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Government Legislation

  • Draft for partial revision of Enforcement Decree of Insurance Business Act
    • Competent Ministry : Financial Services Commission
    • Advance Publication of Legislation : 2021-07-05
    • Opinion Submission Deadline : 2021-08-16

A. Definition of terms based on International Accounting Standards for Insurance Contracts (hereinafter referred to as IFRS17) (Article 9, Article 25-2, Article 60, Article 63, Article 75, Appendix Table 1, and Appendix Table 9)

B. Improvement of actuary system (Article 95 and Article 96)

C. Preparation of the basis to adopt new solvency system (K-ICS) (Article 65)

D. Revision of damage treatment criteria for reinsurance contracts (Article 63)

E. Amendment of the name of liability reserve under basic documents (Article 71 and Appendix Table 7)


Regulatory effect assessment
  • 보험업법 시행령(규제영향분석서)_20210720.hwp [download]
Legislative proposal (draft)
  • 3. 보험업법 시행령 일부개정령안.hwp [download]