Korea Branch Compliance Officer - Insurance case studies
Korea Branch Compliance Officer - Insurance · Put your knowledge to work in context.
The Korea Branch Compliance Officer - Insurance credential is a professional examination for compliance practitioners working in, or preparing to work in, the Korean branch or subsidiary of a foreign insurer. It tests whether a candidate can apply Korean insurance regulation and supervisory expectations to the daily work of a branch compliance function: product and sales conduct, anti-money laundering and sanctions screening, internal control design, outsourcing and operational risk, privacy and information security, cross-border reporting to both the local supervisor and the parent company, and ethical handling of conflicts. The Korea Branch Compliance Officer - Insurance case studies are 5 cases and about 3,880 words.
1Parametric SME product launched before terms filing: StormPay and the GA channel
Hanul General Insurance's Seoul branch, a branch of a foreign non-life insurer, plans to launch 'StormPay', a parametric policy for small logistics firms that pays a fixed KRW 30 million whenever rainfall at a designated weather station exceeds 80 mm in 24 hours. Marketing is scheduled to start on 12 May to catch the monsoon season, targeting 4,200 SME policyholders in the first quarter.
784 words, about 4 min2Variable annuity mis-selling through a bank channel: selective refunds and a three-day regulator request
Between 3 February and 28 March the Busan branch of a foreign life insurer sold 87 variable universal life policies through a bank channel. Average annual premium was KRW 12 million, 61 buyers were aged 65 or older, and in 48 cases the file contains no recording of the explanation of the 100% equity fund allocation or of the possibility of principal loss.
728 words, about 4 min3Third-party premium, nominee ownership and an unresolved sanctions hit
On 14 April the Seoul branch of a foreign life insurer received an annual premium of USD 410,000, about KRW 550 million, for a ten-year keyman policy on the CEO of a Korean trading company. The premium was wired from a Hong Kong company that is not the policyholder.
768 words, about 4 min4Countersigning an intra-group outsourcing deal while the compliance officer reports to the CEO
The compliance officer of the Seoul branch of a foreign insurer is asked to countersign a 'compliance confirmation' for a five-year IT services agreement worth KRW 9.2 billion with the parent's wholly owned technology subsidiary in Manila. The award was single-source, with no tender and no documented comparison of alternatives.
778 words, about 4 min5Group cloud migration and a ransomware incident affecting health data
Cheongsol Life's Seoul branch is migrating policy administration to the group's cloud platform hosted in Singapore and Virginia. The dataset covers 1.3 million policyholders, including 420,000 records containing health and medical information from claims.
822 words, about 4 min