Korea Branch Compliance Officer - Insurance study guide
Korea Branch Compliance Officer - Insurance · Work through your exam, one topic at a time.
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 study guide has 8 sections and about 2,534 words.
01Insurance Business Act and the Supervisory Framework
Licensing gates, product and solvency supervision, and how the Insurance Business Act (보험업법) splits authority between the FSC (policy) and the FSS (examination and enforcement). Questions typically ask whether a given activity needs approval or only a filing.
343 words, about 2 min02Financial Consumer Protection and Sales Conduct
The Financial Consumer Protection Act (금융소비자보호법, in force 25 September 2021) and its six conduct rules, applied to insurance solicitation: suitability, appropriateness, duty to explain, prohibition of unfair business conduct, prohibition of improper solicitation, and prohibition of false or exaggerated advertising. 적합성 (suitability): the seller must collect income, assets, investment purpose and risk appetite and must refuse or re-recommend where the product does not fit.
341 words, about 2 min03AML, Terrorist Financing and Sanctions Compliance
Obligations under the Act on Reporting and Using Specified Financial Transaction Information (특정금융정보법), KoFIU reporting, and sanctions screening - tested through insurance-specific typologies such as single-premium policies, third-party payers and early surrenders. CDD at onboarding and at defined trigger events; EDD for high-risk customers, PEPs and cross-border correspondent relationships.
315 words, about 2 min04Internal Control, Compliance Risk and the Compliance Officer's Duties
The 내부통제기준 required by the Act on Corporate Governance of Financial Companies (금융회사 지배구조법) and the Insurance Business Act, and the independence and duties of the 준법감시인 (compliance officer) in a branch setting. The compliance officer must be independent of business lines, must be able to attend board meetings, and cannot be removed without a board resolution and notification to the FSS.
327 words, about 2 min05Governance, Outsourcing and Operational Risk for Foreign Branches
Branch-level governance, the 업무위탁 (outsourcing) regime, cloud usage rules, and operational risk for foreign insurers operating in Korea - including intra-group arrangements with the parent. A branch is headed by a 지점장 approved by the FSC on suitability grounds; the branch holds 영업기금 and is expected to have local risk management and compliance capability, not merely a sales office.
289 words, about 1 min06Data Privacy and Information Security
The Personal Information Protection Act (개인정보보호법), the Credit Information Act (신용정보법), electronic financial transaction security rules including 망분리, and the cross-border transfer of policyholder data - a live issue for every foreign branch. Consent must be specific, separate and granular; bundling consent for marketing with consent for processing is invalid, and sensitive information (health data in underwriting) needs separate consent or a statutory basis.
326 words, about 2 min07Cross-Border Regulatory Coordination and Reporting
How a Korean branch interfaces with the FSS and FSC, its home supervisor, supervisory colleges and international standards such as IAIS Insurance Core Principles - and which cross-border transactions require separate foreign-exchange and tax filings. Routine reporting: business reports, quarterly and annual returns, and immediate notification of material events such as a change of branch manager, capital injection, or a home-supervisor enforcement action.
299 words, about 1 min08Professional Ethics and Conflicts of Interest
Conflicts of interest in insurance distribution and governance, the 임직원 행동강령 (code of conduct), the Improper Solicitation and Graft Act (청탁금지법), and the compliance officer's personal ethical obligations. Conflicts must be identified, avoided where possible, controlled where not, and disclosed as a last resort - disclosure alone is not an acceptable control for a material conflict.
294 words, about 1 min