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S. Korea formally joins int'l council on insurance regulation

All News 17:30 November 14, 2019

SEOUL, Nov. 14 (Yonhap) -- South Korea formally gained full membership to an international council tasked with cross-border regulation of insurance markets, the nation's financial regulators said Thursday.

The International Association of Insurance Supervisors announced the membership of the Financial Supervisory Service (FSS) and the Financial Services Commission (FSC), two South Korean regulators, to the multilateral memorandum of understanding (MMOU), according to a statement released by the two financial regulators.

MMOU is designed to expedite cross-border information-sharing over insurance markets, it said.

A total of 71 financial regulators from 49 nations joined the international council, the statement said.

"The joining is expected to boost (South Korean regulators') global cooperation of information-sharing on market regulations and investigations of insurance market irregularities," the statement said.


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