Financial regulator to ease capital rules for insurers

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Financial regulator to ease capital rules for insurers

Korea’s financial regulator said Tuesday it will relax some capital rules and other technical standards for insurance firms to help them better cope with changes in global accounting rules.

Korea is one of more than 100 nations that will adopt the new global bookkeeping standard or the International Financial Reporting Standards 17, starting in January 2021.

When adopted, some insurers in Korea will face capitalization pressure, analysts said.

To help insurers alleviate potential fallouts from the change, the Financial Supervisory Service said it will lengthen the duration of the risk-based capital ratio of an insurer to 25 years from the current 20 years. YONHAP

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