Regulatory Alerts2017-08-11
Amendments Proposed to Regulations on Supervision of Insurance Business
The Financial Services Commission proposed amendments to the Regulations on Supervision of Insurance Business to align regulatory frameworks with upcoming accounting standards. These changes enhance the Liability Adequacy Test and mandate a phased implementation of higher policy reserves starting at the end of 2017. The regulatory updates ensure full compliance with IFRS17 ahead of its 2021 effective date.
Amendments Proposed to Regulations on Supervision of Insurance Business
Date
2017-08-11
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922
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Amendments Proposed to Regulations on Supervision of Insurance Business_.pdf (fileSize: 143KB)
The Financial Services Commission proposed amendments to the Regulations on Supervision of Insurance Business in preparation for the implementation of IFRS17 in 2021. The proposed amendments seek to improve Liability Adequacy Test (LAT) and phase in higher policy reserves standards beginning at the end of 2017.
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International Affairs Department(Financial Hub Korea) International Cooperation Team
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+82-2-3145-7895