World BankInternational Monetary Fund2014-08-142014-08-142014-05https://hdl.handle.net/10986/19298This 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTINGACCOUNTING STANDARDSACTUARIESAGENTSASSET MANAGEMENTASSET-LIABILITY MANAGEMENTASSETSASSURANCEAUDIT COMMITTEEAUDITORSBALANCE SHEETBANK CREDITBANK HOLDINGBANKRUPTCYBENEFICIARIESBONDBONDSBROKERBROKERSCAPACITY DEVELOPMENTCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL MARKETSCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCAPITAL TREATMENTCEDANTCIVIL LAWSCOMMISSIONERSCOMPENSATIONCOMPETITIVE MARKETCONFIDENTIALITYCONSUMER PROTECTIONCONTINGENCY PLANNINGCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCOVERAGECREDIT COOPERATIVESCREDIT GUARANTEECREDIT RISKCREDIT STANDINGCREDIT UNIONSCROSS-BORDER COOPERATIONCUSTOMER INFORMATIONDEMOGRAPHICDEPOSITDEPOSIT INSURANCEDISCLOSURE GUIDELINESDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDISCOUNT RATESDOMESTIC EXCHANGEDOMESTIC MARKETDUE DILIGENCEENVIRONMENTAL FACTORSETHICAL BEHAVIOREXPOSUREEXPOSURESFAIR VALUEFINANCIAL CRISISFINANCIAL DEVELOPMENTSFINANCIAL EDUCATIONFINANCIAL INDUSTRYFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTSFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL SECTORFINANCIAL SECTOR POLICYFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL TRANSACTIONFOREIGN EXCHANGEFOREIGN INSURERSGENERAL INSURANCEGLOBAL FINANCIAL SERVICESGOVERNANCE PROCEDURESHOLDING COMPANIESHOLDING COMPANYHOLDINGSINDEPENDENT JUDICIARYINSPECTIONSINSURANCEINSURANCE ACTIVITIESINSURANCE COMPANYINSURANCE CORPORATIONINSURANCE FRAUDINSURANCE INDUSTRYINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE PRODUCTSINSURANCE REGULATIONINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURERINSURERSINTEGRITYINTEREST RATEINTEREST RATE SPREADSINTEREST RATESINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL COOPERATIONINTERNATIONAL STANDARDSINVESTIGATIONSINVESTMENT ACTIVITIESINVESTMENT MANAGEMENTINVESTMENT POLICIESINVESTMENT POLICYINVESTMENT REGULATIONSJURISDICTIONJURISDICTIONSLAWSLEGAL FRAMEWORKLEGAL INSTRUMENTSLEGAL PROTECTIONLEGAL SYSTEMLIABILITYLIFE INSURANCE COMPANIESLIFE INSURERSLIQUID MARKETLIQUIDITYLIQUIDITY RISKLOCAL MARKETMARKET CONCENTRATIONMARKET CONDITIONSMARKET DISCIPLINEMARKET INFORMATIONMARKET PARTICIPANTSMARKET SHAREMINIMUM CAPITAL REQUIREMENTSMONETARY POLICYMONEY LAUNDERINGMOTOR INSURANCENON-BANKNON-LIFE INSURANCEPAYMENT OF DIVIDENDSPOINT OF SALEPOLICYHOLDERSPORTFOLIOPREMIUMSPRICE STABILITYPRIVACYPRIVATE SECTOR DEVELOPMENTPROFITABILITYPROPERTY RIGHTSPROTECTION OF POLICYHOLDERSPRUDENTIAL SUPERVISIONREAL ESTATERECIPROCITYREGULATORSREGULATORY CAPITALREGULATORY FRAMEWORKREGULATORY REQUIREMENTREGULATORY REQUIREMENTSREGULATORY STRUCTUREREINSURANCEREINSURANCE CONTRACTREINSURANCE CONTRACTSREINSURANCE REQUIREMENTSREINSURERSRESERVESRETIREMENT SAVINGSRETURNRETURNSRISK ASSESSMENTRISK EXPOSURERISK MANAGEMENTRISK MANAGEMENT POLICIESRISK MANAGEMENT PROCESSRISK MANAGEMENT SYSTEMSRISK PROFILESRISK TRANSFERSAVINGSSECURITIESSECURITIES MARKETSHAREHOLDERSHAREHOLDERSSOLVENCYSUPERVISORY AGENCIESSUPERVISORY AGENCYSUPERVISORY FRAMEWORKSUPERVISORY SYSTEMTERRORISMTITLE INSURANCETRANSACTION INFORMATIONTRANSPARENCYUNDERWRITINGVALUATIONVALUATION SYSTEMVALUATIONSWITHDRAWAL10.1596/19298