Incentives for small insurance companies in South Korea

The supervisory authorities are considering relaxing the regulatory requirements governing the share capital of insurers.

Small non-life insurance companies could thus be licensed to offer simple risks with a minimum capital of 1 billion KRW (860 000 USD). According to the current legislation, the share capital of a composite insurance company (life and non-life) is of 30 billion KRW (25 800 000 USD).

These measures could be introduced as part of the "2020 Financial Industry Innovation Policy Promotion Plan”.

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