Journal of Insurance and Finance 2021 KCI Impact Factor : 0.67

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pISSN : 2384-3209
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2008, Vol.19, No.1

  • 1.

    Comparative Analysis of the Solvency Regulation on the Retirement Pension

    류건식 , Lee Kyonghee | 2008, 19(1) | pp.3~41 | number of Cited : 3
    Abstract PDF
    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.
  • 2.

    Current Status of Providing Information on Private Health Insurance Sales through Telemarketing

    LeeWeonYoung , 홍지영 | 2008, 19(1) | pp.43~71 | number of Cited : 1
    Abstract PDF
    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
  • 3.

    A Comparative Study on the International Hull Clauses(01/11/03) and the Institute Time Clauses(01/10/83)

    LeeJayBok | 2008, 19(1) | pp.73~110 | number of Cited : 11
    Abstract PDF
    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).