For Market Discipline
Korea Life Insurance Assoc. working to safeguard interest of member companies
The Korea Life Insurance Association (KLIA) was established in 1950 as a non-profit corporation and has remained committed to promoting common benefits for member companies and maintaining market discipline. In addition, it has contributed to developing the culture of life insurance. KLIA members include all life insurance companies (23 companies) in Korea and a reinsurance company (Korea Reinsurance Co.), totaling 24.
A momentum for the growth of the life insurance industry in Korea was arranged in the 1960s, when Insurance Business Law was enacted and savings campaigns for Korean citizens was implemented. Steps to deregulate the insurance industry were taken in the mid-1980s, allowing new companies to enter the insurance market. In the 1990s, the World Trade Organization was formed and Korea joined the OECD, accelerating the nation's globalization and deregulation. The Korean life insurance industry recorded 47 trillion won in annual premiums received and 110 trillion won in total assets as of the end of March 2000, making it the world's 7th largest.
The KLIA carries out comprehensive research and surveys on the insurance industry to stay in step with ongoing market trends toward specialization and diversification. KLIA helps to improve policyholder services and promote joint public welfare service projects such as support for child welfare. Its efforts to promote the development of Korea's life insurance and financial industries are ongoing, as they propose policies associated with the insurance to government and work on joint projects for the benefit of member companies, consumers and solicitors.
Bae Chan-byung, chairman and CEO of the association, in his forward address, said he welcomes all honored guests who visit the homepage of the KLIA. He went on to note that KLIA celebrated its 55th anniversary in February 20, this year and it has contributed to promoting common benefits for member companies and to maintaining market discipline. KLIA has also helped connect the Korean insurance industry with the international insurance world, giving member companies and interested parties opportunities to share ideas and create relationships.
This site provides current regulations; statistics and overview of Korea's life insurance industry to make you better understand the current status of the Korean life insurance industry.
KLIA's main functions include proposing policies and systems related to the insurance to government, enlightening relevant statutes such as the Insurance Business Law and offering suggestions on amendments. They also study solicitor systems and seek ways to improve them, engage in advertising and public relations for the industry as a whole, give counsel to consumers, and support their member companies in other such ways. These functions are described in greater detail below:
Improve insurance systems and regulations for member companies. Support and improve life insurance policies and systems. Research existing insurance laws and statutes and offer suggestions for revising them. Investigate short and long-term tasks for developing the life insurance industry.
Provide information related to the domestic and foreign insurance & financial market. Carry out functions related to life insurance solicitors. Publish textbooks related to life insurance for solicitors, support training for solicitor candidates. Run qualification test for life insurance solicitors. Operate self-regulatory activities to maintain market discipline. Investigate and punish irregularities of soliciting activities. Protect life insurance consumers. Operate "Insurance Contract Inquiry System (ICIS)"for checking on insurance subscriptions. Handle insurance complaints and offer consumer guidance. Operate a policy information exchange system for preventing adverse policy selections. Publish and disclose life insurers' business information.
Publish books on statistics and bulletins. Build up public trust through public welfare service activities. Promote joint public welfare service projects. Support child welfare centers and cancer research. Provide scholarships to orphaned teenagers who have younger siblings to support. nw

Bae Chan-byung, chairman and CEO of the Korea Life Insuranceassociation