Governance, Risk and Compliance - The South Korean Insurance Industry

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
2.4.8 Personal accident insurance for students and part-time assistants working in university laboratories
2.4.9 National health 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 (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData'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 - Penalty on the Degree of Offense
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 2019

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