Governance, Risk and Compliance – The South Korean Insurance Industry

Date: 2016-01

“• The South Korean insurance industry is regulated by the Financial Supervisory Commission and the Financial Supervisory Service.

• 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 mandatory in South Korea.

• Non-admitted insurance is permitted for life and reinsurance business in South Korea.”

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