On Oct. 8, SK FSS proposed extending insurance best practices guide.
SK FSS proposed the extension of Best practices for calculating, applying churn rates.
Follows SK FSS Nov. 2023 proposed extending guidance on churn rate, see #192143.
Overview of Proposal
Administrative guidance, which has been implemented since Jan. 1, 2022 to require insurers to calculate churn rates of non-refundable/partially refundable insurance products based on reasonable grounds, is scheduled to expire on Dec. 31, 2024.
Accordingly, SK FSS intends to extend its validity from Jan. 1 until Dec. 31, 2025.
Consultation Period
Comments shall be submitted by Nov. 1, 2024.
Dec. 2024 Extend Guide Validity
On Dec. 12, 2024, SK FSS extended the guide's validity from Jan. 1 till Dec. 31, 2025.
Regulators
SK FSS
Entity Types
Ins
Reference
RF 12/12/2024; CP 10/8/2024
Functions
Actuarial and Valuation; Compliance; Financial; Operations
