♦ Insurance Sector

· Type of approval or permit and relevant institution:
– Permit from the Financial Supervisory Committee
· Capital requirement: KRW30 billion (KRW 10 billion, in case only partial business is
conducted)
· Documentary requirements for a foreign insurance business:
– The type of business to be conducted in Korea has to be the same as that conducted
overseas pursuant to foreign laws;
– Enough assets, and proven financial transparency and business stability to conduct
business in Korea. Status quo is to be internationally acknowledged;
– Possibility of protecting the insurance contractor, and enough physical facilities such
as professional manpower and computer equipment available to conduct the
insurance business;
– Sound and adequate business plan.

♦ Credit-Specialized Financial Business Sector

· Type of approval or permit and relevant institution:
– For facility lease and rent, installment finance, new technology business financing:
registration at the Financial Supervisory Committee;
– For credit-card business: permit of the Financial Supervisory Committee.
· Capital requirement:
– less than two credit-specialized financial businesses : KRW 20 billion;
– more than three credit-specialized financial businesses : KRW 40 billion.

♦ Security Investment Trust Sector

· Type of approval or permit and relevant institution:
– Permit of the Financial Supervisory Committee
· Capital requirement: KRW10 billion
· Requirements for a foreign investor:
– Has to conduct the same kind of business overseas at the day of filing the
application for the permit;
– The amount of capital has to be at least three times the amount for investment as of
the end of the most recent business year;
– Has to satisfy a certain credit-rating-level from an internationally-renowned credit-
rating institute (e.g. above ‘investment-qualified’ level) or other standards set by a
government evaluation agency proving it’s financial soundness;
– No record of administrative penalty heavier than a corporate warning or a penal
punishment of more than a fine during the last three years.