Guidelines on the External Verification of Insurance Premium Rates and Risk Rates
- Enactment Date
- 2024-12-30
- Latest Amendment Date
The Institute of Actuaries of Korea has established and operates the Guidelines on the External Verification of Insurance Premium Rates and Risk Rates in order to enhance and oversee the quality of verification work conducted by external verification institutions on the adequacy of insurers’ insurance premium rates and risk rates.
These Guidelines are intended to serve as practical reference material and include the following components:
(1) General principles,
(2) Standard verification hours,
(3) A practical manual for verification work, and
(4) Key quality management indicators.
These Guidelines do not constitute laws, regulations, or mandatory standards, and therefore do not impose binding obligations on external verification institutions or other related parties. In addition, should relevant laws or standards be amended in the future, the Guidelines may no longer fully align with such changes.
Accordingly, it is expected that external verification institutions and entities subject to verification, including insurance companies, will appropriately utilize these Guidelines as reference material when performing verification work in accordance with applicable laws and regulations.
These Guidelines are intended to serve as practical reference material and include the following components:
(1) General principles,
(2) Standard verification hours,
(3) A practical manual for verification work, and
(4) Key quality management indicators.
These Guidelines do not constitute laws, regulations, or mandatory standards, and therefore do not impose binding obligations on external verification institutions or other related parties. In addition, should relevant laws or standards be amended in the future, the Guidelines may no longer fully align with such changes.
Accordingly, it is expected that external verification institutions and entities subject to verification, including insurance companies, will appropriately utilize these Guidelines as reference material when performing verification work in accordance with applicable laws and regulations.