A. Improve the subjects to be examined with grounds for disqualification of executives when licensing an insurance business (Article 10 (1))
The amendment improves the subjects to be examined with grounds for disqualification of executives under the Act on Corporate Governance of Financial Companies from incorporators to executives in the same manner as other financial businesses when licensing the insurance business.

B. Clarify the allowance for business entrustment when licensing the insurance business (Article 10 (2))
In the case that allowed enactment businesses, which are prescribed and notified by the Financial Services Commission, are entrusted when licensing the insurance business, they shall be deemed to have the human/material requirements related to the businesses.

C. Include hybrid bonds in the subject of regulation on restricting the total amount of the debenture (Article 58 (3))
The amendment improves the regulatory vacuum, including hybrid bonds in the subject of regulation on restricting the total amount of the debenture.

D. Establish the basis of the ownership of FinTech subsidiaries (Article 59 (2))
The amendment establishes the basis that an insurance company may own FinTech companies as its subsidiaries with the approval of the Financial Services Commission.

E. Improve the examination period of approving the ownership of subsidiaries (Article 59 (4))
The amendment provides the basis to extend the examination period in exceptional cases such as when supplementary data is needed when examining the ownership of subsidiaries.

F. Improve the evaluation on the understanding of insurance policies (Article 71-6)
The amendment increases the number of insurance consumer representatives among the subjects of evaluation on the understanding of insurance policies and requires that the evaluation on understanding of insurance policies is also conducted for general consumers selected according to the criteria set by the head of the evaluation agency.

G. Establish a basis for handling unique identification information (Article 102)
The amendment establishes the basis that guaranty insurance companies may handle lessors’ unique identification information to ensure that lessees may take up the premium security insurance without the lessors’ consent and the basis that a non-life insurance company selling auto insurance may handle the resident registration numbers for insurance consumers looking for auto insurance in Insurance Damoa (e-insurance market) to move to the website of an insurance company and take out one-stop auto insurance.

H. Delegate the approval examination duties to the Governor of the Financial Supervisory Service (attached Table 8)
The amendment delegates to the Financial Supervisory Commission the resolution of dissolution, merger, transfer of insurance contract, and business transfer/takeover of insurance companies.

I. Establish a standard for imposing a fine (attached Table 9)
The amendment stipulates that the standard amount of a fine for a violation of disclosure obligations of corporate insurance agencies shall be 10 million won.