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Government Legislation

  • Partial amendment to the Enforcement Decree of the Insurance Business Act
    • Competent Ministry : Financial Services Commission
    • Advance Publication of Legislation : 2021-01-28
    • Opinion Submission Deadline : 2021-03-09

1. Establish detailed standards for small, short-term insurance companies. 

2. Establish standards for external verification of the adequacy of liability reserves. 

3. Establish grounds for the joint use network of administrative information of insurance companies. 

4. Clarify the training period to prevent incomplete sales by insurance solicitors. 

5. Alleviate regulations on approval of subsidiary ownership of insurance companies. 

6. Prescribe the provisions concerning notification of resolution to transfer insurance contracts. 

7. Provide reasons for exceptions to the prohibition on new insurance contracts. 

8. Expand the affairs of premium rate calculation agencies. 

9. Change the criteria for imposing administrative fines. 



Regulatory effect assessment
  • 보험업법 시행령(규제영향분석서).hwp [download]
Legislative proposal (draft)
  • 보험업법 시행령 일부개정령안(210104).hwp [download]