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 Asse...

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Bibliographic Details
Main Authors: World Bank, International Monetary Fund
Format: Financial Sector Assessment Program (FSAP)
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2014/05/19798094/korea-insurance-core-principles-detailed-assessment-observance
http://hdl.handle.net/10986/19298
id okr-10986-19298
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank
International Monetary Fund
Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
geographic_facet East Asia and Pacific
Korea, Republic of
description 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.
format Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
author World Bank
International Monetary Fund
author_facet World Bank
International Monetary Fund
author_sort World Bank
title Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
title_short Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
title_full Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
title_fullStr Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
title_full_unstemmed Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles
title_sort financial sector assessment program - republic of korea : insurance core principles
publisher World Bank, Washington, DC
publishDate 2014
url http://documents.worldbank.org/curated/en/2014/05/19798094/korea-insurance-core-principles-detailed-assessment-observance
http://hdl.handle.net/10986/19298
_version_ 1764443653752750080
spelling okr-10986-192982021-04-23T14:03:51Z Financial Sector Assessment Program - Republic of Korea : Insurance Core Principles World Bank International Monetary Fund 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 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. 2014-08-14T15:27:04Z 2014-08-14T15:27:04Z 2014-05 http://documents.worldbank.org/curated/en/2014/05/19798094/korea-insurance-core-principles-detailed-assessment-observance http://hdl.handle.net/10986/19298 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work East Asia and Pacific Korea, Republic of