U.S. Regulators Ink Agreement with Korea’s Financial Supervisors

The National Association of Insurance Commissioners (NAIC) recently signed a Memorandum of Understanding (MOU) with Korea’s Financial Supervisory Commission and Financial Supervisory Service in Seoul, Korea.

NAIC President and Alabama Insurance Commissioner Walter Bell participated in the formal signing with Chairman Yoon Jeung-Hyun, Financial Supervisory Commission (FSC) Chairman and Financial Supervisory Service (FSS) Governor.

The agreement recognizes the increasing international activity in insurance markets and the critical need for mutual cooperation.

“As the eighth largest insurance market in the world, Korea’s strength globally, and Asia in particular, continues to grow,” Bell said. “Signing this MOU only helps to solidify an already strong relationship. Over the last several years, the NAIC has had the pleasure of hosting two Korean supervisors, one per year, as secondments in the California Department of Insurance.”

Korea’s FSC is responsible for performing broad supervisory functions in financial supervision, primarily licensing financial business and revising and drafting financial regulations, including the instruction and supervision of the FSS. The responsibilities of the FSS include the supervision and examination of all financial institutions in Korea.

With MOUs currently in place with the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, and Vietnam’s Department of Insurance, this agreement will further enhance NAIC’s relationships in Asia from a bilateral, regional and global perspective.

The NAIC now has entered into eight MOUs, including signed agreements with Iraq, Russia, Brazil and the ASSAL (Association of Latin American Insurance Supervisors). The NAIC also agreed to a model MOU on information exchange between EU supervisors and United States-lead supervisors of insurance group members with transatlantic operations.

Topics USA