Under the previous rules, reinsurers were required to obtain the consent of policyholders in order to transfer their information to retrocessionaires. In practice, it was difficult for reinsurers to obtain such consent and the requirement impeded the active retrocession transactions.
To address this issue, the financial supervisory authority decided to allow direct insurers (cedants) to obtain the policyholders' consent, on behalf of reinsurers, to transfer their information to retrocessionaires. To reflect this policy change, on January 2, 2026, the Korea Life Insurance Association and the General Insurance Association of Korea amended the standard consent form for the transfer of policyholder information. Policyholder information transferred to retrocessionaires under the amended standard form may only be for purposes of the relevant retrocession agreements, such as underwriting review, and may not be used for marketing, promotion, or other unrelated purposes.
Policyholders who consent to transfer will be able to confirm, via the direct insurers' website, the identity and country of residence of the retrocessionaires to whom their information was transferred.
The amended standard consent form is expected to be implemented within the first quarter of 2026, following completion of the necessary system changes by each insurer.
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