South Korean joins global insurance regulatory body

South Korea's Financial Services Commission and Financial Supervisory Service have become members of an agreement that aims to expedite global information-sharing and cooperation among insurance industry regulators in different countries, Asia Insurance Review reports. By signing the International Association of Insurance Supervisors' multilateral memorandum of understanding, the South Korean regulators will be better able to cooperate with other insurance supervisors when regulating insurers that operate in multiple countries.

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