보험회사지배구조에 관한 국제규범 서설

Today's corporate environment is that each country's national legislation on corporate governance can only be synchronized with international norms in the long term and overall. International norms on corporate governance include targeting the general corporations, targeting financial institutions, and restricting insurance companies. Korea already enacted the Act On Corporate Governance of Financial Companies(ACGFC). However, there is not enough research on international norms, so conflicts are rekindled over whether or not to comply with the Grobal Standard at each enactment or revision. Due to the global financial crisis, the problem of governance structure of financial institutions has been focused on banking sector due to the System Risk. However, this article focused on insurance industry. The two sector are often strictly interconnected and undoubtedly share some very relevant common grounds that sound management and good performance should be implemented to protect customers from the complexity and volatility of financial markets and products. It is necessary to check whether it is possible to identify some optimal golden rules for insurance corporate governance, whether insurance companies are involved in the system risk, whether there are existing regulations proper to protect customer and guarantee financial stability, and whether regulation and supervision are appropriate. The first is devoted to research the existing international norm relevant to insurance industry. More in detail, the OECD's “G20/OECD Governance Principle” and “OECD Guidelines on Insurer Governance”, “Insurance Core Principles”, “ComeFrame” and “G-SⅡs” of IAIS. Also the “Stewardship Code” will affect the governance structure of Korea`s insurance companies, which are subject to major investment in pension funds and are self-investing institutional investors. The American Law Institute's “Corporate Governance : Analysis and Recommendations,” which is hard for insurance companies to escape, is also a result of more than a decade of deep study. The content of international norms is so complex about its origins and backgrounds that it is impossible to overview the overall. However, corporate governance mechanisms in the insurance industry have to solve two types of agency problems: the conflict of interest between owners and policyholders, and the one between owners and managers(director). Insurance companies' sustainability, ethics management and consumer protection are absolutely depends on these two types of conflicts. In the subsequent study, we would like to examine how major countries or major insurance companies are embracing international norms. Through follow-up research, the governance structure of Korean insurance companies can be brought up by the revision of the Commercial Act (Part Ⅲ), the Insurance Business Act, and the ACGFC.