Financial Authorities Conduct Consulting to Support Establishment of Small-Sum Short-Term Insurance Companies
Ongoing for 5 days until the 24th
[Asia Economy Reporter Park Sun-mi] The financial authorities will conduct one-on-one consulting sessions over five days to support the establishment of small-amount short-term specialized insurance companies, such as pet insurance and weather insurance.
On the 18th, the Financial Services Commission and the Financial Supervisory Service announced that from today until the 24th, they will conduct one-on-one insurance business licensing consulting for 10 companies that participated in the preliminary demand survey for small-amount short-term specialized insurance business.
It has become possible to establish mini insurance companies handling life (life), non-life (liability, expense, weather, theft, animal, glass), and third insurance (disease, injury) with a minimum capital of 2 billion KRW. The insurance period is set at one year, the maximum insurance payout limit is 50 million KRW, and the annual total premium income is capped at 50 billion KRW. Previously, establishing a new comprehensive insurance company required a high capital of over 30 billion KRW.
The consulting will involve providing explanatory materials on the insurance business licensing system and financial soundness regulations applicable to insurance companies in advance, and then conducting a Q&A-focused session based on questions received. After the consulting, the main Q&A points will be compiled and provided to each individual company.
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The explanatory materials on the insurance business licensing system and financial soundness regulations to be provided in advance will include details on licensing requirements and procedures such as ▲capital requirements ▲personnel and physical facility requirements ▲business plan requirements ▲major shareholder requirements, as well as financial soundness regulations including ▲current supervisory accounting standards, solvency system ▲and preparations for the introduction of IFRS17 and K-ICS in 2023.
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