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Guideline

Introduction

Enactment Date
2023-06-15
Latest Amendment Date
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The meeting has published the "Self-Regulation Guidelines for External Validation of Reserve Funds" as part of the initiative to enhance the effectiveness of external validation of reserve funds.

1. Guidelines: Self-Regulation Guidelines for External Validation of Reserve Funds (Refer to the attached document for details).

2. Task Force Establishment: Self-Regulation Strengthening T/F Team under the Financial Authorities' External Validation Improvement Task Force

(1) Task Force Leader: Im Jong-guk (IAK)
(2) Members: Kang Sung-gil (Meritz Fire & Marine), Kwon Seung-soo (Korean Re), Kim Hyun-young (The Map), Kim Hyung-jo (Hanwha Life), No Geon-yeop (Korea Insurance Development Institute), Park Gye-ryeong (Kyobo Life), Baek Tae-hwan (Q Fit), Yang Kyung-hee (Korea Insurance Development Institute), Lee Hong-yong (EY Hanyoung), Jeon Hyeon-ho (Summit), Choi Heon-seung (Insurance Development Institute), Hwang Cho-rong (Samsung Fire & Marine).
(3) Secretary: Jeong Do-hee (IAK)

3. Objective of the Guidelines: Enhance the effectiveness of external validation of reserve funds in accordance with the implementation of International Financial Reporting Standards for Insurance Contracts (IFRS17).

Composition of the Guidelines:

(1) General Principles: Provides general principles and standard formats.
(2) Standard Validation Time: In the context of self-regulation, provides the minimum validation time to be followed when external validation agencies conduct validation tasks related to reserve funds (differentiated based on asset and continuing validation criteria).
(3) Practical Manual: Reflects IFRS17 in the existing manual established by the meeting (September '21), presenting assumptions and details related to external validation of reserve funds (additional items on validation, processes, and matters related to validation consultations).
(4) Key Indicators for Validation Task Quality Management: Presents key indicators that the meeting must manage to improve the quality of external validation agency validation tasks in the context of self-regulation. External validation agencies are required to submit key indicator results to the meeting by the end of July each year for insurance company disclosure.
Miscellaneous: Continuous improvement of the guidelines is planned within the scope of self-regulation.

For the full text of the guidelines and more details, please refer to the press release.

[Attached Documents]

Self-Regulation Guidelines for External Validation of Reserve Funds
Annex 1 (Validation Report Standard Format)_HWP
Annex 2 (Submission Standard Format for Key Quality Management Indicators)_HWP

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