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Insurance Companies' Perception on the Regulation Supervisory of Retirement Pension

  • Journal of Insurance and Finance
  • 2004, 15(2), pp.37-69
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

keonshik Ryu 1 이태열 1

1보험개발원

Candidate

ABSTRACT

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.

Citation status

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