News

By Kim Eun-jin | Business Korea | March 14, 2023

A total of 19 insurance companies, more than one-third of the total, asked the Financial Supervisory Service to postpone the implementation of the Korea Insurance Capital Standard (K-ICS). The ratio is over 50 percent when it comes to life insurance companies. The standard is for soundness assessment in which both assets and liabilities are calculated on a present value basis.Read More »Multiple Insurance Companies Requesting K-ICS Grace Period

By Jung Min-hee | Business Korea | March 9, 2023

Insurance companies are supposed to submit their tenth preparedness assessment reports to the Financial Supervisory Service by this month regarding the Korea Insurance Capital Standard (K-ICS) based on IFRS 17 introduced this year.Read More »IFRS 17 Still Headache for Non-large Insurance Companies

By Yoon Young-sil | Business Korea | December 6, 2022

The Financial Supervisory Service announced on Dec. 5 that the New Korea Insurance Capital Standard (K-ICS) would be implemented next year in step with the implementation of IFRS 17.Read More »New Korea Insurance Capital Standard to Be Implemented Soon

By Anna J. Park | The Korea Times | Oct 14, 2022

Korea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale.Read More »KDB Life put up in M&A market for fifth time

By Pete Carvill | Reinsurance News | August 26, 2022

Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers.Read More »Korean Insurance Capital Standard to have limited impact: Fitch Ratings

By Fitch Ratings | August 22, 2022

Fitch Ratings-Hong Kong/Singapore-22 August 2022: The implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers, Fitch Ratings says. We believe the K-ICS will not materially change the underlying risk structure or fundamental business profile of insurance operations.Read More »K-ICS to Pressure Korean Insurers’ Capital; Limited Rating Impact

By Yonhap | April 25, 2022

South Korea’s antitrust regulator said Sunday it has decided to impose a combined fine of 1.76 billion won ($1.42 million) on eight insurance companies for colluding to fix bidding prices.Read More »8 insurers fined W1.76b for collusion

By Anna J. Park | The Korea Times | April 13, 2022

Kakao Pay received the green light from the country’s financial authorities Wednesday to advance into the non-life insurance market.Read More »Kakao Pay gets green light to advance into non-life insurance market