Regulatory Alerts2015-12-13
Amendments Proposed to Improve Competitiveness of Insurance Industry
The Financial Services Commission proposed amendments to the Regulation on Supervision of Insurance Business that repeal standard interest rates used for calculating policy reserves and premiums. The regulatory changes phase out existing interest rates applied to determine benefit amounts for interest rate-linked insurance products. These adjustments modernize calculation methods to enhance the overall competitiveness of the domestic insurance sector.
Amendments Proposed to Improve Competitiveness of Insurance Industry
Date
2015-12-13
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Amendments Proposed to Improve Insurance Industry's Competitiveness, Nov. 24, 2015_.pdf (fileSize: 151KB)
The Financial Services Commission announced on November 24, 2015, amendments to the Regulation on Supervision of Insurance Business. The proposed amendments provide for the repeal of the standard interest rates used to set insurance company’s policy reserves and premiums and phase out interest rates that insurance companies may apply to determine the benefit amount for interest rate-linked insurance products.
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International Affairs Department(Financial Hub Korea) International Cooperation Team
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+82-2-3145-7895