Guidelines on the External Verification of Insurance Contract Liabilities
- Enactment Date
- 2023-06-15
- Latest Amendment Date
- 2026-01-23
The Institute of Actuaries of Korea, as a self-regulatory body, has established and operates the Guidelines on the External Verification of Insurance Contract Liabilities with the aim of enhancing and overseeing the quality of external verification work conducted by external verification institutions on the adequacy of insurers’ insurance contract liabilities.
These Guidelines, developed within a self-regulatory framework, consist of the following components:
(1) General principles,
(2) Standard verification hours,
(3) A practical manual for the external verification of insurance contract liabilities, including the verification process, and
(4) Key quality management indicators for the verification work performed by external verification institutions.
These Guidelines do not constitute laws, regulations, or mandatory standards, and therefore do not impose binding obligations on external verification institutions or other related parties. In addition, should relevant laws or standards be amended in the future, the Guidelines may no longer fully align with such changes.
Accordingly, it is expected that external verification institutions and entities subject to verification, including insurance companies, will utilize these Guidelines appropriately as reference material when performing verification work in accordance with applicable laws and regulations.
These Guidelines, developed within a self-regulatory framework, consist of the following components:
(1) General principles,
(2) Standard verification hours,
(3) A practical manual for the external verification of insurance contract liabilities, including the verification process, and
(4) Key quality management indicators for the verification work performed by external verification institutions.
These Guidelines do not constitute laws, regulations, or mandatory standards, and therefore do not impose binding obligations on external verification institutions or other related parties. In addition, should relevant laws or standards be amended in the future, the Guidelines may no longer fully align with such changes.
Accordingly, it is expected that external verification institutions and entities subject to verification, including insurance companies, will utilize these Guidelines appropriately as reference material when performing verification work in accordance with applicable laws and regulations.