This study analyzes solvency regulation framework of private pension between
Korea and advanced countries. Results indicate that supervisors are necessary to
consider the reform on the current retirement pension regulation for the protection
of vesting rights by securing the solvency of pension fund.
First, ex-ante solvency regulation should be established such as actuarial
assumptions and technical provisions method for firm-specific scheme. Also, riskbased
approach is necessary as an ex-post solvency regulation. Pension funds have
to fully funded their liability with a solvency buffer. Guidance of pension accounting
is required for implementation of IFRS.
Second, statutory funding regulation is required to set out in a statement of
funding principles. In case of a shortfall, the employers have to prepare a recovery
plan such as amortization of actuarial deficit, complementary contribution, and etc.
In the long term perspective, maximum funding limit and prompt intervention are
necessary for prevention of employers’moral hazard.
Third, supervisory authority should increase the current statutory technical
provision level from 60% to 100% to ensure the financial strength of retirement
pension schemes. In addition, comprehensive reviews are demanded such as the
enhancement of elimination level of past service liabilities and maximum
amortization period of actuarial deficit.
The purpose of this study was to examine to what extent insurance telemarketers
observed their obligation of informing the insured of necessary information for the
direct call insurance products of 19 insurance companies through simulated
consultation. The telemarketers who answered the consultation call for our study
provided the unfavorable information to the consumers passively, but advertised
only superiority to other’s products actively. They seldom questioned the callers on
theirs medical history and noticed that telephone subscription needed no contract
signature, and explained the withdrawal system of subscription. They informed the
callers of their name and contact information passively and were reluctant to send
the brochure containing more useful information. By the way, the callers got more
detailed information when they asked more information. Results in this paper
imply the need for consumer education and may suggest that the third party such
as consumer group should moniter providing for telemarketers necessary
information of direct call insurance products to consumers
The Joint Hull Committee have launched new Hull Clauses named“ International
Hull Clauses”2002/2003, following extensive consultation with ship owning
associations, insurers, average adjusters and brokers. The new clauses are not a
major rewrite of the 1983 and 1995 Institute Time Clauses currently in use around
the world. Rather, they have been updated to meet the needs of a changing world
market, legal developments within the UK, and in response to the new
International Safety Management (ISM) Code. The old Institute Time Clauses are
still available for use.
This paper, examines and analyses the 2002/2003 introduction of the
International Hull Clauses against the backdrop of the replacement of the ILU by
the IUA. Overall the new clauses are designed to be more user friendly and
understandable. Any attempt to identify all the changes which have been made to
the previous Institute Time Clauses(1983) would necessitate a report of
unmanageable length. Thus, for present purposes, this paper was confined to
drawing attention to the changes which are most significant and the coverage
afforded by the Perils clause of IHC(2003).