After the financial crisis of the late 1997, the Korean government took a series of structural reform measures to improve the standards of financial system and corporate governance and to enhance corporate management, but also widely opened the financial market to foreign countries abolishing or amending some restrictions on foreign investments and introducing new financial market systems. One of the financial reform measures is an enactment of the Financial Investment Services and Capital Markets Act (FSCMA) which is to take effect in February 2009 and will fundamentally restructure the Korean financial market system.
Another main reform measure is an introduction of the financial holding company to the Korean financial market due to the Amendment of the Monopoly Regulation and Fair Trade Act and the enactment of the Financial Holding Companies Act. However, some specific circumstances of Korean financial market after the international financial crisis of 2008, the need of some other forms of holding companies such as an insurance holding company is come to the Korean financial market. Yet there is no rules and regulation that is just suitable only for the insurance holding company in Korea while there are some rules for it such as Insurance Holding Company System Regulatory Act (so called the NAIC model law) and some state level laws in the U.S.
Therefore, this study examines the related U.S. regulations, mainly including the Insurance Holding Company System Regulatory Act and New York State Insurance Act in order to make some schemes or incur some discussions for the introduction of effective rules and regulations in Korea for the insurance holding company system.