The Financial Supervisory Service (“FSS”) established the “Guidelines on Handling of Co-Reinsurance” to promote co-reinsurance following the implementation of IFRS 17 and K-ICS in 2023. The key details are as follows:
A. Prepare Work Processing Standards for Co-reinsurance Contracts
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Present the structure and type of products for which co-reinsurance can be provided and present accounting treatment examples.
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Provide key steps from a ceding company’s request for proposal of co-reinsurance to the transaction reporting to the FSS.
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Provide FAQs regarding co-insurance based upon past inquiries from insurance companies.
B. Prepare Guidelines for Provision and Management of Reinsurance Data
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Establish a standardized scope and data provision format to improve the efficiency of a ceding company’s data preparation and management.
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Provide standard data management guidelines for reinsurers and examples of the structure of data receiving system.
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