Financial Supervisory Service Hosts Seminar and Roundtable with U.S. Insurance Supervisory Authority

FSS to Enhance Supervisory Framework Based on Seminar Discussions

The Financial Supervisory Service announced that, in collaboration with the Korea Life Insurance Association and the General Insurance Association of Korea, it will host a seminar for two days starting September 22, inviting the Chief Actuary of the insurance supervisory authority from New Jersey, United States.

On the first day, a public seminar on advancing actuarial supervision under International Financial Reporting Standards 17 (IFRS 17) will be held. On the second day, a roundtable will take place to support the overseas expansion of domestic insurance companies and to enhance actuarial capabilities.

Financial Supervisory Service Headquarters. Financial Supervisory Service

During the IFRS 17 Actuarial Supervision Advancement Seminar, presentations were given on changes in supervisory systems in Korea and the United States following the transition to market valuation of insurance liabilities, as well as on asset-liability management (ALM) strategies in the U.S. insurance industry. This was followed by a panel discussion and a Q&A session. The panel discussion mainly focused on implications for future improvements, based on changes in the insurance industry and supervisory systems in both Korea and the United States resulting from the market valuation of insurance liabilities.

At the roundtable on September 23, which aims to support overseas expansion and enhance actuarial capabilities, there will be practical discussions covering cases of domestic insurers entering the U.S. insurance market and examples of U.S. insurance supervisory practices. The meeting will also address ways to comply with local regulations regarding premium rate adjustments and reserve calculations.

A Financial Supervisory Service official stated, "We will use the discussions from this seminar and roundtable as references to further advance the supervisory framework for key actuarial assumptions in insurance liability valuation. We will also actively incorporate the outcomes of the overseas expansion support roundtable into our work to facilitate the overseas expansion of domestic insurers, and we will continue to consult and communicate with the insurance industry going forward."