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Title: Regulations Governing Non-Life Insurance Enterprises Engaging in Injury Insurance and Health Insurance Ch
Date: 2022.06.29
Legislative: Amended on June 29,2022
Content: Article 3  A non-life insurance enterprise applying for engaging in injury insurance and health insurance shall meet the following qualification requirements. Notwithstanding the foregoing, an insurance enterprise that is already engaging in injury insurance pursuant to paragraph 1, Article 138 of the Act before its amendment are exempted from the provisions in this Article for its injury insurance business.
1. Having sound business operation and financial capacity, having the operational capability to engage in injury insurance and health insurance, and the ratio of total adjusted net capital to risk-based capital in the past year complying with the adequacy ratio set forth in paragraph 1, Article 143-4 of the Act;
2. Not having been subject to major sanction and disciplinary action by the competent authority in the past year, or if it has, concrete improvement actions have been taken to remedy the violation and recognized by the competent authority;
3. Staffed with professional personnel to engage in injury insurance and health insurance, including qualified signatories for legal, conservation, investment, underwriting, claim adjusting and actuarial activities specified in subparagraphs 1-6, paragraph 1, Article 12 of Regulations Governing Pre-sale Procedures for Insurance Products as well as underwriters and adjusters meeting the criteria set forth in Article 12 and Article 13 of the Regulations Governing Business Solicitation, Policy Underwriting and Claim Adjusting of Insurance Enterprises;
4. Ranking in the top eighty percent in the past year in terms of the results of the Treating Customer Fairly Principle evaluation of non-life insurance companies. The preceding provision does not apply to a non-life insurance enterprise that could provide reasonable explanation and such explanation is accepted by the competent authority.
The major sanction and disciplinary action as prescribed in Subparagraph 2 of the preceding Paragraph refer to Article 2 of the Regulations Governing Public Disclosure by the Financial Supervisory Commission of Material Enforcement Actions for Violations of Financial Legislation.
An internet-only non-life insurance company that has been in business for less than one year and applies for engaging in injury insurance and health insurance may be exempt from the qualification requirements for the actual performance in the most recent year listed in any subparagraph of paragraph 1.
The competent authority may revoke the permit of a non-life insurance enterprise to engage in injury insurance and health insurance provided its application documents are found to violate the laws and regulations or contain false information.