On Feb. 12, 2025, SK FSS published revised regulations effective from Feb. 28, 2025.
On Jan. 6, SK FSS proposed revisions re insurers' business expenses.
SK FSS proposed revisions to Detailed regulations on supervision of insurance business, to continuously monitor the status of insurance firms' business expenses.
Overview of Proposed Revisions
Create a business report form on the status of balance sheet that includes business expenses, to enable constant monitoring of the execution status of business expenses.
Reflect the reserve ratio in the relevant business reports, as a follow-up measure to revisions to article 6-11-6 of the Supervisory regulations on insurance business, which establishes an accumulation ratio for cancellation refund reserves, see #231419.
Consultation Period
Comments shall be submitted by Jan. 27 for planned effectiveness from Jan. 31, 2025.
Feb. 2025 Revisions Finalized
On Feb. 12, 2025, SK FSS published revised regulations effective from Feb. 28, 2025.
Regulators
SK FSS
Entity Types
Ins
Reference
RF 2/12/2025; CP, Form, 1/6/2025;
Functions
Accounting; Actuarial and Valuation; Compliance; Financial; Legal; Reporting; Risk; Treasury
