"Discussion on Real Estate PF and Sales Precautions"... Financial Supervisory Service Holds Internal Control Workshop for Insurers
Over 80 Insurance Company Audit Staff Attended
[Asia Economy Reporter Minwoo Lee] The Financial Supervisory Service (FSS) held a regular event to discuss current issues and response measures related to internal control with life and non-life insurance companies.
On the 21st, the FSS announced that it held the "2022 Second Half Internal Control Workshop" for insurance companies at the FSS Training Center in Tongui-dong, Jongno-gu, Seoul, the previous day. Since its inception in 2015, about 80 audit staff from insurance companies have participated in this event.
At this event, past inspection findings and major issues in the insurance industry were shared to enhance the level of internal control in insurance companies. In particular, in preparation for the recent increase in financial market volatility, strengthening risk management and improving financial soundness such as the solvency ratio were emphasized.
Additionally, excellent cases of internal control (self-review) regarding insurance product advertisements were shared, and a special lecture by an external legal expert on industry issues was conducted. Specifically, the agenda included ▲ strengthening internal control of alternative investments and real estate project financing (PF) ▲ guidance on precautions for sales activities such as briefing sales ▲ excellent internal control cases (strengthening online advertisement inspections using digital technology).
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An FSS official stated, "Through this event, insurance companies will be able to strengthen their internal control capabilities by independently identifying and improving vulnerabilities in the future," and added, "We will continue to closely communicate with the insurance industry through various channels such as internal control workshops, while actively supporting the establishment of insurance companies' own risk management capabilities and consumer protection systems by strengthening supervision and inspection related to internal control."
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