IFRS17 and K-ICS – A Year in Review for 2019 and Proposed Amendments to the Insurance Business Act for Co-Insurance in 2020
In the ramp-up to 1 January 2022 with the implementation of the International Financial Accounting Standards 17 (“IFRS17”) as published by the International Accounting Standards Board (“IASB”) which replaces the earlier IFRS 4 accounting standards in conjunction with the roll-out of the Korean-Insurance Capital Standards (“K-ICS”) as announced by the Financial Supervisory Service of Korea …
South Korea Enacts World’s First Law on P2P Financing
The Act on Online Investment–Linked Financing and User Protection (the “P2P Financing Act”) passed the plenary session of the Korean National Assembly on October 30, 2019 and was promulgated on November 26, 2019. The P2P Financing Act is a legislation proposed to regulate the online investment-linked financing, namely, the P2P financing, which is known as …
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