(1) Reasons for Proposal

Up to date, even a person who does not have a career as an actuary in general non-life insurance was allowd to work as a senior actuary of a non-life insurance company, which may lead to poor performance of the premium rate verification of general non-life insurance. This Amendment aims to address such issue.

(2) Major Provisions

A. Strengthen the qualifcations for senior actuaries of non-life insurance companies (Article 95)

Prescribe that a senior actuary of a non-life insurance company shall be appointed only from those who have worked for three years or more in the non-life insurance actuarial services prescribed and announced by the Financial Services Commission.

B. Add matters to be reported in advance to the Financial Services Commission when preparing and changing basic documents (Attached Table 6 No. 2)

Regulate that an insurance company shall report to the Financial Services Commission if the company prepares or changes the basic documents of safety insurance for farmers and safety insurance for fishers pursuant to the Act on Safety Insurance for Farmers and Fishers and Prevention of Work Accidents for the protection of policyholders, etc.