURANCE, AUDIT COMMITTEE, AUDITORS, BALANCE SHEET, BANK CREDIT, BANK HOLDING, BANKRUPTCY, BENEFICIARIES, BOND, BONDS, BROKER, BROKERS, CAPACITY DEVELOPMENT, CAPITAL ADEQUACY, CAPITAL FLOWS, CAPITAL MARKETS, CAPITAL REQUIREMENT, CAPITAL REQUIREMENTS, CAPITAL TREATMENT, CEDANT, CIVIL LAWS, COMMISSIONERS, COMPENSATION, COMPETITIVE MARKET, CONFIDENTIALITY, CONSUMER PROTECTION, CONTINGENCY PLANNING, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, COVERAGE, CREDIT COOPERATIVES, CREDIT GUARANTEE, CREDIT RISK, CREDIT STANDING, CREDIT UNIONS, CROSS-BORDER COOPERATION, CUSTOMER INFORMATION, DEMOGRAPHIC, DEPOSIT, DEPOSIT INSURANCE, DISCLOSURE GUIDELINES, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENTS, DISCOUNT RATES, DOMESTIC EXCHANGE, DOMESTIC MARKET, DUE DILIGENCE, ENVIRONMENTAL FACTORS, ETHICAL BEHAVIOR, EXPOSURE, EXPOSURES, FAIR VALUE, FINANCIAL CRISIS, FINANCIAL DEVELOPMENTS, FINANCIAL EDUCATION, FINANCIAL INDUSTRY, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKET DEVELOPMENTS, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL SECTOR, FINANCIAL SECTOR POLICY, FINANCIAL SERVICES, FINANCIAL STATEMENT, FINANCIAL TRANSACTION, FOREIGN EXCHANGE, FOREIGN INSURERS, GENERAL INSURANCE, GLOBAL FINANCIAL SERVICES, GOVERNANCE PROCEDURES, HOLDING COMPANIES, HOLDING COMPANY, HOLDINGS, INDEPENDENT JUDICIARY, INSPECTIONS, INSURANCE, INSURANCE ACTIVITIES, INSURANCE COMPANY, INSURANCE CORPORATION, INSURANCE FRAUD, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE PRODUCTS, INSURANCE REGULATION, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURER, INSURERS, INTEGRITY, INTEREST RATE, INTEREST RATE SPREADS, INTEREST RATES, INTERNAL AUDIT, INTERNAL CONTROL, INTERNAL CONTROLS, INTERNATIONAL BANK, INTERNATIONAL COOPERATION, INTERNATIONAL STANDARDS, INVESTIGATIONS, INVESTMENT ACTIVITIES, INVESTMENT MANAGEMENT, INVESTMENT POLICIES, INVESTMENT POLICY, INVESTMENT REGULATIONS, JURISDICTION, JURISDICTIONS, LAWS, LEGAL FRAMEWORK, LEGAL INSTRUMENTS, LEGAL PROTECTION, LEGAL SYSTEM, LIABILITY, LIFE INSURANCE COMPANIES, LIFE INSURERS, LIQUID MARKET, LIQUIDITY, LIQUIDITY RISK, LOCAL MARKET, MARKET CONCENTRATION, MARKET CONDITIONS, MARKET DISCIPLINE, MARKET INFORMATION, MARKET PARTICIPANTS, MARKET SHARE, MINIMUM CAPITAL REQUIREMENTS, MONETARY POLICY, MONEY LAUNDERING, MOTOR INSURANCE, NON-BANK, NON-LIFE INSURANCE, PAYMENT OF DIVIDENDS, POINT OF SALE, POLICYHOLDERS, PORTFOLIO, PREMIUMS, PRICE STABILITY, PRIVACY, PRIVATE SECTOR DEVELOPMENT, PROFITABILITY, PROPERTY RIGHTS, PROTECTION OF POLICYHOLDERS, PRUDENTIAL SUPERVISION, REAL ESTATE, RECIPROCITY, REGULATORS, REGULATORY CAPITAL, REGULATORY FRAMEWORK, REGULATORY REQUIREMENT, REGULATORY REQUIREMENTS, REGULATORY STRUCTURE, REINSURANCE, REINSURANCE CONTRACT, REINSURANCE CONTRACTS, REINSURANCE REQUIREMENTS, REINSURERS, RESERVES, RETIREMENT SAVINGS, RETURN, RETURNS, RISK ASSESSMENT, RISK EXPOSURE, RISK MANAGEMENT, RISK MANAGEMENT POLICIES, RISK MANAGEMENT PROCESS, RISK MANAGEMENT SYSTEMS, RISK PROFILES, RISK TRANSFER, SAVINGS, SECURITIES, SECURITIES MARKET, SHAREHOLDER, SHAREHOLDERS, SOLVENCY, SUPERVISORY AGENCIES, SUPERVISORY AGENCY, SUPERVISORY FRAMEWORK, SUPERVISORY SYSTEM, TERRORISM, TITLE INSURANCE, TRANSACTION INFORMATION, TRANSPARENCY, UNDERWRITING, VALUATION, VALUATION SYSTEM, VALUATIONS, WITHDRAWAL,
Online Access:http://documents.worldbank.org/curated/en/2014/05/19798094/korea-insurance-core-principles-detailed-assessment-observance
http://hdl.handle.net/10986/19298
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Summary:This report is an assessment of Korea's compliance with International Association of Insurance Supervisors' Insurance Core Principles (ICPs), as adopted in October 2011. The review was carried out as part of the 2013 Financial Sector Assessment Program (FSAP) assessment of Korea, and was based on the regulatory framework in place, the supervisory practices employed, and other conditions as they existed in April 2013. The assessment was carried out by Craig Thorburn, Lead Insurance Specialist, Non-Bank Financial Institutions Group, Capital Markets Practice, World Bank. The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of assessment.