Korea to ease regulations for insurance firms' asset management.
Global Banking News-April 25, 2016--Korea to ease regulations for insurance firms' asset management
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Global Banking News - 25 April 2016
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The Korean government is to ease regulations regarding asset management for insurance companies.
The Financial Services Commission (FSC) said on April 24 that it would change a revised bill related to restrictions on insurance business operation. Until now, insurance firms have only been able to invest foreign currency securities when they have credit ratings approved by international credit ratings agencies. Now they will be able to trade foreign currency securities when they have the investment-grade status from credit rating firms that are selected by financial supervisory authorities of countries without credit ratings from international credit ratings agencies.
The new norms are to come into effect in August.
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