Insurance
The presidential term of President Yoon Suk-yeol began on May 10, 2022. On May 3, 2022, prior to the start of Yoon’s administration, the Presidential Transition Committee announced 110 national agenda items (the “National Agenda”). President Yoon aims to minimize government intervention through multifaceted regulatory reforms—such as reforming the president’s direct oversight over “Regulatory Innovation Strategy Meetings”—with the ultimate goal of fostering “a dynamic economy led by the private sector and reinforced by the government.” Meanwhile, prior to this, the Financial Services Commission (the “FSC”) announced its 2022 business plan that aims to “support economic growth through financial stability and financial development.” In addition, the Financial Supervisory Service (the “FSS”) announced its 2022 business plan that aims to “achieve financial stability, financial innovation, and thorough protection of financial consumers” (collectively referred to as the “2022 Business Plan of the Financial Authorities”).
20 July 2022