Journal of Insurance and Finance 2021 KCI Impact Factor : 0.67

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2004, Vol.15, No.2

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    Insurance Companies' Perception on the Regulation Supervisory of Retirement Pension

    keonshik Ryu , 이태열 | 2004, 15(2) | pp.37~69 | number of Cited : 1
    Abstract PDF
    The purposes of this paper are to review the regulation and supervisory framework on currently proposed(perspective) law of corporate pension system, and to find out the direction and the proposition of the regulation and supervisory system that is favored by insurance companies which is one of the representative institutions for pension fund managing company. To understand the level of recognition of the regulation and supervision on the operation of pension funds, we survey the 22 domestic insurance companies. Based on the analytical results we find as follows; First, the gradual transition toward the self-regulation of investment framework is necessary in the long-run, however, minimum regulation on the investment is desirable in the early stage of the corporate pension system. Second, insurance companies recognize the importance of role of fiduciary duty and expect firm investment education and building of compliance system to be well established. Third, the insurance companies consider that the regulation and supervision in the early stage of the corporate pension system would be directed to the stability of pension finance and that the inspection of pension finance by pension actuary and the reenforcement of risk management through the construction of pension accounting.
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    The Destribution Strategies by Produscts in the Environment of Bancassurance

    Han-Duck Lee , Jung SeChang | 2004, 15(2) | pp.71~103 | number of Cited : 4
    Abstract PDF
    The purpose of this paper is to measure the amount of new demand and provide useful implications for developing distribution strategies by products to cope with the changes such as bancassurance and fierce competition among channels. Face-to-face interview and homogeneity analysis are employed.The implications are summarized as followed: Firstly, it may recommend to use the traditional channel as a main channel and also develop the direct marketing as a supplementary channel in the automobile market. Secondly, it is need for insurance companies to have a professional capacity of the traditional channel in the whole life market in which a competition between the life insurance companies and banks increase. Thirdly, it is expected to expand the market size of health insurance enormously. It may suggest that insurance companies need to establish a channel providing professional services such as diversified benefits and health risk control in order to get competitive advantages in the market. Finally, the most competition between insurance companies and banks may be observed in the personal annuity market. It may recommend for insurance companies to utilize their product advantages already held.
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    A Study on Introducing Public Long Term Care Insurance in Korea - With a Focus on a Public Private Supplementary Model-

    류성경 , 신기섭 | 2004, 15(2) | pp.105~144 | number of Cited : 1
    Abstract PDF
    This study reviewed public long term care insurance which Korean government will put in operation in 2007 and proposed that private suppliers have to take part in public long term care insurance by the example of the Germany and Japan. It is the current of the world for private suppliers to participate in social insurance.As a result of the study, Korean government can get effect such as maximizing cost effectiveness, satisfying consumers' needs and so on.Because of that, this study considered some ways which are private suppliers can join the operation of the public long term care insurance like vertical publicprivate share-partial choice model, vertical publicprivate share-total choice model, horizontal publicprivate share model, mix-partial choice model and mix-total choice model.Each model has merits and demerits but this study proposed mix-total choice model as the most realistic and effective alternative plan which has merits such as correspondence with the current social insurance system, cost effectiveness, satisfaction of the consumers' needs etc.
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    A Comparative Analysis on the Determinant Factors of the Insurance and the Savings in the Urban Household Survey

    임병인 | 2004, 15(2) | pp.145~171 | number of Cited : 6
    Abstract PDF
    Using the Urban Household Income and Expenditure Survey for 1993-2002 released by the Korea National Statistics Office, we estimated and compared the determinant factors of the demand for both the insurance and the savings. Several findings emerge from the cross-sectional regressions. First, the labor income and the head age have an positive impact on the savings, while they have an negative effect on the insurance. Second, three variables, as it were, the number of the family, the dummy variable for the household owning its house, and the dummy variable for the household owning its vehicle, has an negative influence on the savings and an positive impact on the insurance. It implies that results for the insurance and the savings are contradictory. Third, the income elasticities of the savings for 10 years are elastic but that of the insurance has been elastic until 1998 and inelastic since then. It implies that the urban households shrinks or increases its savings much more than its premiums in accordance with the income fluctuation.