Regulatory and Actuarial References — Korea Life Insurance#

Status: Draft, 2026-09-03.

Curated reference library for the Korea section of the reference-product library. It covers the prudential and supervisory (금융위원회 / 금융감독원 / 보험업법 / 시행령 / 보험업감독규정 / 보험업감독업무시행세칙), actuarial (보험개발원, 경험생명표), public-statistics, legislation-and-conduct, public-scheme and tax-and-accounting sources that the reference cash-flow-model implementations (whole_life / term_life / ci_insurance / child / indemnity_medical / cancer / long_term_care / pension_savings / variable_annuity / immediate_annuity) rely on. Product folders cite entries on this page as [REG-R#] (e.g. [REG-R1]); the R1–R62 numbering below is frozen — never renumber an entry and never reuse a number, because ten product document sets cite against it. Within this page, plain [R#] refers to the same entries. Facts stated under an entry that was actually retrieved were read from the fetched document; a claim taken from general knowledge, from a search-result summary, or from a document that could not be opened is tagged unverified and is a to-verify item, not an established fact. Every failed fetch is disclosed in the entry that needed it and again in §7. No URL on this page is fabricated. All URLs accessed 2026-09-03.

Regulatory architecture in one line: the 금융위원회 (Geumnyung-wiwonhoe, Financial Services Commission, FSC) makes the rules and grants the licence, the 금융감독원 (Geumnyung-gamdogwon, Financial Supervisory Service, FSS) examines and writes the implementing 세칙, and a Korean actuary works down a five-rung ladder — 법률 → 시행령 (Presidential Decree) → 시행규칙 (Prime Ministerial Rule) → 보험업감독규정 (an FSC 고시) → 보험업감독업무시행세칙 (an FSS 세칙) → 별표 (schedules to either) — in which nearly every operative number lives on the last two rungs and not in the statute R1 R9 R23. 보험업법 (Boheomeop-beop, Insurance Business Act) governs the undertaking; 상법 제4편 보험 (Commercial Act, Part IV) governs the contract; the two have different sponsoring ministries (금융위원회 and 법무부) and Korean practice keeps them strictly apart R1 R49.

Four things make the Korean frame unlike every other library in this repository, and a document that imports a jplib or uklib reflex will be wrong about all four.

  1. IFRS 17 and K-ICS have both been live since 2023-01-01. K-IFRS 제1117호 「보험계약」 is the Korean adoption of IFRS 17 R60 and K-ICS (신지급여력제도, the Korean Insurance Capital Standard) is the economic-value solvency regime R13; both commenced in the same quarter, under the same 부칙 R14. Japan’s economic-value regime commences 2026 and the EU’s long predates IFRS 17. Korea switched liability measurement and capital measurement together, and is four years into living with the result.

  2. On top of them sits the 해약환급금준비금 (haeyak-hwangeupgeum-junbigeum, surrender value reserve) — a company-level appropriation inside 이익잉여금 whose whole purpose is to stop an IFRS 17 balance sheet from distributing earnings that the contractual surrender-value floor would later demand R11. It has no counterpart in uslib, uklib, jplib, frlib or delib. It is a distributable-earnings device, not a solvency device.

  3. 제3보험 (je-sam boheom, “third insurance”) is a statutory licence category, not a market label. 보험업법 제4조제1항제3호 names 상해보험, 질병보험 and 간병보험, and 제4조제3항 deems a fully licensed life insurer or a fully licensed non-life insurer to hold it, so both sides of the market write the same 암보험 and the same 간병보험 R1. Four of the ten krlib products sit in it, and the surrender-value rules reach them by the mutatis mutandis cross-references of 감독규정 제7-69조 and 제7-70조 R19.

  4. 경험생명표 is an industry table that is not published in full. 보험개발원 (Korea Insurance Development Institute, KIDI) releases only 평균수명 and 기대여명 summary statistics for the 제10회 경험생명표 applied from 2024-04; the qx table itself goes to member insurers R33 R34. There is no Korean analogue of Japan’s downloadable 標準生命表 or of the DAV tables documented in German Fachgrundsätze. Every mort_table.csv in krlib is therefore a [std] construction anchored on the public 국가데이터처 생명표 R38 and on the two published KIDI summary figures R33, carrying a provenance column on every row. Morbidity is a different case, and the distinction is easy to get wrong. The life-side 참조순보험요율 are filed with the FSC and never published — a carrier’s 상품요약서 prints only the notification’s document number, and the rate itself reaches the public only as the ratio called the 보험가격지수 R4 R22. But 보험개발원 does publish a numeric 장기손해보험 참조순보험요율 display, including an 암 발생률 grid by age and sex applied from 2024-04-01 R61. A krlib morbidity or incidence rate is therefore [std] only where that display does not reach it.

Scope note on capital and reserving. This library projects gross best-estimate liability cash flows. 책임준비금 R3 R10, 해약환급금준비금 R11, 보증준비금 R10 R26, 비상위험준비금 R8, the K-ICS 요구자본 and its seven life sub-risks R13, the K-ICS 경과조치 R35 and the IFRS 17 risk adjustment and CSM R60 are cited, not specified — the entries below tell a drafter exactly what the regime requires without the library implementing any of it, the same way uklib treats the SCR and jplib the ESR. What krlib does compute is the 계약자적립액 / 보험료적립금 and the 해약환급금, because those are contractual quantities defined by the (unpublished) 산출방법서 and bounded by a published schedule, 별표 14 R20. That bound is the sharpest single difference from the US and UK libraries: in Korea the surrender charge has a statutory cap with a formula, and it is public.

Host behaviour, because it determined what this page can say. law.go.kr serves statutes and 행정규칙 as a JavaScript shell; the body comes from LSW/lsInfoR.do?lsiSeq=<id>&efYd=<yyyymmdd> (법령) and LSW/admRulLsInfoR.do?admRulSeq=<id> (행정규칙), and the 별표 — images inside those pages — come as PDFs through admRulBylContentsInfoR.do?bylSeq=<id> then flDownload.do?flSeq=<pdfFlSeq>. That three-step route is the only way 별표 14 R20, 별표 15 R21, 별표 27 R24 and the 492-page 표준약관 R25 were obtained. fsc.go.kr serves server-rendered HTML and its attachments; fss.or.kr refused one fetcher and served another — see §7-D. Where a formula in a regulation is rendered as an image, this page records it as not retrieved rather than paraphrasing it; §7-B lists every one.

A convention every product document inherits. 감독규정 제1-2조제2호 defines the 기준연령 요건 as “전기납 및 월납 조건으로 남자가 만 40세에 보험에 가입하는 경우” R9 — the single reference cell at which the 표준해약공제액 comparison, the 보장성/저축성 test and the 보험가입금액 scaling are all computed. krlib makes it model point 1 wherever the product allows.

Product-relevance matrix#

x = load-bearing (a product’s documents cite the entry for a specific parameter, definition or constraint); (x) = qualified or background relevance (context, framing, or a mechanic the product names but does not model); blank = not indicated. Column key: WL = whole_life, TL = term_life, CI = ci_insurance, CH = child, MED = indemnity_medical, CAN = cancer, LTC = long_term_care, PEN = pension_savings, VA = variable_annuity, IA = immediate_annuity.

R#

Reference (short name)

WL

TL

CI

CH

MED

CAN

LTC

PEN

VA

IA

R1

보험업법 제2조·제4조 — 보험상품 and 제3보험

x

x

x

x

x

x

x

x

x

x

R2

보험업법 제5조·제127조·제128조 — 기초서류

x

x

x

x

x

x

x

x

x

x

R3

보험업법 제120조 — 책임준비금

x

x

x

x

x

x

x

x

x

x

R4

보험업법 제176조 — 참조순보험요율

x

x

x

x

x

x

x

x

x

x

R5

보험업법 제181조·제184조 — 선임계리사

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R6

보험업법 제108조 — 특별계정

x

x

R7

시행령 제1조의2 — 보험상품의 범위

x

x

x

x

x

x

x

x

x

x

R8

시행령 제63조·제65조·제71조

x

x

x

x

x

x

x

x

x

x

R9

보험업감독규정 — 고시 제2026-16호, 제1-2조 정의

x

x

x

x

x

x

x

x

x

x

R10

감독규정 제6-11조 계열 — 책임준비금·보증준비금

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

x

(x)

R11

감독규정 제6-11조의6 — 해약환급금준비금

x

(x)

(x)

(x)

(x)

(x)

(x)

x

x

(x)

R12

감독규정 제6-11조의7·제6-13조 — 계약자배당

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R13

감독규정 제7-1조·제7-2조 — K-ICS 지급여력

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R14

감독규정 제7-17조~제7-19조 and 부칙

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R15

감독규정 제5-6조·제5-7조·제6-26조 — 특별계정

x

x

R16

감독규정 제7-60조 — 생명보험 상품설계

x

x

x

(x)

x

x

x

x

R17

감독규정 제7-63조 — 제3보험 상품설계, 실손

x

x

x

x

x

R18

감독규정 제7-64조·제7-65조 — 산출방법서, 공시이율

x

x

x

x

x

x

x

x

x

x

R19

감독규정 제7-66조~제7-70조 — 해약환급금, 무·저해지

x

x

x

x

x

x

x

x

x

x

R20

감독규정 [별표 14] 표준해약공제액

x

x

x

x

x

x

x

x

x

x

R21

감독규정 [별표 15] 보험가입금액의 산정

x

x

x

x

x

x

x

(x)

(x)

(x)

R22

감독규정 제4-32조·제7-45조·제7-51조

x

(x)

(x)

(x)

x

(x)

(x)

(x)

(x)

(x)

R23

보험업감독업무시행세칙 (본문)

x

x

x

x

x

x

x

x

x

x

R24

시행세칙 [별표 27] 공시기준이율 산출 기준

x

(x)

x

(x)

(x)

(x)

(x)

x

(x)

x

R25

시행세칙 [별표 15] 표준약관

x

x

x

x

x

x

x

x

x

x

R26

시행세칙 [별표 22]·[별표 24] — not retrieved

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

x

(x)

R27

제4차 보험개혁회의 — 계리가정·할인율 (2024-11-07)

x

x

x

x

x

x

x

x

x

x

R28

무(저)해지환급금 보험 상품구조 개선 (2019–2020)

x

x

x

x

(x)

x

x

(x)

(x)

(x)

R29

사업비·모집수수료 개편 (2019-08-01)

x

x

x

x

(x)

x

x

(x)

x

(x)

R30

자본규제 고도화 and 지급여력비율 현황

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R31

실손의료보험 개혁방안 (2025-04-01)

(x)

x

(x)

R32

예금보호한도 1억원 (2025-09-01)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

x

(x)

(x)

R33

보험개발원 제10회 경험생명표 (via 보험매일)

x

x

x

x

x

x

x

x

x

x

R34

보험개발원 공개 채널 — negative evidence

x

x

x

x

x

x

x

x

x

x

R35

보험연구원 — K-ICS 경과조치

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R36

보험연구원 CEO Report 03호 — 건전성 제도

x

x

x

(x)

(x)

(x)

(x)

(x)

x

(x)

R37

보험연구원 — 사업비 및 모집수수료 개선 (2019-04)

x

x

(x)

(x)

(x)

(x)

(x)

x

(x)

(x)

R38

국가데이터처 생명표 (2024년, 2023년)

x

x

x

x

x

x

x

x

x

x

R39

KOSIS 완전생명표 — not retrieved

x

x

x

x

x

x

x

x

x

x

R40

국가암등록통계 (2023년, 발표 2026-01-20)

(x)

x

x

(x)

x

R41

건강보험환자 진료비 실태조사 (2024년도)

(x)

(x)

x

(x)

(x)

R42

장기요양 등급 판정 현황 (2026-06-30)

(x)

(x)

(x)

x

R43

노인장기요양보험 통계연보 2024 — not retrieved

(x)

x

R44

2024년 실손의료보험 사업실적(잠정)

(x)

(x)

x

(x)

(x)

R45

생명보험협회 공시실, FACT BOOK, 금융통계월보

x

x

x

x

x

x

x

x

x

x

R46

보험연구원 「2026년 보험산업 전망」

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R47

한국보험신문 — 2025년 보험사 경영실적

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R48

평균공시이율 and 공시기준이율 — carrier disclosure

x

(x)

(x)

(x)

(x)

(x)

(x)

x

x

x

R49

상법 제4편 제1장 통칙 (제638조~제664조)

x

x

x

x

x

x

x

x

x

x

R50

상법 제4편 인보험 (제727조~제739조의3)

x

x

x

x

x

x

x

x

x

x

R51

금융소비자보호법 제46조 — 청약철회

x

x

x

x

x

x

x

x

x

x

R52

예금자보호법 시행령 제18조 — 1억원

x

x

x

x

x

x

x

x

x

x

R53

국민건강보험법 제41조·제42조·제44조

(x)

(x)

x

(x)

(x)

R54

노인장기요양보험법 제2조·제15조 등

(x)

(x)

(x)

x

R55

노인장기요양보험법 시행령 제7조 — 등급판정기준

(x)

(x)

(x)

x

R56

소득세법 연금계좌 세액공제·연금소득 package

(x)

x

x

x

R57

소득세법 제59조의4 — 보장성보험료 세액공제

x

x

x

x

x

x

x

R58

저축성보험 보험차익 — 소득세법 제16조, 영 제25조

x

(x)

(x)

x

x

R59

상속세 및 증여세법 제8조·제34조

x

x

(x)

(x)

(x)

(x)

R60

K-IFRS 제1117호 「보험계약」

x

x

x

x

x

x

x

x

x

x

R61

보험개발원 장기손해보험 참조순보험요율 공시

(x)

(x)

x

x

(x)

R62

손해보험협회 공시실 / e-보험시장

(x)

x

x

x

x

(x)

1. Prudential and supervisory — 보험업법, 시행령, 감독규정, 감독업무시행세칙#

The five instruments in this section are the whole of Korean insurance supervision that krlib touches. Read them in order: the Act says who may write what and what documents a filing consists of; the Decree closes the product lists and sets the 100% solvency floor; the FSC’s 고시 carries every operative reserving, design and surrender rule; the FSS’s 세칙 carries the 표준약관 and the crediting-rate formula; and the 별표 to both carry the numbers.

R1 — 국가법령정보센터 (법제처), 보험업법 제2조 (정의) and 제4조 (보험업의 허가)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호, 2024. 9. 20., 타법개정]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes — the whole Act, 127,346 characters of extracted text, through the LSW/lsInfoR.do body endpoint. The friendly URL https://www.law.go.kr/법령/보험업법 returns only the navigation shell. Cross-checked article by article against the CaseNote mirror https://casenote.kr/법령/보험업법/제4조 and …/제2조, which agreed in every particular.

  • What it establishes:

    • 제2조제1호 defines 보험상품 as “위험보장을 목적으로 우연한 사건 발생에 관하여 금전 및 그 밖의 급여를 지급할 것을 약정하고 대가를 수수(授受)하는 계약” and splits it three ways: 가. 생명보험상품 (survival or death of a person); 나. 손해보험상품 — indemnity for loss from a fortuitous event, expressly excluding “다목에 따른 질병ㆍ상해 및 간병”; and 다. 제3보험상품 — “위험보장을 목적으로 사람의 질병ㆍ상해 또는 이에 따른 간병에 관하여” a payment. 제2조제5호 then defines 제3보험업 as the business of dealing in them.

    • The carve-out in 나목 is the structural point: Korea does not treat sickness, injury and nursing care as a sub-species of indemnity insurance, it makes them a third category of their own. There is no US, UK, French or German parallel; the closest is Japan’s 第三分野, which is a licence scope rather than a product class.

    • 제4조제1항 requires a licence 보험종목별로 and lists them: 제1호 생명보험업 — 가. 생명보험 나. 연금보험(퇴직보험을 포함한다) 다. 그 밖에 대통령령으로 정하는 보험종목; 제2호 손해보험업 — 화재, 해상(항공ㆍ운송 포함), 자동차, 보증, 재보험, and Decree additions; 제3호 제3보험업 — 가. 상해보험 나. 질병보험 다. 간병보험 라. Decree additions.

    • 제4조제3항 is the provision that makes 제3보험 a shared field: a person licensed for all the 생명보험업 종목, or for all the 손해보험업 종목 excluding 보증보험 and 재보험, “제3보험업에 해당하는 보험종목에 대한 허가를 받은 것으로 본다”. Both a life and a non-life insurer may therefore write the same 암보험 or 간병보험, and in practice both do.

    • 제4조제6항 restricts licensees to 주식회사, 상호회사 and 외국보험회사, and treats a licensed foreign branch as a 보험회사 under the Act.

  • Used by: every product, for the taxonomy sentence in product-spec.md. whole_life, term_life, pension_savings, variable_annuity and immediate_annuity are 생명보험상품; indemnity_medical, cancer and long_term_care are 제3보험상품; ci_insurance and child are composites — a 생명보험 주계약 with 제3보험 특약, or the reverse — which 제4조제3항 is what makes possible. The market-overview paragraph in index.md cites 제4조제3항 for why Korean personal protection is written on both sides of the market.

R2 — 국가법령정보센터, 보험업법 제5조·제127조·제128조·제128조의2·제128조의3 (기초서류)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes (same full-Act retrieval as R1; 제5조 additionally cross-checked at https://casenote.kr/법령/보험업법/제5조)

  • What it establishes:

    • 제5조제3호 names the 기초서류 a licence application must attach: “사업방법서, 보험약관, 보험료 및 해약환급금의 산출방법서” — three documents, alongside the 정관 and a three-year business plan with projected financial statements. That is what a Korean product filing consists of.

    • 제127조제1항: “보험회사는 취급하려는 보험상품에 관한 기초서류를 작성하여야 한다.” 제127조제2항 makes prior notification to the FSC the exception, not the rule — required only where a new product is introduced or made compulsory by legislation (제1호) or where the Decree so provides for policyholder protection (제3호).

    • 제128조 lets the FSC require FSS verification of a filing and lets it require a verification certificate from the 보험요율 산출기관 or an 독립계리업자 on the 보험료 및 해약환급금 산출방법서. 제128조의2 requires every insurer to maintain a 기초서류관리기준 covering drafting procedure, internal and external verification, error control and the 선임계리사’s role. 제128조의3 sets the drafting principles: no illegality, no unjustified reduction of policyholder rights, conformity to FSC standards.

  • What follows for provenance, and it governs the whole library. The 산출방법서 is where the 예정이율, the 예정위험률, the 예정사업비율 and the surrender-value formula actually live, and it is not published. Only the 약관, the 상품요약서 and the 공시 disclosures are. Every pricing-basis parameter in krlib is therefore [std], and every contractual parameter is sourced from a public 약관 or 상품요약서 with an [S#] tag. This is the same position jplib reaches from 保険業法第4条 and for the same reason.

  • Used by: every product, in the provenance paragraph of sources.md and in the assumption tables of technical-notes.md.

R3 — 국가법령정보센터, 보험업법 제120조 (책임준비금 등의 적립)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes (full-Act retrieval)

  • What it establishes: 제120조제1항 — “보험회사는 결산기마다 보험계약의 종류에 따라 대통령령으로 정하는 책임준비금과 비상위험준비금을 계상(計上)하고 따로 작성한 장부에 각각 기재하여야 한다.” 제2항 delegates the mechanics to a 총리령; 제3항 lets the FSC set accounting standards for their proper recognition. The statute carries no method and no rate: the whole content sits downstream, in 시행령 제63조 R8 and 감독규정 제6-11조 R10, and — for the Korea-specific overlay — in 감독규정 제6-11조의6 R11. This is the hook on which the entire post-2023 reserving chain hangs, and krlib cites the chain rather than stating a formula of its own.

  • Used by: every product, in the “what this model does not compute” paragraph of technical-notes.md.

R4 — 국가법령정보센터, 보험업법 제176조 (보험요율 산출기관)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes (full-Act retrieval)

  • What it establishes: insurers may, with FSC authorisation, establish a 보험요율 산출기관 — in fact 보험개발원 (KIDI) — whose statutory tasks under 제176조제3항 are “순보험요율의 산출ㆍ검증 및 제공”, the collection of insurance information and statistics, and research. A rate the bureau files with the FSC is a 참조순보험요율, and an insurer applying it “순보험료에 대하여 제127조제2항 및 제3항에 따른 신고 또는 제출을 한 것으로 본다” — deemed to have filed (제176조제6항). 제176조제9항 lets the bureau publish “순보험요율 산출에 관한 자료” where policyholder protection requires it.

  • What follows: the deeming provision is why a small Korean insurer can write a full health portfolio without its own experience. There is no publication obligation, and on the life side the bureau does not publish: the notifications behind a carrier’s 예정 경험사망률 are identified in its 상품요약서 by document number only R34. The 제176조제9항 permission is exercised for 장기손해보험, where 보험개발원 publishes a numeric 참조순보험요율 display R61. A krlib morbidity, incidence or disability rate is consequently [std] only where that display does not carry it — as for 실손 severity and for long-term-care inception, which are then built from public epidemiology R40 R41 R42 — and is source-tagged to R61 where it does, as for 암 발생률.

  • Used by: every product, in the morbidity/mortality provenance note. cancer, ci_insurance, long_term_care and child lean on it hardest, because for them there is no public rate of any kind.

R5 — 국가법령정보센터, 보험업법 제181조 (보험계리) and 제184조 (선임계리사의 의무 등)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes (full-Act retrieval)

  • What it establishes:

    • 제181조제1항 requires an insurer to carry out 보험계리 — defined in the article itself as “기초서류의 내용 및 배당금 계산 등의 정당성 여부를 확인하는 것” — by employing 보험계리사 or by outsourcing to a 보험계리업자. 제181조제2항 requires the appointment of a 선임계리사, described since the 2022-12-31 amendment as the actuary who “보험계리에 관한 업무 전반을 관리하고 이를 검증 및 확인하는 등 보험계리 관련 업무를 총괄하는” — a widening from verification to management of the whole actuarial function.

    • 제184조제1항: “선임계리사는 기초서류의 내용 및 보험계약에 따른 배당금의 계산 등이 정당한지 여부를 검증하고 확인하여야 한다.” 제2항 adds duties to check compliance with the 기초서류관리기준, to report breaches to the board, and to report any statutory breach in the 기초서류 to the FSC.

    • 제184조제4항 gives the office tenure: once appointed the 선임계리사 may not be dismissed until the end of three consecutive business years following the year of appointment, subject to four exceptions (leaking secrets, negligence causing loss, improper demands or pressure, an FSC dismissal demand under 제192조).

    • 제184조제7항, new in 2022, bars the 선임계리사 from three jobs — direct product development (verification excepted), CEO and CFO, plus any conflicted role the Decree names. This is a hard separation of pricing from sign-off, and it is stricter than the UK Actuarial Function / Chief Actuary split.

  • Used by: every product, as background in sources.md; no model implements anything from it. Cited in the library index for the sentence about who signs a Korean product off.

R6 — 국가법령정보센터, 보험업법 제108조 (특별계정의 설정ㆍ운용)#

  • Version: [시행 2025. 1. 31.] [법률 제20436호]

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=265389&efYd=20250131

  • Accessed: 2026-09-03

  • Retrieved: yes (full-Act retrieval)

  • What it establishes: the statutory permission for an insurer to set up and operate a 특별계정 (separate account) for contract classes the Decree names, keeping their assets and results apart from the general account. The operative list, the permitted transfers and the 계약자적립금 rule are all in 감독규정 제5-6조, 제5-7조 and 제6-26조 R15; the statute is the enabling provision only.

  • Used by: variable_annuity, for which the separate account is the product; and pension_savings, because a 연금저축계좌 established under 소득세법 제20조의3제1항제2호 is a mandatory 특별계정 class under 감독규정 제5-6조제1항제1호 R15 — the single most important structural fact about Pension_KR_S.

R7 — 국가법령정보센터, 보험업법 시행령 제1조의2 (보험상품)#

  • Version: [시행 2026. 4. 21.] (lsiSeq 285553, efYd 20260421)

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=285553&efYd=20260421

  • Accessed: 2026-09-03

  • Retrieved: yes (153,076 characters)

  • What it establishes: the Decree closes the three lists the Act opened R1.

    • 생명보험상품 is 생명보험계약 and 연금보험계약(퇴직보험계약을 포함한다) — two contract types only (제1조의2제2항).

    • 손해보험상품 is a list of fourteen: 화재, 해상, 자동차, 보증, 재보험, 책임, 기술, 권리, 도난, 유리, 동물, 원자력, 비용, 날씨 (제3항).

    • 제3보험상품 is exactly three: 상해보험계약, 질병보험계약, 간병보험계약 (제4항).

    • 제1조의2제1항 excludes six public schemes from “보험상품” altogether: 고용보험, 국민건강보험, 국민연금, 노인장기요양보험, 산업재해보상보험 and 선불식 할부계약.

  • Why the exclusion matters more than the lists. Two of the six excluded schemes are precisely the public layers that Medical_KR_S and LTC_KR_S sit on top of. The Decree is explicit that the private product is a different animal from the public one — so a krlib document may describe 실손의료보험 as a reimbursement layer above 국민건강보험 R53, and 간병보험 as paying on a 노인장기요양보험 grade R54, without any suggestion that the two are the same instrument.

  • Used by: every product for the taxonomy; indemnity_medical and long_term_care for the public-scheme boundary paragraph.

R8 — 국가법령정보센터, 보험업법 시행령 제63조·제65조·제71조#

  • Version: [시행 2026. 4. 21.] (lsiSeq 285553, efYd 20260421)

  • URL: https://www.law.go.kr/LSW/lsInfoR.do?lsiSeq=285553&efYd=20260421

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes:

    • 제63조제1항, as amended 2022-12-27, restates the reserve in IFRS 17 vocabulary: 1. 보험계약부채, being the sum of 가. 발생사고요소 (“매 결산기 말 현재 보험계약상 지급사유가 발생한 보험금등을 지급하기 위해 미래현금흐름에 대한 현행추정치를 적용하여 적립한 금액”) and 나. 잔여보장요소 (the same, for benefits whose trigger has not yet occurred); 2. 투자계약부채, for contracts in the legal form of insurance that fall outside K-IFRS 1117 and are classified as investment contracts; 3. anything else the FSC prescribes on a current-estimate basis. 제63조제4항 keeps 비상위험준비금 for non-life business only, within 50% of the year’s premiums (150% for 보증보험) — so it is not a life-side item and krlib does not model it.

    • 제65조제1항 defines the three solvency quantities: 지급여력금액 (available capital), 지급여력기준금액 (required capital) and 지급여력비율 = the first divided by the second. 제65조제2항제1호, as amended 2026-04-21, states the requirement in one line: “지급여력비율은 100분의 100 이상을 유지할 것”. 제65조제2항제3호 is the delegation under which the 해약환급금준비금 R11 is required.

    • 제71조제1항 sends 법 제127조제2항제3호 to 별표 6; 제71조제2항 requires the 보험상품신고서 to be filed 30 days before the sale-start date (15 days where it follows an FSC recommendation), with two attachments — the 기초서류 verified by the 선임계리사 under 법 제184조제1항, and, where premiums, surrender values or 위험률 change, a verification certificate from the 보험요율 산출기관 or an 독립계리업자.

  • Used by: every product. The 100% floor is quoted in each product-spec.md solvency note; the 30-day pre-filing is quoted in sources.md to explain why a Korean product’s parameters become public at launch and not before.

R9 — 금융위원회, 보험업감독규정 (금융위원회고시 제2026-16호)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호, 2026. 5. 6., 일부개정]. Comparison version also retrieved: [시행 2023. 3. 2.] [금융위원회고시 제2023-10호] (admRulSeq 2100000220196, 207,084 characters), used only to date 2023–2026 amendments.

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes — 226,083 characters of extracted text, the whole 고시, through the 행정규칙 body endpoint. Formulas that the page renders as images did not extract; each is recorded as a gap at the entry that needed it and again in §7.

  • What it establishes (the definitions the rest of this page uses): 제1-2조 —

    • 제1호 참조순보험요율: “법 제176조제4항 및 영 제87조제1항에 따라 보험요율산출기관이 금융위에 신고한 위험률”.

    • 제2호 기준연령 요건: “전기납 및 월납 조건으로 남자가 만 40세에 보험에 가입하는 경우”, with the mid-point issue age where a 40-year-old male cannot buy the product or the product is age-terminating (including 종신보험 and 연금보험), and the longest available payment term where whole-term pay is unavailable.

    • 제3호 보장성보험 / 제4호 저축성보험, distinguished at the 기준연령 요건 by whether the maturity value exceeds premiums paid — the same economic test 소득세법 제59조의4 uses R57.

    • 제6호 금리연동형보험 (the 계약자적립액 rate varies with the insurer’s investment return and market rates) and 제7호 금리확정형보험 (it is fixed).

    • 제13호 평균공시이율: the average of all insurers’ 공시이율, computed as the FSS Governor prescribes.

    • 제17호 최적기초율 (best-estimate bases) and 제18호 참조순보험료: “평균공시이율, 평균해지율 및 참조순보험요율을 적용하여 계산한 순보험료… 참조순보험요율이 없는 경우에는 제17호의 최적위험률을 보수적으로 할인ㆍ할증한 위험률을 사용한다” (신설 2012-02-28, 개정 2023-06-27). The 2023 amendment added 평균해지율 to the inputs — a direct consequence of the lapse-assumption controversy of R27 R28.

    • 요구자본 and 충격시나리오방식, the K-ICS vocabulary of R13.

  • Drift worth recording [comparison version]: the filing document is renamed from “보험료 및 책임준비금 산출방법서” to “보험료 및 해약환급금 산출방법서” in 제7-69조 and 제7-70조 between 2023 and 2026 — the visible trace of a regime in which the reserve is no longer a locked-in contractual quantity and the surrender value still is.

  • Used by: every product. 기준연령 요건 is quoted in every technical-notes.md to justify model point 1; 보장성/저축성 in every product-spec.md.

R10 — 금융위원회, 보험업감독규정 제6-11조·제6-11조의4·제6-11조의5 (책임준비금, 보증준비금)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (article text; the calculation itself is delegated and not in the 고시)

  • What it establishes:

    • 제6-11조 splits 책임준비금 into 보험계약부채, 재보험계약부채 and 투자계약부채; 제2항 splits each of the first two into 잔여보장요소 and 발생사고요소, with the rule that where a portfolio’s two components sum below zero the balance is presented as a 보험계약자산. 제3항 defines 투자계약부채 as the measured value of contracts “보험계약의 법률적 형식을 취하고 있으나, 한국채택국제회계기준 제1117호의 적용을 받지 않아 투자계약으로 분류된 계약들”. 제4항 delegates the detailed calculation to the FSS Governor — i.e. to the 시행세칙 and its 별표 R23 R26.

    • Paragraphs ⑤ to ⑩ of the old 제6-11조 were deleted on 2022-12-21. That deletion is the visible trace of the switch from a locked-in statutory reserve to a current-estimate one: before 2023 the 고시 itself carried accumulation rules, after 2023 it carries a taxonomy and a delegation.

    • 제6-11조의4 requires a 책임준비금 적정성 검증보고서 within six months of the financial-year end, on a form the FSS Governor sets.

    • 제6-11조의5 requires a 보증준비금 inside retained earnings for expected losses on benefit guarantees, and 제2항 makes it explicitly junior: “보증준비금은 제6-11조의6에 따른 해약환급금준비금을 적립한 후에 적립하여야 하며, 이익잉여금에서 … 해약환급금준비금을 차감한 금액을 한도로 한다.”

  • Used by: every product for the reserving-scope note; variable_annuity load-bearing, because the ordering in 제6-11조의5제2항 means the surrender-value reserve is taken first and the guarantee reserve second — which is the opposite of the intuition a drafter brings from a market where guarantee reserves are liabilities.

R11 — 금융위원회, 보험업감독규정 제6-11조의6 (해약환급금준비금)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]; 제2항 단서 amended 2025-06-11

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (article text in full)

  • What it establishes. The Korea-specific layer with no counterpart anywhere else in this repository, so it is given at length. Legal chain: 보험업법 제120조 R3 → 시행령 제65조제2항제3호 R8 → 감독규정 제6-11조의6 (life) and 제6-18조의6 (non-life).

    • 제1항: “보험회사는 영 제65조제2항제3호에 따라 보험계약 해지에 대한 위험을 고려하여 보험회사 전체단위로 해약환급금준비금을 산출하여 적립 또는 환입한다” — a company-level calculation, not a contract-level or portfolio-level one.

    • 제2항 sets the test. At each balance-sheet date, including quarterly interim closes, for in-force contracts, compare 제1호 — 책임준비금 restricted to the 잔여보장요소 of 보험계약부채 and 재보험계약부채 plus 투자계약부채, net of the 잔여보장요소 of any 보험계약자산 and 재보험계약자산 and of investment-contract policy loans, plus 특별계정부채 limited to the 계약자적립금 of 제6-26조제1항제1호, grossed up for unrealised gains and losses on those contracts recognised in OCI before tax — against 제2호, the 해약환급금 computed under 제7-66조제1항 (on that rule even for the 제7-66조제4항 products that may contractually pay less) plus the 미경과보험료 of 제7-66조제5항, adjusted for policy-loan balances drawn and amounts to be settled with reinsurers on surrender. Where 제1호 < 제2호, the shortfall is appropriated to a 해약환급금준비금 inside 이익잉여금.

    • 제2항 단서, amended 2025-06-11: “다만, 직전 분기말 경과조치 적용 전 지급여력비율이 130% 이상인 경우 제3호의 금액을 적립한다”, 제3호 being “그 차액에 100분의 80을 곱하여 산출한 금액”. A well-capitalised insurer — measured on the K-ICS ratio before transitional measures at the previous quarter-end — appropriates only 80% of the shortfall. This is a solvency-conditioned distributable-earnings rule and it is new; the 2023 text carried no such relief.

    • 제3항: where the insurer carries an 미처리결손금 the appropriation starts only once that deficit is cleared, and any excess over the required balance is released. 제4항: under a 공동재보험계약 cedant and reinsurer each hold the reserve in proportion to the ceded share.

    • Transitional: the 부칙 to 금융위원회고시 제2022-53호 (2022-12-22, in force 2023-01-01) lets insurers that adopted K-IFRS 1117 early compute the reserve for the first year of application for corporate-tax purposes, with an external audit-firm verification and a 별지 제26호 「해약환급금준비금 산출명세서」 filed with the FSS and reported to the board.

  • Why it exists, stated plainly. Under IFRS 17 a profitable in-force block can carry a liability materially below the aggregate contractual surrender value, because the CSM is a liability that unwinds into profit rather than a cash obligation. Distributing the resulting retained earnings would leave the insurer short if policyholders actually surrendered. The 해약환급금준비금 quarantines the difference. It sits in 이익잉여금 and is therefore inside K-ICS 가용자본, unlike a genuine liability — a distributable-earnings device, not a solvency device. Its scale and the K-ICS-graded accumulation ratio are at R36; it stood at ₩23.7조 at end-2022 and ₩32.2조 at end-2023.

  • Used by: whole_life, pension_savings and variable_annuity load-bearing — in each the gap between 계약자적립액 and IFRS 17 liability is the whole point of the earnings profile, and the 무·저해지 forms R19 R28 make that gap negative in the early years and steeply positive after 납입완료, which is exactly the shape the reserve was built to catch. Every other product cites it once, in the scope note. No krlib model computes it.

R12 — 금융위원회, 보험업감독규정 제6-11조의7 and 제6-13조 (계약자배당)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes:

    • 제6-11조의7 splits the dividend-related reserves three ways — 계약자배당준비금, 계약자이익배당준비금 and 배당보험손실보전준비금. The 2026 text subdivides 계약자배당준비금 into 금리차보장준비금, 총괄배당준비금, 장기유지특별배당준비금 and 재평가특별배당 준비금; the 2023 text had a five-way subdivision naming 위험률차배당준비금, 이자율차배당준비금 and 사업비차배당준비금 separately, since collapsed into 총괄배당준비금. The Korean three-source vocabulary (위험률차 / 이자율차 / 사업비차 — the direct analogue of Japan’s 三利源) was therefore regulatory language until recently and is no longer; it survives in practice and in older filings. krlib may use the vocabulary and must not attribute it to the current regulation.

    • 제6-13조제1항 is the surplus-sharing rule for life insurers: after setting the 책임준비금 the residual (계약자배당준비금적립전잉여금) is split into 유배당보험손익, 무배당보험손익 and 자본계정운용손익; the second and third go wholly to shareholders, and of the 유배당보험이익 the shareholder share is capped at 100분의 10. 제3항 ring-fences the policyholder share to dividends and to the 배당보험손실보전준비금. 제6-13조제4항 makes a shareholder dividend conditional on the 지급여력비율 being 100% or more at the year end.

    • Interest added to a declared but unpaid dividend must be at least the prior year’s 평균공시이율 R48.

  • Market fact carried with it: Korean retail protection business is overwhelmingly 무배당 (non-participating). Every product name in the 표준약관 illustrations R25 and in the carrier disclosures examined carries 무배당; 유배당 survives mainly in legacy annuity blocks. krlib models no dividend, and each product-spec.md says so and cites this entry.

  • Used by: every product, one line each.

R13 — 금융위원회, 보험업감독규정 제7-1조, 제7-2조, 제7-2조의2 (K-ICS 지급여력)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (article text; the 기본요구자본 aggregation formula renders as an image and did not extract — see §7)

  • What it establishes:

    • 제7-2조의2 sets the balance sheet the ratio is computed on — the 건전성감독기준 재무상태표, which is (1) based in principle on the K-IFRS consolidated balance sheet and (2) measured “경제적이고 시장가격과 일관된 가치로”, assets at exit price and liabilities at transfer or settlement price, with no adjustment for the insurer’s own credit standing. That last exclusion is the standard economic-value convention and matches Solvency II.

    • 제7-1조 builds 지급여력금액 as 순자산 on that balance sheet plus loss-absorbing liability items, less non-loss-absorbing assets, and — 제2항, new in 2022 — classifies the total into 기본자본 (tier 1) and 보완자본 (tier 2) by loss-absorbing capacity, with 제4항 capping 보완자본 at 50% of the 지급여력기준금액.

    • 제7-2조제1항 builds 지급여력기준금액 as 기본요구자본 − 법인세조정액 + 기타요구자본, where 기본요구자본 aggregates five risk amounts through a correlation formula the FSS Governor sets: 생명ㆍ장기손해보험위험액, 일반손해보험위험액, 시장위험액, 신용위험액, 운영위험액.

    • 제7-2조제2항 decomposes the life and long-term-health module into seven sub-risks, each with its stated measurement method: 1. 사망위험액 (net asset value falls when mortality rises) — 충격시나리오방식; 2. 장수위험액 (falls when mortality falls) — shock; 3. 장해ㆍ질병위험액 — shock; 4. 장기재물ㆍ기타위험액 — shock; 5. 해지위험액 — “보험계약자의 옵션행사율 변화 또는 보험계약 대량해지”, shock; 6. 사업비위험액 — shock; 7. 대재해위험액 (epidemics, mass accidents) — 위험계수방식.

    • 제7-2조제4항 decomposes 시장위험액 into 금리, 주식, 부동산, 외환 (all shock) plus 자산집중위험 (factor); 제5항 and 제6항 make 신용위험액 and 운영위험액 factor-based; 제7항 permits either the 표준모형 or an approved 내부모형.

  • Direct relevance to krlib: sub-risks 1, 2, 3, 5 and 6 map one-for-one onto the decrements and expense assumptions the ten models carry. A krlib sensitivity section should name the K-ICS sub-risk its sensitivity corresponds to, because that is the vocabulary a Korean actuary uses. 해지위험액 in particular is why the 무·저해지 lapse assumption is a supervisory issue and not only an earnings issue — the shock magnitudes are in 시행세칙 별표 22, which was not retrieved R26 and is quoted only at second hand from R36.

  • Used by: every product, in the sensitivity paragraph of technical-notes.md. No krlib model computes 요구자본.

R14 — 금융위원회, 보험업감독규정 제7-17조~제7-19조 (적기시정조치) and 고시 제2022-53호 부칙#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]; 부칙 of 고시 제2022-53호 dated 2022-12-22, in force 2023-01-01

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes:

    • 제7-17조제1항제1호: the FSC must issue a 경영개선권고 where “지급여력비율이 50% 이상 100% 미만인 경우”, or on stated 경영실태평가 grade combinations. 제7-17조제2항’s measures include capital increase or reduction, expense cuts, branch rationalisation, limits on fixed assets, disposal of impaired assets, staff and organisational change, and a restriction on shareholder or policyholder dividends. 제7-18조 (경영개선요구) and 제7-19조 (경영개선명령) are the next two rungs.

    • The commencement 부칙 is where K-IFRS 1117 and K-ICS both start: the 감독규정’s IFRS 17 articles commence 2023-01-01. The same 부칙 carries the 해약환급금준비금 first-year corporate-tax provision R11 and, at 제4조제1항, the five-year 적기시정조치 deferral — the FSC may defer 제7-17조제1항제1호, 제7-18조제1항제1호 or 제7-19조제1항제2호 until the 2027-12-31 closing for an insurer whose post-transitional K-ICS ratio at the first post-commencement balance-sheet date was below 100%, provided the ratio under the old regime would not have triggered them, a 경영개선협약 is signed with the FSS Governor, and compliance is reported quarterly; 제2항 requires cancellation on breach.

    • The same 부칙 accumulates the transition-date 변액보험 guarantee reserve at the pricing interest rate and, for 변액보험, at “매 사업연도별 해당시점의 평균공시이율” R48.

  • Used by: every product, in the “both regimes commenced 2023-01-01” sentence; variable_annuity additionally for the guarantee-reserve roll-forward rate.

R15 — 금융위원회, 보험업감독규정 제5-6조, 제5-7조, 제6-26조 (특별계정)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes:

    • 제5-6조제1항 requires a 특별계정 for six contract classes: 1. contracts establishing a 연금저축계좌 under 소득세법 제20조의3제1항제2호; 2. 근로자퇴직급여 보장법 제29조제2항 retirement-pension contracts (other than 퇴직연금실적배당보험) and legacy 퇴직보험; 3. 변액보험계약 written by a life insurer, and 퇴직연금실적배당보험; 4. (deleted); 5. 장기손해보험 written by a non-life insurer; 6. 자산연계형보험 other than those applying the 공시이율.

    • 제5-6조제3항: a life insurer’s 변액보험 may be run as two or more 집합투자기구, excluding PEF-type vehicles — the legal form of the fund menu.

    • 제5-6조제5항: what goes into the separate account is the 적립 보험료 — “영업보험료 에서 위험보장에 필요한 부분과 사업비 등 기초서류에서 정한 사항을 차감한 금액” — and its investment return. This is precisely the av_pp recursion VA_KR_S implements: gross premium, less risk charge, less expense charge, accumulated at the fund return.

    • 제5-6조제6항: for classes 1 and 5 the applied rate follows the 공시이율 machinery of 제7-65조제3항 R18 — so a 연금저축보험 is a separate-account product whose account credits at the 공시이율.

    • 제5-7조 lists the only permitted transfers between separate and general accounts: premium receipt and benefit/dividend/refund payment; transfer to the general account of amounts needed for risk cover and for acquisition, maintenance and administration; management fees, loans and repayments; bond settlement; covering a separate-account deficit out of the general account’s shareholder equity; and anything else necessary to maintain the account.

    • 제6-26조: the separate-account 계약자적립금 for 변액보험 is the whole profit or loss arising in that account in the year, appropriated to the contract; for 원리금보장형 it is the amount computed under the general account’s 산출방법서.

  • Used by: variable_annuity (the account recursion and the fund menu) and pension_savings (the mandatory separate account and the 공시이율 credit).

R16 — 금융위원회, 보험업감독규정 제7-60조 (생명보험의 보험상품설계 등)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]; 제10호 신설 2022-12-22, 제3의2호 신설 2023-06-27

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes — the design rules a Korean life product must satisfy:

    • 제2호: for a 저축성보험 the survival benefit must exceed premiums paid, except for an annuity paying a 생존연금 and for 변액보험.

    • 제3호 and 제4호 — the 평균공시이율 accumulation test: the 계약자적립액 accumulated at the 평균공시이율 must exceed premiums paid at 납입완료 (seven years where the payment term is seven years or more, fifteen months for single premium); for a whole-life 생존연금 or a 연금저축보험 the test may be run at 평균공시이율 + 0.25%p; and 제4호 requires the risk premium, guarantee charge and separate-account management fee to be set to zero in that test.

    • 제3의2호 (신설 2023-06-27) exempts an annuity product whose 계약자적립액 or annuity amount at the annuity commencement date, computed at the 평균공시이율, exceeds that of a 제3호-compliant design, provided the two are compared and explained to the customer.

    • 제7호: 변액보험 and 금리연동형보험 (other than annuities) must set a 최저사망보험금.

    • 제8호: except where severe injury or disease makes cover impracticable, a contract must not be extinguished while the risk it covers remains effective. This is the rule behind Korean cancer and CI products that continue after a diagnosis payment rather than terminating.

    • 제9호: the death benefit must be at least cumulative premiums paid, except after annuity payments have begun and except where the premium-paying period ends at age 80 or below.

    • 제10호 (신설 2022-12-22): 금리연동형보험 must set a 최저보증이율 or a 최저보증금액. A Korean interest-sensitive product is therefore required by regulation to carry a guaranteed floor; its level is a company matter and is not published.

  • Used by: whole_life, term_life, ci_insurance, pension_savings, variable_annuity and immediate_annuity load-bearing; child in part. 제8호 is cited by ci_insurance and cancer for the continue-after-diagnosis design; 제10호 by whole_life and pension_savings for the 최저보증이율.

R17 — 금융위원회, 보험업감독규정 제7-63조 (제3보험의 보험상품설계 등)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]; 제2항제2의3호 신설 2026-05-06

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (article text in full; the co-payment amounts below were read from it and cross-checked against the 표준약관 R25)

  • What it establishes:

    • 제7-63조제1항제1호 — a 제3보험 product must be designed so that, on death from a cause the policy does not cover, the 계약자적립액 and the 미경과보험료 of 제7-66조제5항 are paid and the contract terminates. This single rule is why Cancer_KR_S, LTC_KR_S, Medical_KR_S and Child_KR_S all need an account balance even though they are not savings products, and it is a first-order modelling requirement: a krlib 제3보험 model must have a defined payment on non-covered death. 제7-61조 applies the whole of 제7-63조 to 장기손해보험, so a non-life insurer’s long-term health product is designed identically.

    • 제7-63조제2항 is the 실손의료보험 rule set, and the 2026-05-06 amendment is the fifth generation:

      • 제2호 — 기본형 실손의료보험(급여). 입원: pay 80% of the 본인부담금 (a 20% co-payment), the deducted amount capped at ₩2,000,000 (200만원) a year, the excess reimbursed within the sum insured. 통원, per visit: deduct the greater of ₩20,000 (2만원), 20% of covered cost, or the 건강보험 본인부담률 at a 전문요양기관, 상급종합병원 or 종합병원; and the greater of ₩10,000 (1만원), 20%, or the 건강보험 본인부담률 elsewhere.

      • 제2의2호 — 실손의료보험 특별약관1 (중증 비급여). 입원: deduct 30%; where the deduction on care at a 종합병원 or 상급종합병원 exceeds ₩5,000,000 (500만원) a year, deduct only ₩5,000,000, with 근골격계질환 이학요법료, 체외충격파치료 and 비급여주사제 excluded from that aggregation and deducted separately. 통원: the greater of ₩30,000 (3만원) and 30%, per visit.

      • 제2의3호 — 실손의료보험 특별약관2 (비중증 비급여) (신설 2026-05-06). 입원: deduct 50%. 통원: the greater of ₩50,000 (5만원) and 50%, per visit. 제1호 requires 비중증비급여 to be written as a separate 특약, not inside the base contract.

      • 제3호 — the ±25% corridor: “실손의료보험에서 위험구분단위별로 보험료의 변경이 매년 ±25%를 초과하지 않을 것”, except where the insurer is under, or likely to come under, 제7-16조~제7-19조 measures. This is a hard bound on the annual re-rating a Medical_KR_S model may apply.

      • 제3의2호 and 제3의3호 (amended 2026-05-06) — the 비급여 할인·할증: an insurer may apply a 요율 상대도 to the net premium of the 비중증 비급여 특약 on renewal, based on claims paid in the twelve months ending three months before the renewal date, with the ±25% corridor applying to the pre-relativity premium. The five-band table is in the 표준약관 R25.

      • 제5호 — 노후실손: sum insured capped at the combined annual maximum of a normal 실손; outpatient per-visit limit ₩1,000,000 (100만원); a first-tier deduction of ₩300,000 (30만원) inpatient / ₩30,000 (3만원) outpatient before further co-payments of at least 20% (급여) and at least 30% (비급여), the inpatient deduction capped at ₩5,000,000 (500만원) a year.

      • 제6호 — annual verification of the adequacy of the net rate from experience, with five years’ grace for genuinely new cover (가목); the benefit-change cycle of five years or less — “보험기간 및 보장내용 변경주기를 5년 이내로 할 것” — three years for 노후실손 and 유병력자실손 (나목); and a requirement to sell or hold a 노후실손 product if covering ages 75 and over (다목). 나목 is the 재가입 cycle: a Korean 실손 contract renews annually at attained-age rates and re-enters the then-current generation every five years, a contract-boundary structure with no counterpart elsewhere in this repository.

      • 제7호 and 제8호 — a mandatory suspend-and-resume facility for policyholders doubly covered through a group scheme, and a mandatory conversion facility from group-only cover to an individual policy.

  • Used by: indemnity_medical load-bearing throughout; cancer, long_term_care and child for 제1항제1호 (the payment on non-covered death); ci_insurance for the 제3보험 design frame.

R18 — 금융위원회, 보험업감독규정 제7-64조·제7-65조 (산출방법서, 계약자적립액)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (article text; the two 계약자적립액 accrual formulas of 제7-66조제1항제4호 are images and did not extract — recorded at R19 and in §7)

  • What it establishes:

    • 제7-64조 — the five 필수기재사항 of the 산출방법서: 1. the premium calculation, and for contracts longer than three years that must use 현금흐름방식 (cash-flow pricing) an analysis of premium adequacy based on 최적기초율 with projected cash flows; 2. the reserve calculation, including the interest and morbidity/mortality rates used in the 보험료적립금; 3. the 해약환급금 calculation, including the interest rate, the 위험률, the 해약공제액 and — where the 계약체결비용 exceeds the 표준해약공제액 at the 기준연령 요건 — a comparison of the two; 4. the calculation where benefits or premiums change; 5. the calculation of any 보증비용.

    • 제7-65조제1항: “계약자적립액은 보험료 및 책임준비금 산출방법서에 따라 계산한 금액으로 한다”; 제2항 permits it to be computed on an annualised premium basis (“연납보험료를 기준으로 하여 산출할 수 있다”). That permission is why a Korean monthly-premium product can carry an annual-recursion account, and it is directly how Cancer_KR_S, Medical_KR_S, Child_KR_S, LTC_KR_S and VA_KR_S reconcile a monthly grid with an annual reserve.

    • 제7-65조제3항 — the 공시이율: “공시이율은 공시기준이율에 조정률을 반영하여 다음 각호의 방법에 따라 결정하여야 한다”: 1. 공시기준이율 is computed per the FSS Governor’s rules as a weighted average of an objective external index rate and the 운용자산이익률; 2. 운용자산이익률 = 운용자산수익률 − 투자지출률, on invested assets excluding unrealised gains and losses not passed through profit or loss, with 운용자산수익률 from the preceding twelve months’ investment income excluding insurance finance income and the cost from the same period’s investment expense excluding insurance finance expense; 3. the 공시이율 must be uniform across a product class the FSS Governor defines R23, with four exceptions — 유배당 versus 무배당, timing mismatches from differing reset cycles, the 농협생명/농협손해보험 legacy 공제계약 versus post-2012-03-02 products, and setting a rate below the floor applying to existing contracts; 4. items 1 and 2 must be written into the 기초서류.

  • Used by: every product. The 연납보험료 permission of 제7-65조제2항 is quoted in the monthly-grid models’ technical-notes.md; the 공시이율 chain is load-bearing for whole_life, pension_savings, immediate_annuity and ci_insurance.

R19 — 금융위원회, 보험업감독규정 제7-66조·제7-67조·제7-69조·제7-70조 (해약환급금)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]; 제4항제1호 신설 2020-11-19, 제5항 신설 2022-12-21

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes (operative words in full; the 해약환급금 formula display and the two 계약자적립액 accrual formulas render as images and did not extract)

  • What it establishes:

    • 제1항제1호: “해약환급금은 계약자적립액에서 … 해약공제액을 공제하여 계산한 금액 이상 으로 산출할 수 있다. 다만, 계약자적립액에서 해약공제액을 공제한 금액이 음(陰)의 값인 경우에는 이를 영(零)으로 처리한다.” A floor of zero, not a negative value.

    • 제1항제2호: “제1호에 따른 해약공제기간은 보험료 납입기간 또는 신계약비 부가기간으로 하되, 보험료 납입기간 또는 신계약비 부가기간이 7년 이상일 때에는 7년으로 한다.”

    • 제1항제3호: “제1호에 따른 … 해약공제액은 별표 14에서 정한 표준해약공제액으로 한다” R20.

    • 제1항제4호: 계약자적립액 accrues monthly before 납입완료 (“보험료 납입이 완료되기 이전에는 … 월별 기간경과에 따라 산출한다”) and daily afterwards (“일별 기간경과에 따라 산출한다”). The two formulas themselves are images and did not extract.

    • 제3항: for contracts on which no 해약공제액 is deducted, benefits may instead be differentiated on early surrender.

    • 제4항 — the 무해지 / 저해지 permission. For a 순수보장성보험 or a whole-life 생존연금 whose premiums or benefits were calculated using a 최적해지율, the insurer “제1항에서 정한 해약환급금 미만으로 지급할 수 있다” — may pay less than the 별표-14-floored value. That is the legal basis of the form: not a contractual gimmick but a regulatory dispensation conditional on having used a best-estimate lapse rate in pricing. Three exceptions: 제1호 변액보험인 경우 (신설 2020-11-19) — a variable product may never use it; 제2호, where the surrender value during the payment period is less than 50% of an otherwise identical 표준형 상품’s, both of 가. the post-payment surrender value exceeds 50% of the 표준형’s, and 나. the post-payment 환급률 (surrender value over cumulative premiums at each point) exceeds the greater of 100% and the 표준형’s 환급률, must hold; 제3호 (deleted).

    • Read carefully, 제2호 is the 환급률 cap: it permits the deep-discount form only if the post-payment refund ratio clears 100% and the standard product’s ratio. See R28 for the FSC’s worked example — a 20-year-pay 종신보험 with a 표준형 20-year 환급률 of 97.3% against a then-current 무해지 환급률 of 134.1%, the amendment limiting the latter to the former.

    • 제5항 (신설 2022-12-21): “보험회사는 보험계약이 해지되는 경우 해약환급금에 미경과 보험료 등을 가산한 금액을 보험계약자에게 지급하여야 한다.”

    • 제7-69조 applies the whole of 제7-65조~제7-68조 to 장기손해보험 (including 연금저축손해보험 and 퇴직보험); 제7-70조 applies it to 제3보험 — “보험요율의 산출과 보험료 및 해약환급금 산출방법서의 작성 등은 제7-65조, 제7-66조, 제7-67조 및 제7-68조를 준용한다”. One surrender-value regime governs all ten krlib products.

  • Used by: every product. whole_life, term_life, ci_insurance, child, cancer and long_term_care cite 제4항 for the 무해지/저해지 forms; variable_annuity cites 제4항제1호 for why it may not use them and must carry a full 별표-14-floored surrender value.

R20 — 금융위원회, 보험업감독규정 [별표 14] 표준해약환급금계산시 적용되는 해약공제액#

  • Version marker on the schedule: <개정 2011.1.24, 2015.5.7., 2020.1.15.>

  • URL: https://www.law.go.kr/LSW/admRulBylContentsInfoR.do?bylSeq=3240711 (PDF at https://www.law.go.kr/LSW/flDownload.do?flSeq=164927491)

  • Accessed: 2026-09-03

  • Retrieved: yes — 1-page PDF, text extracted cleanly and in full, including all seven notes

  • What it establishes. The single most model-relevant page of Korean regulation in this library: the statutory cap on the surrender charge, with no US or UK analogue at this level of prescription. Reproduced in its operative parts:

    표준해약공제액 = 연납순보험료의 5% × 해약공제계수 + 보장성보험의 보험가입금액의 10/1000

    주)

    1. 장기손해보험에서 연령에 관계없이 단일보험료를 적용하는 상품 및 비용손해담보상품의 경우에는 「보장성보험의 보험가입금액의 10/1000」을 「보장성보험의 연납위험보험료의 45%」로 적용 <개정 2020.1.15.>

    2. 해약공제계수는 다음과 같이 적용함 — 보장성보험: 보험기간(최대 20년); 저축성보험: 보험료 납입기간(최대 12년), 명칭을 불문하고 납입기간의 범위 내에서 의무적으로 납입해야 하는 별도의 기간을 설정한 경우에는 당해 별도의 납입기간을 보험료 납입기간으로 함, 다만 일시납보험의 경우 납입기간을 1년으로 함

    3. 연납순보험료 및 연납위험보험료는 다음과 같이 적용함 — 보장성보험: **전기납(단, 보험기간이 20년 이상인 경우 20년납)**으로 조정하여 산출한 연납순보험료 및 연납위험 보험료, 다만 연납위험보험료 계산시 별표15 제9호 단서의 위험보험료 계산에 관한 규정을 준용한다; 저축성보험: 납입기간(최대 10년) 동안 동일하게 배분한 평균식 부가보험료를 제외한 연간순보험료 <개정 2020.1.15.>

    4. **보험기간이 종신인 생존연금보험(연금저축보험은 제외)**의 경우에는 **연납순보험료의 6%**를 적용하되, 연납순보험료의 5%와 해약공제계수 12년을 적용하여 산출한 해약공제액을 초과할 수 없음

    5. 연금저축보험의 경우에는 **연납순보험료의 4%(무배당 연금저축보험은 3%)**를 적용함 <신설 2014.12.31>

    6. 보험계약 체결에 사용할 금액을 보험료 납입기간 동안 보험료에 부가하는 저축성보험의 경우에는 보험료에 부가된 금액을 평균공시이율로 할인하여 표준해약공제액에서 차감하여 적용함 <신설 2012.2.28, 개정 2014.12.31., 2020.1.15.>

    7. 실손의료보험은 「보장성보험의 보험가입금액의 10/1000」을 「보장성보험의 연납위험 보험료의 15%」로 적용한다 <신설 2015.5.7., 개정 2020.1.15.>

  • Reading it for krlib. The cap is a level amount, not a schedule: one 표준해약공제액 is computed once and deducted from the 계약자적립액 during the 해약공제기간, which is the premium-paying period capped at seven years R19. Product by product:

    • Term_KR_S, WholeLife_KR_S, CI_KR_S, Child_KR_S (protection portion), Cancer_KR_S, LTC_KR_S — 보장성보험. Coefficient = policy term capped at 20; annual net premium recomputed on a whole-term-pay basis (20-year pay where the term is 20 years or more); plus 10/1000 of the sum assured.

    • Medical_KR_S — 보장성보험, but note 7 replaces the sum-assured term with 15% of the annual risk premium. This is the only product-specific override in the schedule, and it exists precisely because an indemnity product has no 보험가입금액 in the ordinary sense.

    • Pension_KR_S — 연금저축보험: 4% of the annual net premium (3% if 무배당), coefficient = premium-paying period capped at 12.

    • Immediate_KR_S — a whole-life 생존연금 that is not a 연금저축보험: note 4’s 6%, subject to the 5% × 12-year ceiling, with a single-premium contract taking a coefficient of 1. The interaction matters: a single-premium immediate annuity’s cap is very small relative to premium.

    • VA_KR_S — 저축성보험 for the coefficient (payment period capped at 12, annual premium computed over a payment period capped at 10), and barred from the sub-cap surrender values by 제7-66조제4항제1호 R19.

  • Used by: every product, load-bearing, in technical-notes.md.

R21 — 금융위원회, 보험업감독규정 [별표 15] 보험가입금액의 산정 (제7-67조 관련)#

  • Version marker: <개정 2011.1.24., 2020.1.15.>

  • URL: https://www.law.go.kr/LSW/admRulBylContentsInfoR.do?bylSeq=3240715 (PDF at https://www.law.go.kr/LSW/flDownload.do?flSeq=164927503)

  • Accessed: 2026-09-03

  • Retrieved: yes — 1-page PDF, full text

  • What it establishes. The 보험가입금액 that enters the 표준해약공제액 formula R20 is not simply “the face amount”. The schedule caps it — “다음 각호에서 정한 방법에 의하여 계산된 금액 이하로 하여야 한다” — and the operative items are:

    1. 일반사망을 보장하는 보장성보험은 일반사망보험금으로 한다. <개정 2020.1.15.>

    2. 유족연금 등과 같이 보험금이 확정되지 아니하는 보험은 기준연령 요건으로 가입하여 중간시점에 사망한 것으로 하여 지급되는 보험기간별 보험금액 중 최저 보험금액으로 한다.

    3. 제3호는 체증 또는 체감되기 이전의 금액으로 한다. <개정 2020.1.15.>

    4. 제3호에 해당되지 아니한 경우에는 기준연령 요건에서 다음과 같이 산출한다. 보험가입금액 = (위험보험료 / 정기보험의 위험보험료) × 정기보험의 보험가입금액 다만, 정기보험은 해당 보험상품과 동일한 보험기간 기준으로 적용하며, 위험보험료 계산시 다음의 항목은 포함하지 아니한다 — 위험 발생여부와 관계없이 지급하는 보험금을 위한 부분; 특정 위험이 발생하지 않을 경우 지급하는 보험금을 위한 부분; 치매 또는 일상생활장해 등 타인의 간병을 필요로 하는 상태 및 이로 인한 치료 등의 위험 발생시 지급하는 보험금을 위한 부분.

  • Three things follow. First, a 제3보험 product with no death benefit gets a notional 보험가입금액 by scaling a term policy’s face amount by the ratio of risk premiums — which is how 별표 14’s “보험가입금액의 10/1000” term is given meaning for Cancer_KR_S and Child_KR_S. Second, the third bullet of 제9호 excludes long-term-care risk premium from that ratio, so LTC_KR_S’s notional 보험가입금액 is driven by whatever non-care risk the contract carries, not by the care benefit. Third, the whole computation is performed at the 기준연령 요건 R9 — the 40-year-old-male, monthly, whole-term-pay cell.

  • Used by: cancer, long_term_care, child and ci_insurance load-bearing (it is the only route to a 보험가입금액 for a benefit that is not a death benefit); whole_life and term_life for 제3호 and 제8호; indemnity_medical for the interaction with 별표 14 note 7.

R22 — 금융위원회, 보험업감독규정 제4-32조·제7-45조·제7-51조 (수수료, 공시, 신고)#

  • Version: [시행 2026. 5. 6.] [금융위원회고시 제2026-16호]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2100000279112

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes — the expense-and-disclosure ring around the surrender-charge cap:

    • 제4-32조제5항: for a 보장성보험 other than general non-life and motor, the commission and other remuneration paid in the first year must not exceed the premium the policyholder is expected to pay in that year; and where the contract deducts 80% or more of the 표준해약공제액 on surrender, the projected surrender value at the one-year point is added to the commission side of that test. 제6항: if the contract lapses within a year, remuneration actually paid (again with the surrender value added in the 80%-plus case) must not exceed premiums actually received. 제8항: where the 표준해약공제액 exceeds one year’s premiums, the insurer must offer distributors an instalment structure paying no more than 60% of the 표준해약공제액 a year (수수료 분할지급방식).

    • 제7-45조제7항: a 보장성보험 other than general non-life must publish in its 상품요약서 a 보험가격지수 — “보험료총액을 참조순보험료 총액과 보험회사 평균사업비총액을 합한 금액으로 나눈 비율” — and a 보장범위지수; for 실손의료보험 the 보험가격지수 must be explained on each renewal as well. So a 보장성보험’s own pricing is disclosed to the buyer only as a ratio, never as a rate — which is a different thing from the bureau’s reference rates being unpublished, and only the life-side ones are R4 R61.

    • 제7-45조제11항: a 보장성보험 whose 계약체결비용 exceeds the 표준해약공제액 must disclose a 계약체결비용지수 and a 부가보험료지수 — except that a whole-life death-benefit 보장성보험 need not, provided the 계약체결비용 is within 1.4 times the 표준해약공제액 (applied to the death-benefit portion only where the product covers both death and non-death risks). That 1.4× tolerance is a useful outer bound for a [std] acquisition-cost assumption on WholeLife_KR_S: an insurer may load up to 1.4 × 표준해약공제액 on a whole-life death product without triggering index disclosure, so a reference implementation that sets 계약체결비용 at or below the 표준해약공제액 is conservative and defensible.

    • 제7-51조 lists the three cases in which a 산출방법서 must be pre-notified: 1. a 저축성보험 that does not spread at least 50% of the acquisition cost evenly over the premium-paying period (40% for a whole-life 생존연금, 70% bancassurance, 100% online), the period being at least seven years where the payment term is seven years or more and at least fifteen months for single premium; 2. a 보장성보험 that does not spread the acquisition cost evenly over the premium-paying period; 3. a renewable or re-entry product whose 계약체결비용 on renewal exceeds 70% of the first contract’s 계약체결비용.

  • Used by: whole_life (the 1.4× bound) and indemnity_medical (the renewal-time 보험가격지수 and the 70% renewal-cost test, which bites directly on a one-year renewable product) load- bearing; every other product cites 제4-32조 in the expense-assumption rationale.

R23 — 금융감독원, 보험업감독업무시행세칙 (금융감독원세칙)#

  • Version: [시행 2026. 9. 10.] [금융감독원세칙, 2026. 8. 28., 일부개정]

  • URL: https://www.law.go.kr/LSW/admRulLsInfoR.do?admRulSeq=2200000108939

  • Accessed: 2026-09-03

  • Retrieved: yes (114,610 characters)

  • Caveat, and it must travel with every citation of this entry. The version law.go.kr serves as current takes effect 2026-09-10, one week after the access date. Facts taken from it are facts about the imminent text, not about the text in force on 2026-09-03. Where that matters a product document must say so at the point of use.

  • What it establishes:

    • 제5-13조 — the 표준사업방법서 and 표준약관 are 별표 14 and 별표 15 to the 세칙 R25. Insurers write their own conditions against the 표준약관; it is not a model law to be adapted at will, and its clauses appear near-verbatim in every retail Korean policy.

    • 제5-16조제3항 — the objective external index rates entering the 공시기준이율 are the yields on 국고채(5년), 회사채(무보증 3년, AA-), 통화안정증권(1년) and 양도성예금증서 (91일), with substitution allowed if a publisher discontinues one; the calculation itself is 별표 27 R24; and a newly established insurer, or one with a sharp fall in investment return, may use an alternative method notified to the FSS.

    • 제5-16조제4항 fixes the product classes across which the 공시이율 must be uniform: 생명보험 — 보장성보험(순수보장성 및 기타보장성), 보장성보험(종신보험), 생사혼합보험(만기 7년 이하), 생사혼합보험(만기 7년 초과), 연금보험, 교육보험; 손해보험 — 보장성보험(만기 15년 이하), 보장성보험(만기 15년 초과), 저축성보험(만기 7년 이하), 저축성보험(만기 7년 초과), 개인연금보험.

    • 제5-17조의2 and the 부칙 dating the 계리적 가정 amendments were read for chronology.

  • Used by: every product. The 공시이율 product-class list is load-bearing for whole_life (종신보험 is its own class), pension_savings and immediate_annuity (연금보험).

R24 — 금융감독원, 보험업감독업무시행세칙 [별표 27] 공시기준이율 산출 기준 (제5-16조 관련)#

  • Version markers: <신설 2012.9.26, 개정 2013.12.17., 2018.11.6., 2022.12.23., 2025.10.28.>

  • URL: https://www.law.go.kr/LSW/admRulBylContentsInfoR.do?bylSeq=3295679 (PDF at https://www.law.go.kr/LSW/flDownload.do?flSeq=168885941)

  • Accessed: 2026-09-03

  • Retrieved: yes — 3-page PDF, full text; two weight formulas render as images and did not extract, noted below

  • What it establishes, verbatim in its operative parts:

    공시기준이율 = 객관적인 외부지표금리 × α + 운용자산이익률 × (1−α)

    객관적 외부지표금리 = 국고채(5년) 수익률 × β1 + 회사채(무보증 3년, AA-) 수익률 × β2

    • 통화안정증권(1년) 수익률 × β3 + 양도성예금증서(91일) 유통수익률 × β4

    • the four yields are taken as a three-month weighted moving average ending at the end of the month two months before the application date;

    • β1…β4 are the shares of the insurer’s own prior-year average balances of domestic public bonds, corporate bonds, monetary stabilisation bonds and CDs, “직전년도” being the twelve months ending three months before the start of the business year; the weights are rounded to 0.5 percentage points, constrained to [0%, 100%] and held constant through the business year;

    • α is a function of the opening 계약자적립액, the prior year-end asset duration and the prior year’s premium income — the formula itself is an image and did not extract — and is rounded to 0.5 percentage points, held constant through the business year, and may not exceed 60%;

    • the rate is computed separately by account (계정별) unless an account is too small;

    • added 2025-10-28: for a reinsurance treaty where the assuming insurer recognises the whole investment result on identified assets, those assets and their investment income enter the assuming insurer’s 운용자산이익률, not the ceding insurer’s.

  • What this is for. The 공시기준이율 is the regulated floor construction under the 공시이율 a Korean interest-sensitive product actually credits R18; the insurer then applies a 조정률 to reach the 적용이율 it publishes monthly. Because α is capped at 60%, a Korean declared rate is majority-weighted to the insurer’s own realised 운용자산이익률, not to market yields — which is why Korean 공시이율 move sluggishly against government bond yields and why a krlib crediting-rate assumption is modelled as a slow-moving [std] scalar rather than as a function of a yield curve.

  • Used by: whole_life, pension_savings, immediate_annuity and ci_insurance load-bearing; every other product cites it once for the crediting-rate frame.

R25 — 금융감독원, 보험업감독업무시행세칙 [별표 15] 표준약관 (제5-13조제1항 관련)#

  • Version markers: 생명보험 표준약관 <개정 … 2024.12.20., 2025.3.31., 2025.6.30.>; 실손의료보험 표준약관 amended 2026.5.6.

  • URL: https://www.law.go.kr/LSW/admRulBylContentsInfoR.do?bylSeq=3295613 (PDF at https://www.law.go.kr/LSW/flDownload.do?flSeq=168885301)

  • Accessed: 2026-09-03

  • Retrieved: yes — a 492-page PDF, 441,610 characters extracted. Read in full: the table of contents, Ⅰ. 생명보험 (제1조~제43조 plus 부표), and, of Ⅱ. 손해보험, the 실손의료보험 family — 기본형 실손의료보험(급여), 특별약관1(중증 비급여) and 특별약관2(비중증 비급여). The 장해분류표 and 재해분류표 appendix tables extracted as running text with some tabular layout lost.

  • What it establishes — the clauses every Korean retail policy carries:

    • 보험나이 (제21조), verbatim: “① 이 약관에서의 피보험자의 나이는 보험나이를 기준으로 합니다. 다만, 제19조(계약의 무효) 제2호의 경우에는 실제 만 나이를 적용합니다. ② 제1항의 보험나이는 계약일 현재 피보험자의 실제 만 나이를 기준으로 6개월 미만의 끝수는 버리고 6개월 이상의 끝수는 1년으로 하여 계산하며, 이후 매년 계약 해당일에 나이가 증가하는 것으로 합니다.” The 약관 prints its own example — 생년월일 1988-10-02, 계약일 2014-04-13, difference 25년 6월 11일 ⇒ 26세. Nearest-birthday age by a six-month rule; it differs from 만나이 for half of all issue dates. Every krlib model declares which it uses: 보험나이 for pricing, 만나이 for statistics, because the 생명표 R38 and the NHIS statistics R41 R42 are on 만나이.

    • 청약철회 (제17조) — withdrawal within 15 days of receiving the 보험증권 and never after 30 days from the application date; three exclusions (insurer-funded health examination, contracts of 90 days or less, a 전문금융소비자); effective on despatch; premiums returned within 3 business days, late return carrying interest at the 보험계약대출이율 compounded annually. Statutory source: 금융소비자보호법 제46조 R51.

    • 품질보증해지 (제18조제3항) — non-delivery of the 약관 and the application copy, failure to explain the important content, or an unsigned application: cancellation within three months of formation with premiums returned plus 보험계약대출이율 interest. Source: 상법 제638조의3제2항 R49.

    • 계약 전 알릴 의무 (제13조, 제14조) — the 약관 says this “상법상 ‘고지의무’와 같습니다”. The insurer may not terminate where it knew or was negligent in not knowing at formation; one month has passed since it learned of the breach, or two years from the 보장개시일 without a claim event (one year for disease in a 진단계약); three years have passed since the contract date; it accepted on a health-examination document and the claim arises from a matter stated in it; or the 보험설계사 prevented truthful disclosure. 제14조제4항 carries the causation defence; 제14조제5항 bars termination for non-disclosure of other insurance held. 사기에 의한 계약 (제15조) — proxy examination, forged certificates or concealment of a pre-application cancer or HIV diagnosis: cancellation within five years of the 보장개시일 and one month of learning of the fraud.

    • 납입최고 and 해지 (제26조) — a demand period of at least 14 days (7 where the policy term is under a year), stating that the contract terminates the day after it ends and that policy-loan principal and interest are immediately deducted from the surrender value.

    • 부활 (제27조) — where the contract terminated under 제26조 and the surrender value has not been drawn (including where a policy loan consumed it, and including where there is none — the 무해지 case), reinstatement may be applied for within three years, paying arrears with interest at a rate the insurer sets within 평균공시이율 + 1%; the insurer may not refuse because a claim event occurred before termination.

    • 해약환급금 (제32조) — computed per the 산출방법서, paid within 3 business days, with interest per 부표 4-1; the insurer must give the policyholder a table of surrender values by elapsed period (제3항). On termination as a 위법계약 under 제29조의2 the 계약자적립액 is returned instead.

    • 보험계약대출 (제33조) — borrowing within the surrender value on the insurer’s terms, “그러나 순수보장성보험 등 보험상품의 종류에 따라 보험계약대출이 제한될 수도 있습니다”; unpaid principal and interest deducted from any benefit or surrender value. A 무해지 protection product may therefore have no policy loan at all during the payment period — a point WholeLife_KR_S and Term_KR_S must state, and one the FSS made explicitly in 2019 R28.

    • 계약의 소멸 (제22조) — where death makes further benefits impossible and death is not itself an insured event, the insurer pays the “사망 당시의 계약자적립액” computed under the 산출방법서. This is the 표준약관’s implementation of 감독규정 제7-63조제1항제1호 R17 for 제3보험, and the statutory floor beneath it is 상법 제736조 R50.

    • 보험금의 지급사유 (제3조) — the five categories a Korean life policy pays on: 중도보험금, 만기보험금, 사망보험금, 장해보험금 (on the 장해분류표 percentage scale), and 입원보험금 등 — “질병이 진단확정되거나 입원, 통원, 요양, 수술 또는 수발이 필요한 상태가 되었을 때”. The fifth is where 제3보험 benefits attach, and 수발 is the 약관’s word for the need of care a 간병보험 pays on. The 장해분류표 (부표 3) defines 장해 as “상해 또는 질병에 대하여 치유된 후 신체에 남아 있는 영구적인 정신 또는 육체의 훼손상태 및 기능상실 상태”, excluding temporary states during treatment: it is the common percentage scale behind 납입면제 in every Korean protection product, not a binary trigger.

    • 소멸시효 (제37조) and 예금보험에 의한 지급보장 (제43조) carry the 상법 제662조 three-year period R49 and the cross-reference to 예금자보호법 R52.

    • 실손의료보험 표준약관 (2026-05-06) carries the fifth-generation design whose co-payments and limits are set out at R17. Additional to those: the 건강보험 본인부담률 definition — 급여일부본인부담 항목의 본인부담금 ÷ (급여일부본인부담 항목의 본인부담금 + 급여 공단부담금), with 100%-본인부담 items excluded from both ratio and cover; annual 보험가입금액 up to ₩50,000,000 (5천만원) for each of 상해급여 and 질병급여 with outpatient capped at ₩200,000 (20만원) per visit; the 비중증 비급여 rider’s annual ₩50,000,000 limits, its 3대비급여 sub-limit, its per-visit 비급여 cap of ₩3,000,000 (300만원) on certain items and its 50% of 비급여 병실료 rule with a daily average cap; the limitation of cover to “실제 본인이 부담한 금액 (관련 법령에서 사전 또는 사후 환급이 가능한 금액은 제외한 금액)”, which makes the 본인부담상한제 refund R53 reduce the insured loss; and the 비급여 할인·할증 five-band table (특별약관2 제6조제3항):

      단계

      1단계 (할인)

      2단계 (유지)

      3단계 (할증)

      4단계 (할증)

      5단계 (할증)

      12-month claims paid

      ₩0 (no claim)

      >₩0, <₩1,000,000

      ₩1,000,000–<₩1,500,000

      ₩1,500,000–<₩3,000,000

      ≥₩3,000,000

      요율 상대도

      할인 (balancing)

      100%

      200%

      300%

      400%

      The surcharge applies only to contracts with ₩1,000,000 or more of annual claims, the

      discount is set each year so total premium before and after the relativity is unchanged — a

      pure redistribution — and **장기요양 1등급 and 2등급 under 노인장기요양보험법 are

      excluded** from the claims count R54, a direct statutory cross-reference between

      Medical_KR_S and LTC_KR_S.

  • Used by: every product, load-bearing — the source of every contractual mechanic in krlib that is not carrier-specific.

R26 — 금융감독원, 시행세칙 [별표 22] (K-ICS) and [별표 24] (보증준비금 산출기준)#

  • URLs tried: https://www.law.go.kr/admRulLsInfoP.do?admRulSeq=2200000080687 and https://lbox.kr/v2/statute-admin/보험업감독업무시행세칙

  • Accessed: 2026-09-03

  • Retrieved: no, but for two different reasons that a later drafter needs kept apart. [별표 22] 지급여력금액 및 지급여력기준금액 산출기준 and [별표 22의 1] 내부모형 적용기준 were located in the 별표 index at bylSeq 3295667 and 3295669, so the three-step route that worked for 별표 14, 15 and 27 (admRulBylContentsInfoR.do?bylSeq=… → flDownload.do?flSeq=…) was available — the download was simply never made. [별표 24]’s bylSeq was never obtained; the two routes tried for it, the admRulLsInfoP.do 행정규칙 page and lbox.kr, returned a navigation shell and HTTP 403 respectively. 별표 22 is therefore a live task, and only 별표 24 is a route failure.

  • What it would establish, quoted at second hand and therefore unverified here:

    • [별표 22] carries the K-ICS 지급여력 standards, including the 대량해지위험 shock, which R36 reproduces as: 표준형 — 저축성보험 계약 35%, 보장성보험 계약 25% 일시해지; 저해지환급형 고환급형 — 순자산 감소상품 향후 1년 해지율 +35%p, 순자산 증가상품 향후 1년 해지율 × (1 − 40%); 저해지환급형 비고환급형 — +25%p / × (1 − 40%); with 고환급형 defined as “경과기간 시점별 ‘기납입보험료 대비 해약환급금 비율’이 ‘기납입보험료 대비 기납입보험료를 평균공시이율로 부리한 금액의 비율’보다 큰 시점이 존재하는 상품”. Note the direct dependence on the 평균공시이율 series R48: the same product can be 고환급형 in one issue year and not in another purely because the 평균공시이율 moved.

    • [별표 24] carries the 보증준비금 산출기준: the guarantee reserve is the greater of a stochastic CTE(70) figure — “사망률, 해지율, 자산이익률(1,000개)을 이용하여 만기까지 장래 예상되는 순손실액을 현가로 환산한 상위 30% 평균 금액” — and a standard factor tabulated by 보험종류 × 최저보증종류 × 보증수준 × 주식비중한도. A search result indicates the annex is invoked by 감독규정 제6-11조 제10호 and computed under 시행세칙 제4-15조; neither article was retrieved, so those article numbers are unverified.

  • Used by: variable_annuity load-bearing (the 보증준비금 basis, which is why the product’s 보증비용 exists at all) with every dependent figure tagged unverified; whole_life, term_life and the other protection products cite 별표 22 only through R36, and must say so.

R27 — 금융위원회·금융감독원, 제4차 보험개혁회의 보도자료 (계리가정·할인율)#

  • Publisher: 금융위원회 보험과 / 금융감독원 보험리스크관리국; meeting 2024-11-04, 배포 2024-11-06, 보도 2024-11-07

  • URL: https://www.fsc.go.kr/no010101/83351 (attachments at …/comm/getFile?srvcId=BBSTY1&upperNo=83351&fileTy=ATTACH&fileNo=1 and …fileNo=4)

  • Accessed: 2026-09-03

  • Retrieved: yes — the 6-page 보도자료 PDF and the 6-page 별첨 「보험부채 할인율 현실화 연착륙 방안」 PDF, both extracted in full. Attachments 2, 3 and 5 are HWP/HWPX and were not converted, and the 별첨 「IFRS17 주요 계리가정 가이드라인」 is among them. So everything below about the lapse models, the convergence points and the disclosure conditions is the 보도자료’s description of the guideline, read in full and quoted faithfully, and not the guideline’s own text. The precise functional form of the log-linear model and the definition of the “실무상 수렴점” are therefore unverified at the level of the instrument, though the values are verified from the release.

  • What it establishes. The most important single supervisory document for krlib’s lapse assumptions, and the reason the library’s protection products can carry a defensible [std] lapse vector at all.

    • The problem the FSS named: with no experience on 무·저해지 business, insurers assumed high lapse right up to 완납, flattering profitability; the resulting switching out of 표준형 products raised observed 표준형 lapse, which was fed back into the 무해지 assumption — “악순환”.

    • The ruling: among models converging to zero lapse at 완납 the 로그-선형(log-linear) 모형 is adopted as the 원칙모형, with a practical convergence point of 0.1%. Alternatives are permitted only within a closed list — 선형-로그모형 (converging to 0% at 완납) and 로그-로그모형 (converging to 0.1%) — and only if the insurer discloses, in the audit report and the management disclosure, the reason for the choice, an external actuarial verification, and the difference from the principle model in CSM, best-estimate liability, K-ICS ratio (both required and available capital) and net income, reports the difference to the FSS quarterly, and submits to an on-site inspection.

    • Post-완납 ultimate lapse rate: 0.8%, from overseas statistics, or alternatively a 20% relativity to the overseas standard-form lapse rate.

    • 단기납 종신보험: where a short-pay whole-life product (5–7 year pay) carries a bonus at, say, year 10 producing a refund ratio of e.g. 135%, the insurer must assume an additional lapse of at least 30% at the bonus date, or back it out from the standard product’s cumulative persistency. The 30% floor is calibrated to the ten-year average of the 11th-year lapse rate on single-premium bancassurance savings business, 29.4%–30.2% — the duration at which the tax exemption R58 is met and the refund ratio jumps.

    • Loss ratios must be split by age cohort where experience is sufficient and the split is statistically significant. The worked industry example is the 상해수술 cover: 30s 89% → 40s 103% → 50s 140% → 60s 186%.

    • The 무·저해지 share of 보장성 초회보험료: 2018 11.4% → 2021 30.4% → 2023 47.0% → 2024 H1 63.8%. Nearly two-thirds of new Korean protection business by first-year premium is written in a form whose surrender value is nil or suppressed until 납입완료. Any Korean reference library that models only 표준형 products is modelling a minority of the market.

    • The IFRS 17 discount curve: a risk-free term structure from 국고채 yields, with 관찰금리 used directly to the 최종관찰만기 (LOT/LLP), currently 20 years, then interpolation to 60 years and a convergence segment beyond; the convergence point is the 장기선도금리 (LTFR), “실질이자율 장기평균 + 물가상승 목표”, currently 4.55%; plus a 유동성프리미엄, being the total risk spread less the credit spread unrelated to the contract, currently 91bp. The August 2023 phase-in raises the annual LTFR adjustment cap from 15bp to 25bp (2024), realises the loan-yield input to the liquidity premium (2024), removes unexpected risk from it (2027), rationalises the 100% adjustment ratio (2026) and extends the LOT from 20 to 30 years from 2025 — the last of which the November 2024 decision then spread over three years.

    • Government 10-year yields quoted as the reason for the slow-down: 3.74% (2022 year-end) → 3.18% (2023 year-end) → 3.40% (2024-03) → 3.26% (2024-06) → 2.99% (2024-09). At a 10-year yield of 3.0% the industry K-ICS ratio was expected to fall about 20 percentage points from the 2024-06-30 level of 217.3%.

    • Application: from the 2024 year-end closing, loss-ratio assumptions permitted to slip to 2025 Q1 where systems could not be changed in time; the discount-rate soft landing applies from 2025-01.

  • Modelling consequence, in every protection product’s technical notes. The lapse_rate vector on a 무해지 or 저해지 form is not free. A krlib reference implementation uses a log-linear decay to 0.1% at 납입완료 and 0.8% thereafter, tagged [std] with this entry as its rationale, and carries a switch to the 표준형 assumption so the two can be compared — exactly the comparison the guideline requires an insurer to disclose.

  • Used by: every product, load-bearing — the six protection products for the lapse vector, all ten for the discount-curve paragraph.

R28 — 금융위원회, 무(저)해지환급금 보험 상품구조 개선 (2020) and FSS 소비자경보 (2019)#

  • URLs: https://www.fsc.go.kr/no010101/74468 (입법예고, 2020-07-27); https://fsc.go.kr/no010101/74613 (확정, 2020-11-18); https://www.fsc.go.kr/no010101/73932 (금융감독원 소비자경보, 2019-10-23)

  • Accessed: 2026-09-03

  • Retrieved: yes (all three, server-rendered HTML)

  • What it establishes:

    • The definition. The 입법예고 defines a 무(저)해지환급금 보험 as “보험료 산출 또는 보험금(연금액) 산출시 해지율을 사용한 보험” — an assumption-driven, not a contract-driven, class.

    • The market count at July 2020: 20 life insurers and 11 non-life insurers were selling the form as a flagship product, against 4 and 3 not selling it. No market-share figure was given in the release.

    • The mis-selling concern: “저축성보험처럼 환급률만을 강조하며 판매”.

    • The arithmetic that became 감독규정 제7-66조제4항제2호 R19: on a 20년납 종신보험 (1,000만원, 남 40세) the 표준형 20-year 환급률 was 97.3% against a then-current 무해지 20-year 환급률 of 134.1%; the amendment, effective 2020-11-19, requires the second to be designed “전(全) 보험기간 동안 표준형 보험의 환급률(기납입보험료대비) 이내로”.

    • The internal controls: 시행세칙 제5-19조 was strengthened on lapse-rate derivation, verification and profitability sensitivity.

    • From the 2019 FSS consumer alert: life insurers began selling the form in July 2015 and non-life insurers in July 2016; about 4 million contracts had been written to March 2019; the form is a 보장성보험 and unsuitable as savings; and — operationally important, and repeated in the 표준약관 제33조 R25 — a 무해지환급금 contract cannot support a policy loan during the payment period.

  • Used by: whole_life, term_life, ci_insurance, child, cancer and long_term_care load-bearing — the 환급률 cap is what shapes the surrender-value curve every one of them publishes, and the no-policy-loan point is a stated product limitation. variable_annuity cites it to explain why it is excluded from the form.

R29 — 금융위원회, 「불합리한 보험 사업비와 모집수수료를 개편하여 …」 (2019-08-01)#

  • Publisher: 금융위원회

  • URL: https://fsc.go.kr/no010101/73816

  • Accessed: 2026-09-03

  • Retrieved: yes (server-rendered HTML)

  • What it establishes: the 2019 expense-and-commission reform, and in particular the 표준해약공제액 expressed as a multiple of the monthly premium — 보장성보험 13배, 저축성보험 3배; the rule that the savings element of a 보장성보험 must carry 저축성 expense and surrender-deduction levels at 70% of the then-current amount; and the 모집수수료 분급 rule that the annual commission may not exceed 60% of the 표준해약공제액 with the instalment total at least 5% above the up-front total. Timetable: expense reform to April 2020, commission reform from January 2021. The 60% figure is the same one that now sits in 감독규정 제4-32조제8항 R22.

  • Why the multiples matter. 별표 14 R20 states the cap as a formula in 연납순보험료 and 보험가입금액; this release states the same cap as a rule of thumb in monthly premiums, which is how Korean practitioners actually carry it. A krlib acquisition-cost assumption that computes 별표 14 exactly and then sanity-checks it against “13 months’ premium for a 보장성보험” is doing what a Korean pricing actuary does.

  • Used by: whole_life, term_life, ci_insurance, child, cancer, long_term_care and variable_annuity, in the expense-assumption rationale.

R30 — 금융위원회, 보험업권 자본규제 고도화 (2025-03-12) and 금융감독원, 지급여력비율 현황#

  • URLs: https://www.fsc.go.kr/no010101/84128 (FSC, 2025-03-12); https://eiec.kdi.re.kr/policy/materialView.do?num=275691 (FSS release of 2026-01-06, mirrored by KDI 경제교육·정보센터)

  • Accessed: 2026-09-03

  • Retrieved: in part — the FSC page returned in full; the FSS quarterly returned only the headline ratios through the KDI summary page, and the underlying PDF was not downloaded, so the component amounts (지급여력금액, 지급여력기준금액) are not available here.

  • What it establishes:

    • The size of the capital-regime shift [FSC]: 요구자본 rose from ₩67.9조 under RBC at 2022-12-31 to ₩118.9조 under K-ICS at 2024-09-30; the 기본자본 K-ICS ratio fell from 145.1% (2023-03) to 132.6% (2024-09); 2024 capital-securities issuance reached ₩8.7조, 272% of the prior year’s ₩3.2조; and the 비상위험준비금 was reformed.

    • K-ICS ratios after 경과조치 at 2025-09-30 [FSS]: all insurers 210.8%, 생명보험 201.4%, 손해보험 224.1%. The regulatory minimum is 100% R8 and 경영개선권고 begins below it R14.

  • Used by: every product, as one line of context in product-spec.md. Nothing is modelled from it. The quarterly series for 2025-03 and 2025-06 exists at https://eiec.kdi.re.kr/policy/materialView.do?num=267710 and …num=271247 and was not opened — recorded so a later drafter has it to hand.

R31 — 금융위원회, 실손의료보험 개혁방안 (2025-04-01) and the 5세대 launch (2026-05-06)#

  • URLs: https://www.fsc.go.kr/no010101/84272 (개혁방안, 2025-04-01); https://www.fss.or.kr/fss/bbs/B0000188/view.do?nttId=217561&menuNo=200218 (금융위원회·금융감독원 joint release, 배포 2026-05-04, 보도 2026-05-06, 15 pp.)

  • Accessed: 2026-09-03

  • Retrieved: yes — the 2025 개혁방안 page text, and the 2026 launch 보도자료 as a 655 KB, 15-page PDF (13,903 characters) whose 참고1 comparison table extracted in full

  • What it establishes:

    • The 5세대 design before it became regulation [2025-04-01]: the 급여 co-payment formula, the 중증/비중증 비급여 split with their co-payments and limits, the ₩5,000,000 annual co-payment cap on 중증 비급여 inpatient care at tertiary and general hospitals, the illustrative premium reductions, the 계약재매입 offer to first- and early-second- generation policyholders — about 16 million of them — and the 2026-07 to 2036-06 ten-year conversion window. The FSC’s own framing of the 급여 co-payment change is “건보정책과의 연계성 강화”: the private co-payment now tracks the public one R53.

    • The launch [2026-05-06]: the product in full; the 4세대-versus-5세대 comparison table, which is the only retrieved document stating the complete 4세대 limit and sub-limit set in one place; the premium effect — −30% against 4세대, −50% or more against 1·2세대, with base plus 특약1 only at roughly 50% of the 4세대 premium; the 선택형 할인 특약 and the 계약전환 할인 (계약재매입) schemes commencing 2026-11 for the ~47.5% of in-force policies written before 2013-03 with no re-entry clause; a worked 60-대 여성 premium table across options; and the launch carrier list of 16 companies (7 생보, 9 손보).

  • Used by: indemnity_medical load-bearing; child and cancer for the generation frame. The operative rules themselves are cited to 감독규정 제7-63조 R17 and the 표준약관 R25, not to the release.

R32 — 금융위원회, 「오늘부터 새로운 예금보호한도 1억원 시대가 열립니다」 (2025-09-01)#

  • Publisher: 금융위원회; release dated 2025-08-29, published on the commencement date

  • URL: https://www.fsc.go.kr/no010101/85200

  • Accessed: 2026-09-03

  • Retrieved: in part — title, dates and the general statement returned; the release as summarised does not itemise the insurance-specific buckets

  • What it establishes: it dates the increase of the deposit-protection limit to ₩100,000,000 (1억원), in force 2025-09-01. The per-bucket mechanics come from 예금자보호법 시행령 제18조제7항 R52, which is authoritative and was retrieved in full; this entry is cited only for the date and the public framing.

  • Used by: pension_savings load-bearing (the 연금저축계좌 bucket is separate from the ₩100,000,000 covering the policyholder’s other insurance claims); every other product for the one-line 예금자보호 sentence that 표준약관 제43조 R25 requires the 약관 to carry.

2. Actuarial — 보험개발원, 한국보험계리사회, 경험생명표#

Korea has a statutory rate bureau R4 and an actuarial profession. The bureau publishes one numeric table set — the 장기손해보험 참조순보험요율 R61 — and publishes neither the 경험생명표 nor any life-side reference rate R33 R34. Several entries below are therefore about what is not available, and the mortality figures that are available are available at second hand. No 한국보험계리사회 (Institute of Actuaries of Korea) practice standard was retrieved in this research pass, and none is listed here: there is no krlib analogue of jplib’s 保険計理人の実務基準 R22 of jplib or frlib’s NPA 1 and NPA 2. That absence is recorded as a gap in §7, not papered over with a URL. Where a Korean actuarial convention is used in this library and cannot be traced to a retrieved standard, the product document says “market practice” and tags the claim [unverified].

R33 — 보험개발원, 제10회 경험생명표 — as reported by 보험매일, 「제10회 경험생명표 개정…」#

  • Publisher of the underlying table: 보험개발원 (Korea Insurance Development Institute, KIDI). Publisher of the retrieved document: 보험매일 (fins.co.kr), a trade newspaper.

  • Date: article 2024-01-10, reporting the KIDI release of early January 2024

  • URL: https://www.fins.co.kr/news/articleView.html?idxno=99460

  • Accessed: 2026-09-03

  • Retrieved: yes (article text). This is a news article, and it is the only retrieved source for the 제10회 경험생명표 summary figures. KIDI’s own 보도자료 listing carries no 경험생명표 item in the range served, and the KIDI 빅데이터 플랫폼 page refused connection R34. Every figure below is therefore news-sourced and must be tagged as such at the point of use.

  • What it establishes:

    Statistic

    제10회 (applied 2024-04)

    Change vs 제9회

    평균수명, 남

    86.3세

    +2.8 years

    평균수명, 여

    90.7세

    +2.2 years

    65세 기대여명, 남

    23.7년

    +2.3 years

    65세 기대여명, 여

    27.1년

    +1.9 years

    This was the first edition in which female 평균수명 exceeded 90. The table is applied to new business from April 2024. Uses stated for it: an insurer may use the 경험생명표 where its own experience is insufficient; it is used in computing the 보험가격지수 published for consumer comparison R22; and it serves alongside the 통계청 국민생명표 as a national mortality indicator. Directional pricing effect of the revision, as reported: death products (종신보험, 정기보험) cheaper; annuity and health products dearer — the expected sign.

  • The consequence for krlib, stated once and cross-referenced everywhere. Because the industry table is not public, every mort_table.csv in krlib is a [std] construction. The construction anchors on (1) the public 국가데이터처 생명표 R38, which gives qx-equivalent survivorship for the whole population by single year of age and sex; (2) the two published 경험생명표 summary statistics above, which bracket the level of insured mortality against the population; and (3) the gap the pair implies — population 기대수명 at birth in 2024 was 남 80.8 / 여 86.6 R38 against insured 평균수명 남 86.3 / 여 90.7, and population 65세 기대여명 was 남 19.5 / 여 23.7 against insured 남 23.7 / 여 27.1, i.e. about 4.2 years for males and 3.4 years for females at age 65. Every row of every krlib mortality table carries a provenance column, and the library’s tables must never be presented as the 경험생명표.

  • Used by: every product, load-bearing, in the mortality-basis section of technical-notes.md.

R34 — 보험개발원, public channels — 보도자료 listing and 보험정보 빅데이터 플랫폼#

  • URLs: https://www.kidi.or.kr/user/nd11592.do (보도자료 listing); the 보험정보 빅데이터 플랫폼 page indexing 경험생명표

  • Accessed: 2026-09-03

  • Retrieved: in part — the 보도자료 listing returned (items 742–746, dated 2026-06-02 to 2026-08-18, and separately the ten most recent items 2026-01 to 2026-08 in a second pass); the 빅데이터 플랫폼 page refused connection on port 9443. No archive page was reached.

  • What it establishes — negative evidence, which is why it is numbered. The visible KIDI listing carries no 경험생명표 item, no 참조순보험요율 item and no 보험통계 item. Together with 감독규정 제1-2조제1호, which defines the 참조순보험요율 as the 위험률 the bureau files with the FSC rather than as a published table R9, this establishes that:

    1. the qx table of the 경험생명표 is not public — only the summary statistics of R33 are;

    2. no life-side 참조순보험요율 value reaches the public through this channel — for 생명보험 the rates become visible only as the 보험가격지수 ratio R22. This is not a statement about the bureau as a whole. It publishes the 장기손해보험 참조순보험요율 as a numeric display on a different page of the same site R61; the negative evidence here is about the 보도자료 channel, the 경험생명표 and the life side, and nothing wider;

    3. consequently every krlib mortality table is [std], as is every morbidity, incidence and disability rate that the R61 display does not carry — each constructed from public sources and marked at every point of use. This is the sharpest single contrast with jplib, where the IAJ’s 標準生命表 numeric tables are downloadable, and with delib, where DAV tables are documented in published Fachgrundsätze.

  • Used by: every product, in the one-paragraph provenance statement that opens each technical-notes.md assumption section.

R35 — 보험연구원, 「K-ICS 경과조치 주요 내용과 시사점」 (KIRI 리포트 이슈 분석), 노건엽#

  • Publisher: 보험연구원 (Korea Insurance Research Institute, KIRI); date 2022-03-07

  • URL: https://www.kiri.or.kr/report/downloadFile.do?docId=139489

  • Accessed: 2026-09-03

  • Retrieved: yes (PDF, extracted in full)

  • What it establishes — the complete inventory of K-ICS 경과조치, settled at the 보험 자본 건전성 선진화 추진단’s 9th meeting on 2022-02-24:

    • Available capital. Capital securities issued before commencement are recognised for ten years: pre-existing 신종자본증권 count as 기본자본 within the capital-securities limit of 15% of total 요구자본 even where they carry a step-up, the excess reclassified to 보완자본; pre-existing 후순위채 count as 보완자본 even beyond the 50% of total 요구자본 tier-2 limit R13. Reporting deadlines are extended by one month over the normal two (quarterly) and three (annual) for the first three years.

    • Four optional ten-year phase-ins, each conditional. (1) 보험부채 증가분 — available only where the K-ICS liability exceeds the old-regime liability, the old basis being 해약환급금 + 계약자배당 관련 준비금 + 보증준비금 − 보험계약대출 잔액 − 재보험자산 중 미경과보험료 and the K-ICS basis 보험료부채 + 계약자배당 관련 부채 + 위험마진 − 보험계약대출 − 재보험자산 중 출재보험료부채; the 2023-03-31 in-force book is recognised at 10% a year from 2024, reaching 100% in 2033. (2) 금리리스크 and (3) 주식리스크 — available only where the RBC risk amount is 60% or less of the K-ICS risk amount, with 60% of the risk recognised in 2023 rising 4 percentage points a year to 100% from 2033. (4) 신규 도입리스크 — the sub-risks RBC did not measure: 장수, 해지, 사업비, 대재해 R13.

    • Re-measurement. The 보험부채 증가분 transitional is recalculated every two years, or whenever the 10-year government-bond yield moves 50bp or more from the previous measurement, restricted to 보증준비금 and the LAT 적립액.

    • Conditions on users. Quarterly adequacy-verification reports to the FSS, with an additional independent-actuary or rate-bureau verification for the 보험부채 증가분; and a dividend-payout brake — if the payout ratio exceeds max{50% of the company’s own five-year average, 50% of the industry’s five-year average}, the remaining transitional period is halved. An insurer wishing to apply had to notify the FSS Governor within two months of 2023-01-01.

    • Comparison with Solvency II. The EU phases the liability increase over 16 years and new risks over 4, and defers early intervention by 2 years; Korea uses a uniform 10 years for all four and defers intervention by 5 R14.

    • Two asset-side reliefs touch this library: a long-held-equity shock cut from 35% to 20% for qualifying developed-market listed equity held on average five years with a documented ten-year holding plan, and a mandatory-holding-property shock cut from 25% to 20% where the property is held because 노인장기요양법 or 사회복지사업법 obliges the insurer to own it — a direct regulatory link between an insurer’s long-term-care operations and its capital charge.

  • Used by: every product, background only. It is why a Korean K-ICS ratio quoted “after 경과조치” R30 is not comparable with one quoted before, and krlib says which is which.

R36 — 보험연구원 노건엽·이승주, CEO Report 03호 「보험개혁회의 내용과 과제: 건전성 제도」#

  • Publisher: 보험연구원, CEO Report 2025년 03호 (2025-04), 24 pp.

  • URL: https://www.kiri.or.kr/report/downloadFile.do?docId=671389

  • Accessed: 2026-09-03

  • Retrieved: yes (594 KB PDF, 24 pp., extracted and read)

  • What it establishes:

    • A restatement of R27’s lapse guidance with the exact model names, used here as the cross-check that the primary release was read correctly.

    • The 무·저해지 보장성 초회보험료 share series (2018 / 2021 / 2023), agreeing with R27.

    • The K-ICS 대량해지위험 shock table for 표준형 and 저해지환급형, sourced in the report to 보험업감독업무시행세칙 [별표 22] — which was not retrieved R26, so this report is the only route to the numbers and they are [unverified] as regulatory text.

    • The 해약환급금준비금 in numbers: ₩23.7조 at end-2022 and ₩32.2조 at end-2023, a ₩8.5조 (36%) rise in one year; and the report’s one-line statement of purpose, “시가평가된 IFRS17 보험부채가 해약환급금보다 작은 경우 그 부족액을 자본의 이익잉여금 내에 적립하여 계약자 보호를 위해 사외유출을 방지함” R11.

    • The K-ICS-graded accumulation ratio from the 감독규정 부칙, which is the operative form of the 130%/80% rule of 제6-11조의6제2항 단서 R11 over time:

      적립비율

      2024

      2025

      2026

      2027

      2028

      2029

      80% 적립

      K-ICS 200% 이상

      190% 이상

      180% 이상

      170% 이상

      160% 이상

      150% 이상

      90% 적립

      150~200% 미만

      150~190% 미만

      150~180% 미만

      150~170% 미만

      150~160% 미만

      —

  • Used by: whole_life, term_life, ci_insurance and variable_annuity load-bearing; every other product for the 해약환급금준비금 context sentence. Where a krlib document quotes a 별표 22 shock it must name this report as the route and tag the figure unverified.

R37 — 보험연구원 정원석, 「보험상품 사업비 및 모집수수료 개선」 (2019-04-16)#

  • Publisher: 보험연구원; 사업비 및 모집수수료 부가체계 공청회, 2019-04-16; 27-slide presentation (KIRI_20190416_144027.pdf)

  • URL: https://www.kiri.or.kr/pdf/전문자료/KIRI_20190416_144027.pdf

  • Accessed: 2026-09-03

  • Retrieved: yes (938 KB PDF, 27 pp., extracted and read)

  • What it establishes: the 표준해약공제액 formula set out by product class with a worked arithmetic example — the clearest published exposition of what 별표 14 R20 actually does; the framing of the surrender value as 적립금 less unrecovered 사업비, bounded by the 표준해약공제액, which is the sentence a krlib technical note should use; and a 장기보장성보험 surrender-value example table. It is the analytical companion to the FSC release R29 that carried the reform through.

  • Used by: whole_life, term_life and pension_savings load-bearing, in the derivation of the surrender-value curve; every other product for the framing sentence.

R61 — 보험개발원, 「장기손해보험 참조순보험요율」 공시 (알림광장 → 참조 순보험요율)#

  • Publisher: 보험개발원 (KIDI), the statutory 보험요율 산출기관 of 보험업법 제176조 R4

  • URL: https://www.kidi.or.kr/user/nd13261.do

  • Version: the rates on display are those 적용시점 2024년 4월 1일 이후 (일반상해 from 2026-01-01)

  • Accessed: 2026-09-03

  • Retrieved: yes — the page renders as HTML and the rate tables came through as text. This entry corrects the cross-product research pass, which concluded from the 보도자료 listing R34 that no 참조순보험요율 value is public; the cancer and indemnity_medical passes opened this page on the same day. The correction is recorded at §7-D.

  • What it establishes. 제176조제9항 lets the bureau publish “순보험요율 산출에 관한 자료” where policyholder protection requires it R4, and for 장기손해보험 it does. The published 구성 covers 일반상해 and 교통상해 (사망 / 후유장해 / 입원), 질병 사망률, 후유장해, 입원율, 암 발생률, 비용손해, 재물손해 and 배상책임. Two tables reach krlib directly:

    • 「기타피부암 및 갑상선암 이외의 암 발생률」, by age and sex. Its definition is the insured one — invasive cancer excluding C44 and C73 — so the 유사암 carve-out of R40 is already inside it rather than something the modeller must impose:

      연령

      0

      10

      20

      30

      40

      50

      60

      70

      80

      남자

      0.000297

      0.000148

      0.000230

      0.000531

      0.001343

      0.003567

      0.008540

      0.019206

      0.027892

      여자

      0.000318

      0.000152

      0.000250

      0.001005

      0.003382

      0.004962

      0.006239

      0.008626

      0.011452

      The sex crossover sits at about age 55–60: at 40 the female rate is 2.52× the male, at 60 the male is 1.37× the female, and at 80 the male is 2.44× the female.

    • 질병입원율 (1일 이상, 180일 한도) on the same age grid, stated as expected days per life-year rather than as a probability — 남 / 여 0.727696 / 0.934549 at 40, 2.529219 / 3.276503 at 60, 8.646292 / 10.597399 at 80. That is the natural quantity for a daily inpatient benefit and not a rate that may be used as an incidence probability.

  • Read it for what it is. A 참조순보험요율 is a net premium rate, not a 최적기초율 — 감독규정 제1-2조 keeps the two apart, and 제18호 reaches for a discounted or loaded 최적위험률 only “참조순보험요율이 없는 경우” R9. It therefore carries a safety loading; the size of that loading was not retrieved and any figure for it is unverified.

  • What it does not carry, and the boundary is as load-bearing as the tables: 실손의료보험 위험률 is not among the published categories, and neither is any long-term-care inception rate. Those two stay [std] constructions built from public epidemiology R41 R42.

  • Used by: cancer load-bearing — it is the anchor for Cancer_KR_S’s incidence table, and the reason that table is source-tagged rather than [std]; indemnity_medical for the negative result that fixes its calibration boundary. ci_insurance and child did not reach this page in their own research passes and should: it carries 암 발생률, 질병입원율 and 후유장해 on one grid.

3. Statistics and experience data — public and citable#

Everything in this section is public, citable and free of licence obstacles, and everything in it is on 만나이 (age last birthday) rather than 보험나이 R25. That distinction is real — the six-month rule means the two differ for half of all issue dates — and a krlib model that anchors a [std] table on a public statistic must convert or must say it has not.

R38 — 국가데이터처, 「2024년 생명표 작성 결과」 and 통계청, 「2023년 생명표」#

  • Publisher: 국가데이터처 인구동향과 (the renamed 통계청)

  • URLs: https://www.korea.kr/briefing/policyBriefingView.do?newsId=156732935 (2024년 결과); https://www.korea.kr/briefing/policyBriefingView.do?newsId=156664008 (2023년)

  • Accessed: 2026-09-03

  • Retrieved: yes (both briefing texts)

  • What it establishes. Korea’s official life tables come in two forms — the 완전생명표 (complete, single year of age, from vital registration and the population register) and the 간이생명표 (abridged) — published annually with a two-year lag.

    전체

    남자

    여자

    기대수명 at birth, 2024

    83.7년

    80.8년

    86.6년

    change on 2023

    +0.2

    +0.2

    +0.2

    40세 기대여명, 2024

    —

    41.9년

    47.4년

    65세 기대여명, 2024

    —

    19.5년

    23.7년

    survival to age 80, 2024

    —

    64.4%

    82.2%

    Korea’s 기대수명 exceeds the OECD average by 2.3 years (male) and 2.9 years (female), ranking 11th and 3rd. The 2023 table gives 기대수명 전체 83.5년, 남 80.6년, 여 86.4년 (+0.8, +0.7, +0.8 on the COVID-affected 2022 fall of 0.9); 65세 기대여명 남 19.2년 / 여 23.6년; sex gap 5.9 years. The definition the release gives is the standard period-table one: “연령별 사망 수준이 그대로 유지될 경우 향후 몇 세까지 생존할 수 있는지를 추정한 결과”.

  • Licensing: 국가데이터처 statistics are public-sector open data.

  • Used by: every product with a mortality decrement, load-bearing — this is the public anchor for every [std] mort_table.csv in the library R33. long_term_care and immediate_annuity additionally use the 65세 기대여명 figures as the longevity anchor; pension_savings uses them because 소득세법 시행령 제25조제4항 makes the 국가데이터처 기대여명 연수 the statutory cap on a guarantee period in a tax-exempt 종신형 연금보험 R58.

R39 — 국가데이터처, KOSIS 국가통계포털 — 완전생명표 (single-year qx tables)#

  • Publisher: 국가데이터처 / 통계청

  • URL: https://kosis.kr/

  • Accessed: 2026-09-03

  • Retrieved: no — the single-year 완전생명표 qx tables are distributed through KOSIS and were not downloaded in this session. Only the summary briefings R38 were read.

  • Consequence, and it is a live task rather than a closed gap. krlib’s mortality-table build must fetch the 완전생명표 separately and record the KOSIS table id in each product’s sources.md. Until it does, any single-year qx quoted in a krlib document is [std] interpolation from R38’s summary statistics and must say so. No qx value is asserted on this page.

  • Used by: every product with a mortality decrement, as the named to-do in the table-build note of model.md.

R40 — 보건복지부·중앙암등록본부(국립암센터), 「2023년 국가암등록통계 참고자료」#

  • Publisher: 중앙암등록본부 / 국가암정보센터; date on the document 2026-01-20

  • URL: https://www.cancer.go.kr/download.do?uuid=cfcd35c3-391f-4060-9688-641db3d86cbd.pdf

  • Accessed: 2026-09-03

  • Retrieved: yes (41-page PDF, extracted in full and read)

  • What it establishes — everything a Korean cancer or CI product needs that is public:

    • Incidence 2023: 288,613 new cancers (남 151,126, 여 137,487); 조발생률 564.3 per 100,000 (남 593.4, 여 535.5); 연령표준화발생률 522.9 (남 587.0, 여 488.9), standardised on the 2020 주민등록연앙인구. Excluding thyroid: 253,173 cases, 표준화발생률 454.0.

    • Series (발생자수 / 연령표준화발생률): 1999 101,854 / 402.7; 2010 222,664 / 565.1; 2019 258,629 / 518.0; 2020 251,329 / 489.5; 2021 280,042 / 531.4; 2022 281,317 / 521.3; 2023 288,613 / 522.9.

    • Top ten, both sexes, 2023 (cases / share / 표준화발생률): 갑상선 35,440 / 12.3% / 68.9; 폐 32,953 / 11.4% / 57.5; 대장 32,610 / 11.3% / 58.7; 유방 29,871 / 10.3% / 56.8; 위 28,943 / 10.0% / 51.4; 전립선 22,640 / 7.8% / 39.2; 간 14,707 / 5.1% / 26.1; 췌장 9,748 / 3.4% / 17.1; 담낭 및 기타담도 7,997 / 2.8% / 13.8; 신장 7,367 / 2.6% / 13.5.

    • Lifetime risk of developing cancer, 2023: all cancers 41.2% overall — 남 44.6%, 여 38.2%; lifetime risk of dying of cancer 19.6% (남 24.2%, 여 15.6%).

    • Five-year relative survival, 2019–2023 diagnoses: all cancers 73.7% (남 68.2, 여 79.4); excluding thyroid 69.6%. By site: 갑상선 100.2%, 전립선 96.9%, 유방 94.7%, 위 78.6%, 대장 75.6%, 폐 42.5%, 간 40.4%, 담낭 및 기타담도 29.0%, 췌장 17.0%, 신장 87.9%. The 1993–95 comparison for all cancers was 42.9%.

    • Prevalence at 2024-01-01: 2,732,906 persons diagnosed 1999–2023 and alive — 5.3% of the population; 조유병률 5,343.4 per 100,000.

  • Why 갑상선암 matters to krlib. Thyroid cancer is the single most common cancer in Korea (12.3% of all cases; 19.0% of female cases) and has a five-year relative survival of 100.2% — statistically indistinguishable from the general population. Korean cancer policies therefore place it, with carcinoma in situ and certain skin and borderline tumours, in a reduced 유사암 tier paying a small fraction of the 진단급여금. Any Cancer_KR_S incidence table that does not separate 갑상선 from the rest will misprice the product by a wide margin. The registry gives the split; the tier definition comes from each carrier’s 약관 and belongs in the product folder as [S#].

  • Used by: cancer and ci_insurance load-bearing; child for the 소아암 framing; indemnity_medical for the 암 치료 share of claims R44.

R41 — 국민건강보험공단, 「2024년도 건강보험환자 진료비 실태조사」#

  • Publisher: 국민건강보험공단; date 2025-12-30. Retrieved through the 보험연구원 weekly-trend reprint of the NHIS 보도자료.

  • URL: https://kiri.or.kr/PDF/weeklytrend/20260105/trend20260105_1.pdf

  • Accessed: 2026-09-03

  • Retrieved: yes (PDF, extracted in full)

  • What it establishes — the public-scheme underlay that 실손의료보험 sits on:

    2023

    2024

    건강보험 보장률

    64.9%

    64.9%

    법정 본인부담률

    19.9%

    19.3% (−0.6%p)

    비급여 본인부담률

    15.2%

    15.8% (+0.6%p)

    with 보장률 defined as 보험자부담금 ÷ (보험자부담금 + 법정본인부담금 + 비급여진료비), excluding cosmetic, health-promotion and preventive 비급여. Total treatment cost 2024 was ₩138.6조 — ₩90.0조 보험자부담금, ₩26.8조 법정본인부담금, ₩21.8조 비급여진료비 — on a series (조 원) of 83.7 (2017), 103.3 (2019), 111.1 (2021), 120.6 (2022), 133.0 (2023), 138.6 (2024). 보장률 by institution class 2024: 상급종합 72.2%, 종합병원 66.7%, 병원 51.1%, 요양병원 67.3%, 의원 57.5%, 약국 69.1%; by age, 5세 이하 70.4%, 65세 이상 69.8%; 4대 중증질환 81.0%.

  • The cross-check worth making, computed here from two retrieved primary sources. Private 실손 claims of ₩15.2조 in 2024 R44 against NHIS-measured 비급여 of ₩21.8조 and 법정본인부담금 of ₩26.8조 — i.e. private indemnity insurance reimburses roughly 31% of the combined ₩48.6조 the patient nominally bears. That ratio is the cleanest one-line justification for calling 실손 “the second national health insurance”.

  • Used by: indemnity_medical load-bearing (the claim-severity anchor and the 보장률 by institution class that the co-payment table keys off); cancer, child and long_term_care for context.

R42 — 국민건강보험공단, 「장기요양 등급 판정 현황」 (자율공시 / 경영공시)#

  • Publisher: 국민건강보험공단; as-of date on the retrieved table 2026-06-30 (2026년 2/4분기)

  • URL: https://www.nhis.or.kr/announce/wbhaec11503m01.do

  • Accessed: 2026-09-03

  • Retrieved: yes (table)

  • What it establishes — the grade distribution LTC_KR_S’s incidence basis must reproduce in aggregate:

    Persons

    Share of all assessed

    총 등급판정

    1,411,466

    100%

    인정자

    1,275,370

    90.4%

    등급외자

    136,096

    9.6%

    1등급

    53,844

    3.8%

    2등급

    100,844

    7.1%

    3등급

    333,143

    23.6%

    4등급

    604,307

    42.8%

    5등급

    151,681

    10.7%

    인지지원등급

    31,551

    2.2%

    The shares are of all assessed, not of recognised claimants; on the recognised base the 4등급 share is about 47%.

  • The modelling consequence, and it is a hard one. The grade stock is public; the incidence is not. An LTC inception basis must therefore be constructed [std] from the stock and the population, and the construction must be shown row by row in model.md. The benefit trigger is a public administrative determination, not a policy definition R54 R55, so the model’s inception rate is the rate of being recognised at or above a stated 등급 — the natural policy designs being “1–2등급” (severe) and “1–5등급” (broad).

  • Used by: long_term_care load-bearing; indemnity_medical for the 할인·할증 exclusion of 1등급 and 2등급 R25.

R43 — 국민건강보험공단, 「2024 노인장기요양보험 통계연보」, as reported by 메디칼월드뉴스#

  • Publisher of the underlying yearbook: 국민건강보험공단. Publisher of the item: 메디칼월드뉴스 (medicalworldnews.co.kr).

  • URL: https://www.medicalworldnews.co.kr/m/view.php?idx=1510968457

  • Accessed: 2026-09-03

  • Retrieved: no — returned only as a search-result summary; the article page itself was not opened, and the yearbook was not obtained

  • What it would establish, and every figure here is unverified: 2024 인정자 1,165천명 (+6.1%), 신청자 1,478천명 (+3.4%), 판정 대비 인정률 89.5% (+0.9%p), the grade split (4등급 46.0%, 3등급 26.7%, 5등급 11.6%, 2등급 8.5%, 1등급 4.8%, 인지지원 2.4%), 급여비용 ₩16조1,762억 (+11.6%) with a 공단부담률 of 91.3%.

  • Why it is listed at all: the grade distribution it reports is independently corroborated by R42, which was retrieved, and the agreement is close. That corroboration is the only reason these figures are recorded; none of them may be used as a load-bearing input.

  • Used by: long_term_care, in a sensitivity only, every figure tagged unverified.

R44 — 금융감독원, 「2024년 실손의료보험 사업실적(잠정)」#

  • Publisher: 금융감독원 보험계리상품감독국 보험상품제도팀; 보도 2025-05-13, 배포 2025-05-12

  • URL: https://eiec.kdi.re.kr/policy/materialView.do?num=266435 (PDF via https://eiec.kdi.re.kr/policy/callDownload.do?num=266435&filenum=1)

  • Accessed: 2026-09-03

  • Retrieved: yes (7-page PDF, full text), through the KDI 경제교육·정보센터 mirror

  • What it establishes — the definitive quantitative picture of 실손의료보험, and the FSS’s own description of it as “제2의 건강보험 역할”, dated from 1999:

    • Generations and co-payment rates: 1세대 (to 2009-09) 손보 0% / 생보 20%; 2세대 (2009-10–2017-03) 표준형 20%, 선택형Ⅰ 10%, 선택형Ⅱ 급여 10% / 비급여 20%; 3세대 (2017-04–2021-06) 급여 10% or 20%, 비급여 특약 30%; 4세대 (2021-07–) 주계약(급여) 20%, 특약(비급여) 30%. Renewal cycles: 1세대 1–5 years, 2세대 3 years then 1 year, 3세대 and 4세대 1 year.

    • Contracts in force, individual business, 만건: total 3,565 (2022) → 3,579 → 3,596 (2024); 생보사 598, 손보사 2,998 in 2024. By generation: 1세대 731 → 682 → 638; 2세대 1,705 → 1,623 → 1,552; 3세대 852 → 826 → 804; 4세대 208 → 376 → 525 (+39.6%); plus 77만건 (2.1%) 유병력자실손 and 노후실손. So 35.96 million individual contracts against a population near 51 million, and 43.2% still second-generation, sold before 2017.

    • Premium income (억원): 131,885 → 144,429 → 163,364 (+13.1%). Underwriting result (억원): −15,301 → −19,747 → −16,226.

    • 경과손해율: total 101.3% / 103.4% / 99.3%; 1세대 113.2 / 110.5 / 97.7; 2세대 93.2 / 92.7 / 92.5; 3세대 118.7 / 137.2 / 128.5; 4세대 91.5 / 113.8 / 111.9. 3세대 first repriced in 2023 and 4세대 first in 2025.

    • Monthly premium, male aged 40, all covers, non-life basis (만원), 2021→2024: 2세대 3.0 / 3.5 / 3.8 / 4.0; 3세대 1.6 / 1.7 / 2.0 / 2.4; 4세대 1.5 / 1.5 / 1.5 / 1.5. A 4세대 policy at ₩15,000 a month against a 2세대 policy at ₩40,000 for the same insured is a 2.7× spread — the whole economics of the 계약재매입 offer R31.

    • Claims paid (억원): 128,868 → 140,813 → 152,234; 급여 63,306, 비급여 88,927. Three largest treatment groups: 비급여 주사제 28,092억원 (18.5% of all claims), 근골격계 물리치료 26,321억원 (17.3%), 암 치료 15,887억원 (10.4%). By institution class, claims paid split 의원 32.2%, 병원 23.3%, 종합병원 17.3%, 상급종합병원 14.0% — against NHIS 2023 treatment-cost shares of 의원 28.1%, 상급종합 22.9%, 종합병원 20.9%, 병원 10.4%.

    • Average 비급여 claim per contract per year (만원): 1세대 36.1 → 36.3 → 40.0; 2세대 21.9 → 23.1 → 25.4; 3세대 13.1 → 16.4 → 18.2; 4세대 7.4 → 10.9 → 13.6. 1세대 runs at two to three times 3세대 and 4세대 — a clean demonstration that the co-payment structure, not the insured population, drives the claim.

  • Used by: indemnity_medical load-bearing throughout; cancer, child and long_term_care for the claims-mix context.

R45 — 생명보험협회, 공시실 (pub.insure.or.kr), FACT BOOK and 금융통계월보(생명보험편)#

  • Publisher: 생명보험협회 (Korea Life Insurance Association, KLIA), with 보험개발원 preparing tables 5–9 of the monthly series

  • URLs: https://pub.insure.or.kr/ ; https://www.klia.or.kr/consumer/stats/factbook/list.do ; https://www.klia.or.kr/consumer/stats/statHomSta/financeStats.do

  • Accessed: 2026-09-03

  • Retrieved: in part — the 공시실 landing page and category description returned in full; the FACT BOOK edition list and contents description returned but the 2025 edition PDF was not downloaded; the 금융통계월보 structure and provenance returned but the monthly tables sit behind a query form and were not retrieved

  • What it establishes:

    • The 공시실 is the best single source of quantitative Korean product data, and it is public. It carries 상품비교공시 across eleven protection classes plus savings, variable, retirement and 실손; 경영공시; and 기타공시 (민원, 불완전판매비율, 소송). It is the public route to 약관, 상품요약서 and 해약환급금 illustrations, and it is a large part of the reason krlib’s product research files can cite real Korean product parameters at all. It is not the whole reason and must not be cited as though it were: it covers life insurers only, and the [S#] sources of the four 제3보험 products came as often through the 손해보험협회 portal R62 or a carrier’s own 공시실.

    • FACT BOOK editions run 2001–2025; the 2025 edition covers FY2024 with contract, financial, reserve, asset, distribution and 생명표 sections. Recorded as the standard annual reference; no number on this page is taken from it.

    • 금융통계월보(생명보험편) is a 통계청 국가승인통계 built from insurers’ 업무보고서, with 보유계약, the 보장성/저축성 split, 지급유형별 보험금·환급금·배당금, 경과기간별 보험료수익 and 부문별 손익, the last prepared by KIDI.

  • Used by: every product, as the stated route to its [S#] sources; the library index for the disclosure-architecture paragraph.

R46 — 보험연구원, 「2026년 보험산업 전망」 (2026년 보험산업 전망과 과제 세미나), 황인창#

  • Publisher: 보험연구원 금융시장분석실; date 2025-10-21; 91-slide presentation

  • URL: http://www.kiri.or.kr/report/downloadFile.do?docId=778039

  • Accessed: 2026-09-03

  • Retrieved: yes (91-page PDF, extracted in full)

  • What it establishes — the market-size tables behind the library index’s market paragraphs:

    생명보험 (조원, %)

    2023

    2024

    2025(E)

    2026(E)

    전체

    112.4 (−15.3)

    113.4 (+0.9)

    124.0 (+9.3)

    125.3 (+1.0)

    보장성보험

    48.6 (+3.2)

    55.0 (+13.1)

    61.5 (+11.8)

    66.2 (+7.6)

    저축성보험

    28.1 (−38.0)

    28.8 (+2.7)

    27.4 (−4.9)

    26.1 (−4.8)

    변액보험

    12.2 (−4.0)

    12.3 (+0.4)

    12.7 (+3.3)

    12.4 (−2.3)

    퇴직연금

    23.5 (−14.7)

    17.3 (−26.2)

    22.4 (+29.1)

    20.6 (−7.8)

    손해보험 (조원, %)

    2023

    2024

    2025(E)

    2026(E)

    전체

    125.2 (+4.2)

    127.6 (+1.9)

    135.0 (+5.8)

    139.6 (+3.5)

    장기손해보험

    64.3 (+4.0)

    68.0 (+5.8)

    72.3 (+6.3)

    75.9 (+4.9)

    개인연금

    1.9 (−10.7)

    1.7 (−13.0)

    1.4 (−15.5)

    1.2 (−15.0)

    자동차보험

    21.1 (+1.4)

    20.7 (−1.8)

    20.3 (−2.0)

    20.3 (−0.2)

    일반손해보험

    13.9 (+8.6)

    14.9 (+7.4)

    15.6 (+4.9)

    16.5 (+5.9)

    퇴직연금

    24.0 (+6.6)

    22.3 (−7.2)

    25.3 (+13.5)

    25.7 (+1.7)

    The report’s own summary is that industry premium growth falls to about 2.3% in 2026 from 7.4% in 2025, and that “성장성 둔화, 수익성 약화, 건전성 악화” is the sequence from 2024 through 2026. On the 2026 forecast 보장성 is 52.8% of life premium against 저축성 at 20.8%, and non-life 개인연금 is in outright run-off at −15% a year. The Korean life market is a protection market with a shrinking savings tail — the opposite of the French and German mixes in frlib and delib.

  • unverified within this entry: the CSM forecasts sometimes attributed to the same seminar — 생명보험 CSM ₩64.7조 (2025E) → ₩64.3조 (2026E), 손해보험 ₩70.3조 → ₩71.8조 — were read from a search summary, not from the retrieved deck, whose CSM slide did not extract cleanly.

  • Used by: every product, for the one-paragraph market context in product-spec.md, and the library index.

R47 — 한국보험신문, 「2025년 보험사 당기순이익 12.2조원… 생·손보 보험손익 동반 하락」#

  • Publisher: 한국보험신문 (insnews.co.kr); the figures are attributed in the article to 금융감독원’s 2025년 보험회사 경영실적; date 2026-03-30

  • URL: https://www.insnews.co.kr/news/articleView.html?idxno=89914

  • Accessed: 2026-09-03

  • Retrieved: yes (article text). This is a news article standing in for an FSS release that the cross-product research pass could not open — see the correction in §7. Every figure from it is news-sourced and must be tagged as such.

  • What it establishes: 2025 outturn — 수입보험료 ₩266.6595조, +11.1% (생보 ₩127.5061조 +12.4%, 손보 ₩139.1533조 +10.0%); 당기순이익 ₩12.2172조, −14.5% (생보 ₩4.9680조, 손보 ₩7.2492조); ROA 0.94%, ROE 7.86%; 총자산 ₩1,344.2조, 부채 ₩1,175.6조, 자본 ₩168.5조. Life mix (조원): 보장성 62.0192 (+12.7%), 저축성 27.4763 (−4.6%), 퇴직연금 및 기타 25.3979 (+46.4%), 변액 12.6128 (+2.8%). Non-life mix: 장기보험 73.3402 (+7.0%), 퇴직연금 및 기타 29.7187, 자동차 20.3681, 일반 15.7264. The FSS attributed the profit fall to “손실계약 증가, 예실차 손실 등 보험손익 악화”.

  • The structural fact those two mixes carry. Korean personal protection insurance is written on both sides of the market — 생명보험 보장성보험 at ₩62.0조 and 손해보험 장기보험 at ₩73.3조 — and the non-life figure is the larger. 장기손해보험 is overwhelmingly 장기인보험 (health, cancer, care, accident), written under the 제3보험 deeming provision of 보험업법 제4조제3항 R1 and reserved under the same rules by 감독규정 제7-69조 R19. A Korea library that looked only at life insurers would miss more than half of the protection market. krlib models the life-insurer form throughout, and each product document says where a non-life carrier’s version differs.

  • Used by: every product, in the market paragraph; the library index, load-bearing.

R48 — 평균공시이율 and 공시기준이율 — carrier regulatory disclosure (하나생명, 교보생명)#

  • Publishers: 하나생명보험주식회사, 「적용이율 공시 — 표준이율 및 평균공시이율」; 교보생명보험주식회사, 「공시기준이율 적용현황」

  • URLs: https://www.hanalife.co.kr/anm/interestRate/interestRate_tab6.do ; https://www.kyobo.com/dgt/web/disclosure/interest-rate-disclosure/status

  • Accessed: 2026-09-03

  • Retrieved: in part — the 하나생명 tables returned in full; the 교보생명 rate grid returned but the month selector’s value did not return, so the as-of date of its figures is unknown

  • Why a carrier page is listed on a cross-product regulatory page. The 평균공시이율 is a regulatory figure — 감독규정 제1-2조제13호 defines it and the FSS Governor computes it R9 — but it reaches the market through carriers’ regulatory disclosure rather than through any single FSC page this session could locate. It is cited as the route to a regulatory number, not as product documentation; no product parameter is taken from it, and no carrier is identified anywhere else in this file.

  • What it establishes — the 평균공시이율 series:

    Period

    평균공시이율

    Period

    평균공시이율

    2026

    2.50%

    2020

    2.50%

    2025

    2.75%

    2019

    2.50%

    2024

    2.75%

    2018

    2.50%

    2023

    2.25%

    2017

    3.00%

    2022

    2.25%

    2016

    3.50%

    2021

    2.25%

    with the predecessor 표준이율 at 3.25% for 2015 and 3.50% for 2014 and from 2013-04-01. The disclosure adds that the rate is “0.25%포인트 단위로 반올림하여 산출” and applies for the whole policy term of a contract concluded in that year. The 2026 cut from 2.75% to 2.50% is the first fall since the 2.50% → 2.25% cut that took effect for 2021.

  • Where the 평균공시이율 bites — the first five verified from the regulation or the 표준약관, the sixth only at second hand: the 저축성보험 design test and its +0.25%p variant, and the alternative comparison test R16 제7-60조제3호·제3의2호·제4호; the 부활 interest ceiling of 평균공시이율 + 1% R25; the 계약자배당 interest floor R12; the 변액보험 보증준비금 roll-forward R14; the 별표 14 note 6 discount R20; and — through a research report quoting a schedule that was not retrieved, so unverified as regulatory text — the 고환급형 test inside the K-ICS 대량해지 shock R26 R36.

  • The 교보생명 grid shows a 공시기준이율 of 3.19% with an 적용률 of 3.19% and hence an 적용이율 of 3.19% across 보장(무배당), 연금(무배당), 연금(배당), 저축(무배당) and 연금저축(배당) — a worked example of the 공시기준이율 / 적용률 / 적용이율 triple that 별표 27 defines R24. Because the as-of month did not return, the level is illustrative only and is not used as a dated fact anywhere in krlib.

  • unverified and deliberately not asserted: trade reporting places 보장성 공시이율 at 2.2%, 연금 at 2.29% and 저축 at 2.22% shortly before the 2026 평균공시이율 cut, and reads the cut as producing a 2–5% rise in protection premiums. Those articles (https://www.insjournal.co.kr/news/articleView.html?idxno=29000 and …?idxno=29053) were seen only as search-result summaries and were not opened.

  • Used by: whole_life, pension_savings, variable_annuity and immediate_annuity load-bearing — the 평균공시이율 series is the anchor and the rationale for every [std] 예정이율 and 공시이율 in the library, because the 예정이율 of a specific Korean product is not a published number R2. A full-text search of the retrieved 감독규정 returns zero occurrences of 예정이율 R9: the regulation speaks only of the 계약자적립액 적용이율 and of the 금리연동형 / 금리확정형 distinction.

R62 — 손해보험협회, 공시실 / e-보험시장 (kpub.knia.or.kr)#

  • Publisher: 손해보험협회 (General Insurance Association of Korea, KNIA/GIAK)

  • URLs: https://kpub.knia.or.kr/ (공시실); 상품비교공시 boards beneath it, e.g. …/productDisc/longTermGuarantee/juvenileInsurance.do (어린이보험), …/productDisc/lostHealth/lostHealthIncreaseRate.do (실손 보험료 인상률·손해율), …/etcDisc/loan/insContractLoan.do (보험계약대출금리)

  • Accessed: 2026-09-03

  • Retrieved: in part — the landing pages and board structures render as HTML and were read; the comparison grids themselves are loaded by AJAX and come back only to a fetcher that posts the board’s own form, which the child research pass did successfully and the indemnity_medical pass did not.

  • Why a second association appears on this page. R45 covers the life side. Korea’s personal protection market is written on both sides and the non-life side is the larger of the two — 손해보험 장기보험 ₩73.3조 against 생명보험 보장성보험 ₩62.0조 in 2025 R47 — because 제3보험 is a shared licence field R1 제4조제3항. Four of the ten krlib products (child, indemnity_medical, cancer, long_term_care) are written predominantly by non-life carriers, and their public disclosure sits here at least as often as at R45. A page that listed only the life association would misdescribe where half of krlib’s product evidence comes from.

  • What it establishes: the same statutory 비교공시 architecture as R45, on the non-life side — 상품비교공시 by 장기보장성 class (어린이보험 among them), the 실손의료보험 보험료 인상률 and 경과손해율 disclosure covering 10 손해보험사 and 7 생명보험사, and the insurer-by-insurer 보험계약대출금리 grid split by 금리확정형 and 금리연동형. It is a regulated disclosure board, not marketing.

  • Used by: child, indemnity_medical, cancer and long_term_care, as the stated route to their [S#] sources; pension_savings for the 연금저축 비교공시 boards, which run across both associations; whole_life for the policy-loan rate comparison. No number on this page is taken from it — every figure it carries belongs in a product folder as [S#].

4. Legislation, conduct and consumer protection — 상법, 금융소비자보호법, 예금자보호법#

보험업법 supervises the undertaking; 상법 제4편 보험 governs the contract, and it is one-way mandatory — 제663조 forbids any special agreement varying the Part to the disadvantage of the policyholder, insured or beneficiary (reinsurance and marine excepted). Every clause of the 표준약관 R25 is drafted against it.

R49 — 국가법령정보센터, 상법 제4편 보험, 제1장 통칙 (제638조~제664조)#

  • Version: [시행 2026. 7. 23.] [법률 제20991호, 2025. 7. 22., 일부개정]

  • URL: https://www.law.go.kr/법령/상법 (body from LSW/lsInfoR.do?…&efYd=20260723)

  • Accessed: 2026-09-03

  • Retrieved: yes (631,670 characters; 제4편 보험 read in full)

  • What it establishes, in the operative words:

    • 제638조 — the contract takes effect on the promise of premium against the promise of “일정한 보험금이나 그 밖의 급여” on an uncertain event affecting property, life or body. 제638조의2 — the insurer must accept or decline within 30 days of receiving the application with premium (running from the medical examination where one is required); silence is acceptance; and if the insured event occurs before acceptance the insurer is liable unless it had grounds to decline. 제638조의3 — the insurer must deliver the 약관 and explain its important content; on breach the policyholder may cancel within three months of formation, which is the statutory source of the 표준약관’s 품질보증해지 R25. 제640조 — a 보험증권 must be issued without delay.

    • 제649조 — the policyholder may terminate at any time before the insured event, and on termination may claim the 미경과보험료 absent other agreement. 제650조 / 제650조의2 — non-payment of the first premium voids the contract two months after formation absent other agreement; for renewal premiums the insurer must give reasonable notice before terminating; and where a contract has been terminated under 제650조제2항 and the surrender value has not been paid, the policyholder may pay the arrears with agreed interest and demand 부활.

    • 제651조 / 제651조의2 — 고지의무위반: on intentional or grossly negligent misstatement or omission of a material fact the insurer may terminate within one month of learning of it and within three years of formation, but not if it knew or was grossly negligent in not knowing; and a matter the insurer asked about in writing is presumed material. 제652조 / 제653조 — the duty to notify a material increase in risk, and the one-month window to demand an increased premium or terminate. 제655조 — the causation defence: the insurer must still pay where it is proved that the non-disclosure or the change in risk “보험사고 발생에 영향을 미치지 아니하였음”.

    • 제656조 / 제657조 / 제658조 — liability begins on receipt of the first premium absent other agreement; notification of the event; payment within 10 days of the amount being determined where no period is agreed. 제659조 / 제660조 — 면책 for the intention or gross negligence of policyholder, insured or beneficiary, and no liability for war or civil disturbance absent agreement.

    • 제662조 (소멸시효) — “보험금청구권은 3년간, 보험료 또는 적립금의 반환청구권은 3년간, 보험료청구권은 2년간 행사하지 아니하면 시효의 완성으로 소멸한다.” 제663조 — the whole Part is one-way mandatory: no special agreement may vary it to the disadvantage of the policyholder, insured or beneficiary (reinsurance and marine excepted).

  • Used by: every product, in the contract-mechanics section of product-spec.md. The 3-year claim prescription and the 30-day acceptance window are quoted verbatim; nothing is modelled.

R50 — 국가법령정보센터, 상법 제4편 제3장 인보험 (제727조~제739조의3)#

  • Version: [시행 2026. 7. 23.] [법률 제20991호]

  • URL: https://www.law.go.kr/법령/상법 (body from LSW/lsInfoR.do?…&efYd=20260723)

  • Accessed: 2026-09-03

  • Retrieved: yes (same full-Part retrieval as R49)

  • What it establishes:

    • 제727조 — the 인보험 insurer pays on an event affecting the life or body of the insured; 제2항 (2014) permits instalment payment by agreement, the statutory hook for Korean products that pay a lump sum as an income stream. 제729조 — no subrogation against third parties in 인보험, except that an 상해보험 contract may agree subrogation so far as it does not prejudice the insured.

    • 제730조 / 제731조 — the life insurer pays on death, survival or both; a policy on another’s death requires that person’s written consent at formation (electronic signature admitted since 2017) and again on assignment.

    • 제732조 — a policy on the death of a person under 15, or of a person of unsound mind, is void, with a narrow exception for a 심신박약자 with capacity at formation or when becoming an insured under a group policy. This is why Child_KR_S cannot carry a meaningful death benefit below age 15; 제739조 applies the life rules to 상해보험 except 제732조, so a child under 15 may be insured against injury. 제732조의2 — gross negligence of policyholder, insured or beneficiary does not exclude a death benefit, and where one of several beneficiaries intentionally kills the insured the others are still paid.

    • 제733조 / 제734조 / 제735조의3 — designation and change of beneficiary; and 단체보험, where 제731조 does not apply if the group insures its members under a 규약, but naming a beneficiary who is neither the insured nor the insured’s heir needs the insured’s written consent unless the 규약 says otherwise.

    • 제736조 (보험적립금반환의무) — where the contract is terminated under 제649조, 제650조, 제651조 or 제652조~제655조, or the insurer is discharged under 제659조 or 제660조, it must pay “보험수익자를 위하여 적립한 금액”. This is the statutory floor beneath the 계약자적립액 that 감독규정 제7-63조제1항제1호 makes explicit for 제3보험 R17.

    • 제739조의2 (2014) — 질병보험: “질병보험계약의 보험자는 피보험자의 질병에 관한 보험사고가 발생할 경우 보험금이나 그 밖의 급여를 지급할 책임이 있다.” 제739조의3 — 질병보험 borrows the life and accident rules so far as consistent.

  • Note what 상법 does not contain: there is no 간병보험 chapter. Long-term care is a 제3보험 종목 under 보험업법 제4조 R1 but reaches the contract law only through 제739조의3’s borrowing. LTC_KR_S’s benefit definition therefore comes from 노인장기요양보험법 R54 R55 and from the 약관, not from 상법 — a structural point every LTC document must make.

  • Used by: every product; child load-bearing (제732조), long_term_care load-bearing (the absence), cancer and indemnity_medical for 제739조의2 and 제736조.

R51 — 국가법령정보센터, 금융소비자 보호에 관한 법률 제46조 (청약의 철회)#

  • Version: [시행 2026. 1. 2.] (lsiSeq 277247, efYd 20260102)

  • URL: https://www.law.go.kr/법령/금융소비자 보호에 관한 법률

  • Accessed: 2026-09-03

  • Retrieved: yes (62,444 characters; 제46조 read in full)

  • What it establishes: the statutory cooling-off right the 표준약관 제17조 R25 implements. 제46조제1항제1호 gives a 일반금융소비자 “「상법」 제640조에 따른 보험증권을 받은 날부터 15일과 청약을 한 날부터 30일 중 먼저 도래하는 기간” to withdraw. 제46조제4항 bars any damages or penalty on withdrawal. 제46조제5항 makes the withdrawal ineffective if a claim event has already occurred, unless the policyholder withdrew knowing it had.

  • Used by: every product, one line in product-spec.md. The 15/30-day pair is the only statutory number in the library that a policyholder can act on directly, and it is quoted rather than modelled.

R52 — 국가법령정보센터, 예금자보호법 시행령 제18조 (보험금의 계산방법의 예외 등)#

  • Version: [시행 2025. 9. 1.] (lsiSeq 273001, efYd 20250901), amended 2025-07-29

  • URL: https://www.law.go.kr/법령/예금자보호법 시행령

  • Accessed: 2026-09-03

  • Retrieved: yes (46,515 characters)

  • What it establishes: 제18조제7항 — “법 제32조제2항에 따른 보험금의 지급한도는 1억원 (이하 ‘보험금 지급한도’라 한다)으로 한다.” The limit is ₩100,000,000, not ₩50,000,000. The ₩50,000,000 figure survives only in the 부칙 of an earlier amendment and in pre-2025 consumer material; the FSC publicised the change on the commencement date R32. The article then applies the limit separately to four buckets (제18조제7항제1호): 가. DC and IRP-type retirement-pension claims, per member; 나. the combined total of 연금저축계좌 claims (소득세법 시행령 제40조의2제1항제1호가목 and 다목) and legacy 개인연금저축 / 연금저축 claims against a trustee or an insurer; 다. claims against an insurer that are 보험금, expressly excluding benefits payable because the policy term has ended (“보험기간이 종료되어 지급되는 보험금은 제외”); 라. everything else. ISA claims are combined with bucket 라 per account holder (제18조제7항제2호).

  • Two consequences for krlib: a Pension_KR_S policyholder’s protection is in bucket 나 and is separate from the ₩100,000,000 covering their other insurance claims; and a maturity benefit is expressly outside bucket 다, so a maturing 저축성 contract falls into bucket 라 with the depositor’s other claims. Neither is modelled; both are worth a line in the product specs.

  • Used by: pension_savings load-bearing; every other product for the 예금자보호 sentence that 표준약관 제43조 R25 requires.

5. Public schemes the private products sit on — 국민건강보험법, 노인장기요양보험법#

보험업법 시행령 제1조의2제1항 excludes both of these schemes from “보험상품” altogether R7, so the private product and the public scheme are different instruments in law. What the private product does is sit on top of the public one: Medical_KR_S reimburses what 국민건강보험 leaves the patient to bear, and LTC_KR_S pays on a determination that 노인장기요양보험 makes.

R53 — 국가법령정보센터, 국민건강보험법 제41조, 제42조, 제44조#

  • Version: [시행 2026. 1. 2.] (lsiSeq 276651, efYd 20260102)

  • URL: https://www.law.go.kr/법령/국민건강보험법

  • Accessed: 2026-09-03

  • Retrieved: yes (98,719 characters)

  • What it establishes:

    • 제41조제1항 lists the seven 요양급여: 진찰·검사, 약제·치료재료의 지급, 처치·수술 및 그 밖의 치료, 예방·재활, 입원, 간호, 이송.

    • 제41조제2항, added 2016, defines the scope: for everything but drugs, 요양급여 covers “제4항에 따라 보건복지부장관이 비급여대상으로 정한 것을 제외한 일체의 것” — a negative list; drugs are on a positive list. 제41조제4항 lets the Minister designate as 비급여 “업무나 일상생활에 지장이 없는 질환에 대한 치료 등”. 비급여 is therefore a residual defined by ministerial designation, and it is that residual which 실손 pays. The whole design problem of Medical_KR_S follows: the insured loss is defined by exclusion from a public list that the insurer does not control and that moves.

    • 제42조제1항 lists the 요양기관 classes — 의료법 institutions, pharmacies, the 한국희귀·필수의약품센터, 보건소·보건의료원·보건지소, and 보건진료소 — which are exactly the classes the 실손 표준약관 keys its outpatient deductible table to R25 R17.

    • 제44조제1항 imposes the 본인일부부담금 and lets it be raised for 선별급여; 제44조제2항 creates the 본인부담상한제, under which the NHIS refunds the excess of a member’s annual 본인일부부담금 over an income-graded 본인부담상한액. The 실손 표준약관 expressly makes that refund reduce the insured loss: cover is limited to “실제 본인이 부담한 금액 (관련 법령에서 사전 또는 사후 환급이 가능한 금액은 제외한 금액)” R25. The per-band 본인부담상한액 amounts sit in a 시행령 별표 that was not retrieved — see §7.

  • Used by: indemnity_medical load-bearing; cancer, child, ci_insurance and long_term_care for the 급여/비급여 boundary sentence.

R54 — 국가법령정보센터, 노인장기요양보험법 제2조, 제15조, 제23조, 제39조, 제40조#

  • Version: [시행 2026. 5. 26.] [법률 제21690호, 2026. 5. 26., 일부개정]

  • URL: https://www.law.go.kr/법령/노인장기요양보험법

  • Accessed: 2026-09-03

  • Retrieved: yes (133,932 characters)

  • What it establishes:

    • 제2조제1호 defines “노인등” as a person 65 or over, or under 65 with a 노인성 질병 the Decree lists R55.

    • 제2조제2호 defines 장기요양급여 as services or cash for a person “제15조제2항에 따라 6개월 이상 동안 혼자서 일상생활을 수행하기 어렵다고 인정되는 자에게 신체활동·가사활동의 지원 또는 간병 등”. The six-month duration test is statutory, and it is the natural definition of the disability inception a three-state LTC model needs.

    • 제15조제2항 — the 등급판정위원회 recognises a claimant meeting the 제12조 eligibility and the six-month test “심신상태 및 장기요양이 필요한 정도 등 대통령령으로 정하는 등급판정기준에 따라” R55.

    • 제23조 lists the benefit types: 재가급여 (방문요양, 방문목욕, 방문간호, 주·야간보호, 단기보호, 기타재가급여), 시설급여, and 특별현금급여 (가족요양비, 특례요양비, 요양병원간병비). 제39조 has the Minister set the 급여비용 annually by benefit type and grade after 장기요양위원회 review. 제40조 imposes a 본인부담금, waived for 의료급여 제3조제1항제1호 recipients, with reductions of up to 60% for listed low-income groups.

  • Why this is the LTC benefit definition. The trigger for a Korean private 간병보험 is a public administrative determination, not a policy definition — and no Korean carrier abandons the statutory language, because the 등급 is what a claimant can evidence. LTC_KR_S’s benefit therefore attaches to a grade, and the private product’s own definitional freedom is limited to which grades it pays on and how much.

  • Used by: long_term_care load-bearing; indemnity_medical for the 1·2등급 exclusion from the 비급여 할인·할증 claims count R25; whole_life and ci_insurance for the 간병 rider framing.

R55 — 국가법령정보센터, 노인장기요양보험법 시행령 제7조 (등급판정기준 등) and [별표 1]#

  • Version: [시행 2026. 5. 12.] (lsiSeq 286011, efYd 20260512); 별표 1 개정 2022-12-20

  • URLs: https://www.law.go.kr/법령/노인장기요양보험법 시행령 ; https://www.law.go.kr/LSW/flDownload.do?gubun=&flSeq=135370071&bylClsCd=110201 ([별표 1])

  • Accessed: 2026-09-03

  • Retrieved: yes (42,367 characters for the Decree; 별표 1 as a 1-page PDF, extracted cleanly)

  • What it establishes — 제7조제1항, the grades, verbatim:

    1. 장기요양 1등급: 심신의 기능상태 장애로 일상생활에서 전적으로 다른 사람의 도움이 필요한 자로서 장기요양인정 점수가 95점 이상인 자

    2. 장기요양 2등급: … 상당 부분 … 75점 이상 95점 미만

    3. 장기요양 3등급: … 부분적으로 … 60점 이상 75점 미만

    4. 장기요양 4등급: … 일정부분 … 51점 이상 60점 미만

    5. 장기요양 5등급: 치매(제2조에 따른 노인성 질병에 해당하는 치매로 한정한다) 환자로서 45점 이상 51점 미만

    6. 장기요양 인지지원등급: 치매(같은 한정)환자로서 45점 미만

    제7조제2항 sends the 장기요양인정 점수 itself to a 보건복지부 고시 measuring functional decline; that 고시 was not retrieved — see §7. [별표 1] carries the closed list of 25 diseases with KCD codes that alone let a person under 65 be certified: four dementia codes, one Alzheimer code, fourteen cerebrovascular codes, four Parkinson-family codes, plus 척수성 근위축, 다발경화증, 중풍후유증 and 진전. It is the Korean analogue of Japan’s 16 特定疾病, materially narrower in scope but broader in code coverage.

  • unverified and used only in a sensitivity: the 장기요양인정 유효기간 of 제8조 — base 2 years, extended on a same-grade renewal to 1등급 5 years, 2~4등급 4 years, 5등급 and 인지지원등급 2 years, effective 2025-07-01 — was read from a long-term-care software vendor’s customer notice restating the amendment (https://www.carefor.co.kr/cs/view_notice.php?calmgno=45794), not from the decree text.

  • Used by: long_term_care load-bearing — the point bands are the statutory definition of the LTC_KR_S trigger and the source of its grade-severity split; indemnity_medical for the 1·2등급 cross-reference.

6. Tax and accounting — 소득세법, 상속세및증여세법, K-IFRS 1117, K-ICS#

Korea taxes insurance through 세액공제 — a credit against tax, not a deduction from income. That single word changes the after-tax comparison against every other market in this repository: a Japanese 生命保険料控除 or a German Sonderausgabenabzug is worth more to a high-rate taxpayer than to a low-rate one, whereas a Korean credit is worth the same to both, and is worth more to the low-rate taxpayer as a fraction of the premium.

R56 — 국가법령정보센터, 소득세법 제59조의3·제20조의3·제129조 and 시행령 제40조의2#

  • Version: 소득세법 [시행 2026. 7. 1.] (lsiSeq 280405); 시행령 [시행 2026. 7. 1.] (lsiSeq 286211)

  • URLs: https://www.law.go.kr/법령/소득세법 ; https://www.law.go.kr/법령/소득세법 시행령

  • Accessed: 2026-09-03

  • Retrieved: yes (356,757 and 624,319 characters). The 연금소득 withholding-rate age table in 제129조제1항제5의2호가목 renders as an image and did not extract, as does the 연금수령한도 formula in 시행령 제40조의2.

  • What it establishes — the 연금저축 package:

    • 제59조의3제1항: a credit against tax of 12% of the amount paid into a 연금계좌 — 15% where 종합소득금액 for the year is ₩45,000,000 or less (₩55,000,000 총급여 for the employment-income-only case). Caps, in the 단서: contributions to a 연금저축계좌 above ₩6,000,000 (600만원) a year are disregarded, and 연금저축 (within that ₩6,000,000) plus 퇴직연금계좌 contributions above ₩9,000,000 (900만원) a year are disregarded. 제3항 and 제4항 add ISA-conversion amounts, capped at the lesser of 10% of the converted amount and ₩3,000,000 (300만원).

    • The 13.2% / 16.5% rates the Korean market quotes are the statutory 12% and 15% grossed up by the 10% 지방소득세 surtax. The surtax is imposed by the 지방세법, which was not retrieved, so 13.2 and 16.5 are unverified arithmetic on a verified base and any krlib document using them must say so.

    • 시행령 제40조의2제2항제1호 caps total contributions at ₩18,000,000 (1,800만원) a year across all 연금계좌 (with separate cumulative ₩100,000,000 head-room for the 연금주택 and 연금부동산 downsizing routes added in 2025) and bars contributions once 연금수령 has begun; for an insurance-form account, arrears may be paid up to three years and two months after the last payment. 제40조의2제3항 defines 연금수령: the holder must be 55 or over and have applied to begin drawing; the account must have been open five years or more (waived where deferred retirement income is in it); and withdrawals must be within the 연금수령한도, whose formula is an image — but 제4항 states that the 연금수령연차 runs from the first year in which drawing was possible and that from year 11 the limit does not apply.

    • 제20조의3제1항제2호 makes withdrawals in 연금 form from a 연금계좌 연금소득, covering (가) untaxed retirement income, (나) amounts on which the 제59조의3 credit was taken, and (다) investment growth. 제129조제1항제5의2호 sets the withholding rate by the pensioner’s age, and 다목 sets 3% for a 종신계약. The age-band table is an image, so the commonly quoted 5% / 4% / 3% by age band is unverified here; what is verified is that a lifetime annuity attracts the lowest band, 3% — a real product-design incentive for Pension_KR_S and Immediate_KR_S.

  • Used by: pension_savings load-bearing throughout; immediate_annuity for the 종신계약 3% rate and the 연금수령 conditions; variable_annuity where written as a 연금저축 form; whole_life for the 연금전환 interaction R58.

R57 — 국가법령정보센터, 소득세법 제59조의4 (특별세액공제 — 보장성보험료)#

  • Version: [시행 2026. 7. 1.] (lsiSeq 280405)

  • URL: https://www.law.go.kr/법령/소득세법

  • Accessed: 2026-09-03

  • Retrieved: yes

  • What it establishes: 제59조의4제1항 — an employee who pays premiums on a contract “만기에 환급되는 금액이 납입보험료를 초과하지 아니하는 보험” gets a credit of 12% of the premium — 15% for a 장애인전용보장성보험 — with each basket capped at ₩1,000,000 (100만원) a year. The 12% credit on up to ₩1,000,000 is worth at most ₩120,000 a year before the local surtax; grossed up at 13.2% it is ₩132,000, unverified as at R56.

  • The definitional point worth carrying. The qualifying test — maturity value ≤ premiums paid — is the same economic test 감독규정 제1-2조제3호 uses to define a 보장성보험 at the 기준연령 요건 R9. Tax law and supervisory law draw the line in the same place, which is why Korean products are designed to sit cleanly on one side of it and why the 저축성/보장성 split is a real product-design boundary rather than a labelling convention.

  • Used by: term_life, whole_life, ci_insurance, child, cancer, long_term_care and indemnity_medical, in the tax paragraph of product-spec.md.

R58 — 국가법령정보센터, 소득세법 제16조제1항제9호 and 시행령 제25조 (저축성보험의 보험차익)#

  • Version: 소득세법 [시행 2026. 7. 1.]; 시행령 [시행 2026. 7. 1.], 제25조제9항·제10항 신설 2025-06-30

  • URLs: https://www.law.go.kr/법령/소득세법 ; https://www.law.go.kr/법령/소득세법 시행령

  • Accessed: 2026-09-03

  • Retrieved: yes. The annual-annuity ceiling formula in 시행령 제25조제4항제5호 is an image and did not extract.

  • What it establishes: 제16조제1항제9호 makes the 보험차익 of a 저축성보험 interest income, except (가) a policy meeting the Decree’s conditions and held 10 years or more from first premium to maturity or surrender, and (나) a 종신형 연금보험 meeting the Decree’s conditions. 시행령 제25조제1항 defines 보험차익 as benefits or refunds received (excluding those paid for death, disease, injury or loss of property) less premiums paid.

    • 제25조제3항, the 10-year route, sets two alternative condition sets: (1) a 저축성보험 where the aggregate premiums payable per policyholder across all such policies do not exceed ₩100,000,000 (1억원) for contracts made from 2017-04-01 (₩200,000,000 to 2017-03-31) — but not where the premiums are drawn down as a fixed-term annuity beginning before the tenth anniversary; or (2) a 월적립식 policy meeting all three of: payment term 5 years or more; level basic premium monthly (an increase up to 1× the original allowed) with advance payment of no more than 6 months; and aggregate monthly premiums per policyholder across all 월적립식 policies of ₩1,500,000 (150만원) or less for contracts from 2017-04-01.

    • 제25조제4항, the 종신형 연금보험 route, sets five conditions: 1. annuity paid from age 55 after the payment term ends until death; 2. no payment in any form other than an annuity; 3. the contract and the annuity fund must extinguish on death, and where a guarantee period is set it must be within the sex- and age-specific 기대여명 연수 published by the 국가데이터처 (rounded down) R38, the contract extinguishing at the end of the guarantee period where the annuitant dies within it; 4. policyholder, insured and beneficiary must be the same person, and the contract may not be surrendered after the first annuity payment and before death; 5. the annual annuity must not exceed a stated formula (image, not extracted).

    • 제25조제6항 resets the “first premium date” on three changes: a change of policyholder other than by death; conversion of a 보장성 policy to a 저축성 one; and an increase of the basic premium beyond 1× the original.

    • 제25조제9항 and 제10항 (신설 2025-06-30) bear directly on a Korean whole-life product’s late-life options: where a 보장성보험’s sum insured is reduced by agreement and the released amount is drawn as an annuity, that is treated as conversion to a 저축성보험, with the first annuity date as the new first-premium date — unless the original 보장성보험 was a 월적립식 policy with a sum insured of ₩900,000,000 (9억원) or less, premiums were fully paid before the first annuity date, policyholder, insured and beneficiary are the same, and the annuity starts at 55 or later, in which case the original first-premium date is preserved. That provision is the tax basis of the Korean 연금전환 feature many 종신보험 carry, and WholeLife_KR_S’s product spec records it.

  • Note the connection to R27. Condition set (1)’s ten-year test is why the FSS calibrates its 30% 단기납 종신 additional-lapse floor to the 11th-year lapse rate on single-premium bancassurance savings (29.4%–30.2%): that is the duration at which the tax exemption is met and the refund ratio jumps. Tax design and lapse assumption are one question in Korea.

  • Used by: whole_life load-bearing (연금전환 and the 보장성 test); variable_annuity and immediate_annuity for the 종신형 연금보험 route; pension_savings for the boundary against the 연금계좌 regime R56; ci_insurance for the 저축성 element of a 종신 chassis.

R59 — 국가법령정보센터, 상속세 및 증여세법 제8조·제34조 (보험금의 상속·증여)#

  • Version: [시행 2026. 1. 2.] (lsiSeq 276123, efYd 20260102)

  • URL: https://www.law.go.kr/법령/상속세 및 증여세법

  • Accessed: 2026-09-03

  • Retrieved: yes (148,788 characters)

  • What it establishes: 제8조제1항 — “피상속인의 사망으로 인하여 받는 생명보험 또는 손해보험의 보험금으로서 피상속인이 보험계약자인 보험계약에 의하여 받는 것은 상속재산으로 본다.” 제8조제2항 — where the policyholder is someone else but the deceased in substance paid the premiums, the deceased is treated as the policyholder and 제1항 applies. 제34조제1항 — where beneficiary and premium payer differ, the benefit attributable to the other person’s premiums is a gift to the beneficiary; and where the beneficiary paid premiums out of property received as a gift, the gift is the benefit less those premiums. 제34조제2항 disapplies 제34조 where 제8조 already treats the benefit as estate property.

  • The practical Korean planning point — that a policy taken out and paid for by the beneficiary on the life of a parent falls outside 제8조 — follows from 제8조제2항 read with 제34조, and is why Korean 종신보험 is sold as an inheritance-tax vehicle. No numeric threshold or rate is asserted here: the 상속세 rate schedule and the 일괄공제 were not extracted.

  • Used by: whole_life load-bearing (the inheritance-planning framing that drives Korean 종신보험 sales); term_life; ci_insurance and child in passing.

R60 — 한국회계기준원 회계기준위원회, 「”보험계약” 국제회계기준(K-IFRS 제1117호) 제정 의결」#

  • Publisher: 한국회계기준원 (Korea Accounting Institute), mirrored by KDI 경제교육·정보센터; date of the resolution 2018-05-25

  • URL: https://eiec.kdi.re.kr/policy/materialView.do?num=177159

  • Accessed: 2026-09-03

  • Retrieved: in part — the release body returned; the 별첨 HWP carrying the standard’s substance was not converted

  • What it establishes: the Korean adoption of IFRS 17 as 기업회계기준서 제1117호 「보험계약」. The release states an effective date of 2021-01-01, which was the pre-deferral date; the operative commencement of 2023-01-01 is established not from this release but from the 부칙 to 금융위원회고시 제2022-53호 R14 and from the FSC’s own framing R30. Unlike Japan, where IFRS applies as 指定国際会計基準 on a voluntary basis, K-IFRS 1117 is mandatory for Korean insurers; there is no adopter list to consult, because the answer is “all of them”.

  • How the regulation borrows the standard’s vocabulary, which is the practical reason this entry is cited from every product: 시행령 제63조 speaks of 현행추정치 and of the 발생사고요소 / 잔여보장요소 split R8; 감독규정 제6-11조제3항 defines 투자계약부채 as contracts “보험계약의 법률적 형식을 취하고 있으나, 한국채택국제회계기준 제1117호의 적용을 받지 않아 투자계약으로 분류된 계약들” R10; and the whole 해약환급금준비금 R11 exists only because IFRS 17 measurement can fall below the contractual surrender value.

  • Used by: every product, in the measurement-basis paragraph of technical-notes.md. No krlib model computes a CSM, a risk adjustment or a fulfilment cash flow.

The three measurement bases one projection feeds#

jplib sits under three bases because Japan runs a locked-in statutory reserve, a prospective ESR and voluntary IFRS 17. Korea also has three, but they are different three, they are all live now, and two of them are the same set of cash flows discounted differently. A krlib document that conflates them will be wrong about which assumptions are fixed and which are re-set at every valuation date.

IFRS 17 — the earnings measure. K-IFRS 제1117호 has been mandatory since 2023-01-01 R60. The liability is fulfilment cash flows — a current, unbiased, probability-weighted estimate of future cash flows, discounted on the prescribed 국고채-based curve with 관찰금리 to a 20-year LOT, an LTFR of 4.55% and a liquidity premium of 91bp R27 — plus a risk adjustment, plus the CSM, which is unearned profit released as service is provided. Everything is re-set at every reporting date; nothing is locked in at issue. This is where a Korean insurer’s reported earnings come from, and it is why the lapse assumption on a 무해지 product became a supervisory matter R27: the CSM on that form is extraordinarily sensitive to it.

K-ICS — the capital measure. The 건전성감독기준 재무상태표 R13 starts from the K-IFRS consolidated balance sheet and re-measures it “경제적이고 시장가격과 일관된 가치로”, assets at exit price and liabilities at transfer or settlement price, with no own-credit adjustment. The liability is a best-estimate liability plus a 위험마진, and against it stands a 지급여력기준금액 built from five risk modules, of which the life-and-long-term-health module alone carries seven shock-based sub-risks including 해지위험액 and 사업비위험액 R13. The floor is 100% R8; below it the 적기시정조치 ladder starts R14; and the whole thing is phased in over ten years by four optional 경과조치 R35. It is a regulatory measurement, not an accounting standard — the distinction matters because the natural reflex is to treat IFRS 17 as the economic frame, and in Korea the capital frame is a separate re-measurement of the same cash flows.

The 해약환급금준비금 — the distributable-earnings measure, and Korea’s own. At each balance-sheet date, company-wide, the insurer compares the IFRS 17 잔여보장요소 (plus certain separate-account and investment-contract liabilities, grossed up for OCI) against the aggregate contractual 해약환급금 computed under 감독규정 제7-66조제1항 — on that rule even for products that may contractually pay less — and appropriates the shortfall inside 이익잉여금 R11. A well-capitalised insurer (K-ICS ≥ 130% before transitionals at the previous quarter-end) appropriates only 80% of it. This is neither an accounting liability nor a capital requirement: it is a brake on dividends, sitting inside K-ICS 가용자본 while being unavailable for distribution. It stood at ₩32.2조 at end-2023 R36. Nothing in uslib, uklib, jplib, frlib or delib corresponds to it, and it is the reason a Korean insurer’s economics on a 무해지 product depend on the surrender value and not only on the fair-valued liability.

One set of gross cash flows feeds all three. The premiums, claims, expenses, surrenders, policy-loan flows and options-and-guarantees streams are common; what differs is the discounting, the margin (risk adjustment plus CSM under IFRS 17, 위험마진 under K-ICS, none at all in the surrender-value comparison), the aggregation level (portfolio and cohort for IFRS 17, module and correlation for K-ICS, the whole company for the 해약환급금준비금) and the purpose. That is why krlib’s reference implementations keep product cash flows basis-agnostic, publish result_cf() as a gross best-estimate stream, and stop deliberately before any of the three — exactly the design uklib, jplib, frlib and delib use, reached here from the most crowded regulatory starting point in the repository. What the models do compute beyond the cash flows — the 계약자적립액 and the 해약환급금 — they compute because both are contractual quantities with a published bound R19 R20, and because the third basis above cannot be discussed at all without them.

7. Gaps, fetch failures and every claim left unverified#

Disclosed in full, as the research standard requires. Nothing here is a formality: each item is a place where a product document must tag unverified rather than assert, or must derive a value and tag the derivation std.

A. Not retrieved at all

  1. The 경험생명표 qx table — R33 R34. The single largest gap in the library. No mortality rate from any edition of the industry table was located in any public KIDI channel; the 보도자료 listing served no 경험생명표 item and the 빅데이터 플랫폼 page refused connection on port 9443. Only 평균수명 and 65세 기대여명 are public, and only through a trade newspaper. Consequence: every mort_table.csv in krlib is [std], anchored on R38 and bracketed by R33’s two statistics, with a provenance column on every row.

  2. 참조순보험요율 — the life side only — R4 R34. The 생명보험 notifications are not published: the bureau files with the FSC and the public sees the rate only as the 보험가격지수 ratio R22, while a carrier’s 상품요약서 identifies the notification behind its 예정 경험사망률 by document number alone. This gap does not extend to 장기손해보험, whose 참조순보험요율 the bureau publishes as a numeric display R61 — see the correction at §7-D. So a krlib morbidity, incidence or disability rate is [std] where R61 does not carry it (실손 severity, long-term-care inception) and source-tagged where it does (암 발생률, 질병입원율).

  3. 보험업감독업무시행세칙 [별표 22] and [별표 24] — R26. [별표 22] and [별표 22의 1] were located in the 별표 index at bylSeq 3295667 and 3295669 and simply were not downloaded; the 별표 route that worked for 별표 14, 15 and 27 was available and unused, so this is a live task and not a closed gap. 별표 24’s bylSeq was never obtained, and the two other routes tried for it returned a navigation shell and HTTP 403 respectively. The K-ICS 대량해지위험 shocks (35% / 25% / +35%p / +25%p / ×(1−40%)) and the 보증준비금 CTE(70) basis are unverified, quoted only through R36 and the variable_annuity research file. The article numbers said to invoke 별표 24 — 감독규정 제6-11조제10호 and 시행세칙 제4-15조 — are likewise unverified.

  4. 국민건강보험법 시행령 별표 — the per-band 본인부담상한액 — R53. The 본인부담상한제 exists and reduces the insured loss under the 실손 표준약관 R25; its amounts are not in this file and Medical_KR_S may not assert one.

  5. The 보건복지부 고시 defining the 장기요양인정 점수 — R55. 시행령 제7조제2항 delegates the scoring instrument and it was not retrieved. The point bands are verified; how a claimant scores against them is not, so LTC_KR_S cannot map a functional state to a grade from a retrieved source and must construct the mapping [std].

  6. 노인장기요양보험법 시행령 제8조 (유효기간) — R55. Read only from a software vendor’s customer notice. The 5/4/2-year same-grade renewal extensions are unverified and are used in a sensitivity only.

  7. 지방세법 — R56 R57. Not retrieved. The 13.2% and 16.5% 연금저축 rates and the ₩132,000 보장성보험료 figure are unverified arithmetic on a verified 12% / 15% / 12% base.

  8. KOSIS 완전생명표 single-year qx tables — R39. Not downloaded. This is a live task, not a closed gap: the table build must fetch them and record the KOSIS table id in each product’s sources.md.

  9. 생명보험협회 FACT BOOK 2025 edition and the 금융통계월보 tables — R45. Structure and contents read; no number is taken from either.

  10. 보험연구원 「2025년 보험산업 주요 이슈: ② IFRS17 및 K-ICS」 (https://www.kiri.or.kr/report/downloadFile.do?docId=618289) — identified in search, not downloaded. It would carry the 2023–2025 supervisory-guideline chronology in one place, including the 2023 실손의료보험 계리가정 산출기준 that R27 supersedes only in part.

  11. FSS 지급여력비율 현황 for 2025-03 and 2025-06 (https://eiec.kdi.re.kr/policy/materialView.do?num=267710, …num=271247) — R30. Not opened; only the September 2025 figures are used, and the component amounts behind them were not obtained either.

  12. The 2024 노인장기요양보험 통계연보 — R43. Search summary only.

  13. No 한국보험계리사회 (Institute of Actuaries of Korea) document of any kind. There is no krlib counterpart to jplib’s 保険計理人の実務基準 R22 of jplib or frlib’s NPA 1 / NPA 2, and none is claimed. Where a krlib document describes a Korean actuarial convention that is not in a retrieved regulation — the three-source 위험률차 / 이자율차 / 사업비차 framing is the clearest case, now deleted from 감독규정 R12 — it says “market practice” and tags the claim unverified.

B. Retrieved, but rendered as an image and therefore not readable

Korean regulation renders many formulas as images inside the HTML or the PDF. Every one of these was located and could not be extracted; none is reproduced anywhere in krlib:

  1. the 해약환급금 formula display and the two 계약자적립액 accrual formulas of 감독규정 제7-66조제1항 R19 — the operative words extracted, the formulas did not;

  2. the α weight formula and one β formula in 시행세칙 별표 27 R24 — so the α input set is known (opening 계약자적립액, prior year-end asset duration, prior-year premium income) and the caps are known (0.5%p rounding, 60% maximum) but the functional form is not;

  3. the 기본요구자본 correlation formula of 감독규정 제7-2조제1항 R13;

  4. the 연금소득 원천징수 age-band table of 소득세법 제129조제1항제5의2호가목, the 연금수령한도 formula of 시행령 제40조의2 R56, and the annual-annuity ceiling formula of 시행령 제25조제4항제5호 R58.

C. Retrieved only through a mirror, a trade newspaper or a research report

  1. The 제10회 경험생명표 summary statistics — R33. A trade newspaper (보험매일) is the only retrieved source. Every figure is news-sourced and must be tagged.

  2. The 2025 industry outturn — 수입보험료 ₩266.6595조, 당기순이익 ₩12.2172조, the line splits, ROA, ROE and 총자산 R47. A trade newspaper reporting an FSS release. Every figure is news-sourced.

  3. The FSS 실손 사업실적 R44 and the 지급여력비율 현황 R30 reached krlib through the KDI 경제교육·정보센터 mirror, not through fss.or.kr.

  4. The K-ICS 대량해지 shocks and the 해약환급금준비금 accumulation-ratio schedule R36 — a 보험연구원 CEO Report quoting 별표 22 and the 감독규정 부칙 respectively. The ₩23.7조 / ₩32.2조 reserve balances are the report’s own figures and were not traced to a supervisory release.

  5. The CSM forecasts sometimes attributed to R46’s seminar (생명보험 ₩64.7조 → ₩64.3조; 손해보험 ₩70.3조 → ₩71.8조) were read from a search summary, not from the retrieved deck. unverified.

D. Two corrections, recorded rather than quietly fixed

  1. fss.or.kr is not unreachable. The cross-product research pass recorded that a plain HTTPS request to https://www.fss.or.kr returned “Empty reply from server” and that the site “did not respond to the fetcher at all”, and every FSS release in that pass was consequently taken through the KDI mirror R44 R30 or through a trade newspaper R47. That conclusion was too strong. The indemnity_medical research pass, on the same day, fetched the joint FSC/FSS 5세대 실손 launch 보도자료 directly from fss.or.kr — both the post (/fss/bbs/B0000188/view.do?nttId=217561&menuNo=200218) and a 655 KB, 15-page PDF through /fss/cmmn/file/fileDown.do R31. As on the ACPR host in frlib, the discriminator is the fetcher and the path, not the host. A later drafter should re-try fss.or.kr directly before falling back to a mirror, and should treat the news-sourced figures in R47 as replaceable with a primary FSS release, not as the best available evidence.

  2. The 참조순보험요율 are not uniformly unpublished, and this page said they were. The cross-product research pass reasoned from the KIDI 보도자료 listing, which carries no reference-rate item R34, and from 감독규정 제1-2조제1호, which defines the rate as one filed with the FSC R9, to the conclusion that “no 참조순보험요율 value was retrieved and none exists in public”. The second half of that is wrong. On the same day the cancer and indemnity_medical passes opened https://www.kidi.or.kr/user/nd13261.do and read a published, dated 장기손해보험 참조순보험요율 display carrying an 암 발생률 grid and a 질병입원율 grid by age and sex R61. The conclusion held for the life side only, where it stands. The error runs in the expensive direction — it would have had ten products tag [std] a table they can source — and its shape is exactly item 23’s: a negative inferred from one channel was generalised to a publisher. Neither the 경험생명표 finding R33 R34 nor the life-side finding is disturbed by the correction.

E. The single most consequential unresolved number

  1. The 예정이율 of any specific Korean product. A full-text search of the retrieved 2026-05-06 감독규정 returns zero occurrences of 예정이율 R9: the regulation names only the 계약자적립액 적용이율 and the 금리연동형 / 금리확정형 split. The rate lives in the 산출방법서, which is not public R2. The 평균공시이율 is published and is verified (2.50% for 2026, from 3.50% in 2016) R48; carrier 공시이율 by product class is published monthly; 예정이율 is neither. Consequently:

    • every 예정이율 in krlib is [std], with the R48 평균공시이율 series as its anchor and its stated rationale;

    • trade reporting that places 보장성 공시이율 at 2.2%, 연금 at 2.29% and 저축 at 2.22% before the 2026 cut, and that expects a 2–5% rise in protection premiums, is unverified — those articles were seen only as search summaries;

    • the one retrieved carrier 공시기준이율 (3.19% across five classes) has an unknown as-of month and is illustrative only R48.

F. Retrieval notes worth carrying into every Korean research pass

  1. law.go.kr serves statutes and 행정규칙 only through the inner endpoints LSW/lsInfoR.do?lsiSeq=<id>&efYd=<yyyymmdd> (법령) and LSW/admRulLsInfoR.do?admRulSeq=<id> (행정규칙). The friendly https://www.law.go.kr/법령/<name> URL returns navigation chrome only, and the admRulLsInfoP.do / admRulInfoP.do P-suffixed forms return the shell with the body in a frame that plain fetchers do not follow. Two krlib product research passes recorded 보험업감독규정 and 시행세칙 as “not retrieved” for exactly that reason before the R-endpoint route was found; their 감독규정 facts therefore rest on FSC press releases and KIRI reports, and this page’s do not.

  2. A 별표 is a three-step fetch: admRulBylContentsInfoR.do?bylSeq=<id> → flDownload.do?flSeq=<pdfFlSeq> → PDF. Without the bylSeq there is no route, which is why 별표 24 was not reached R26 and R20, R21, R24 and R25 were. 별표 22 is a different case: its bylSeq (3295667, and 3295669 for 별표 22의 1) was recovered from the index and the fetch was simply never made. flSeq is a global file id and not the bylSeq — guessing flDownload.do?flSeq=<bylSeq> returns an unrelated document, as one attempt on 별표 14 did.

  3. ko.wikisource.org’s 보험업법 mirror is 법률 제8902호, 시행 2008-06-15 — seventeen years out of date. It was tried, nothing is cited from it, and it must not be used.

  4. casenote.kr returns article text reliably and was the first route that worked for 보험업법 제2조, 제4조 and 제5조; its 제2조 view compressed the 가/나/다 sub-items, so it is a cross-check and never the authoritative retrieval R1 R2.

  5. The version of the 시행세칙 law.go.kr serves as current takes effect 2026-09-10, one week after the access date R23. Facts from it are facts about the imminent text.

G. What is not in scope here, and where it lives instead

This page carries only the cross-product references. Product-specific regulatory and actuarial sources — a single product’s litigated benefit definition, a 태아보험 supervisory notice, a carrier’s disclosure of its own policy-loan rate schedule, an epidemiological study behind one incidence table — are numbered R# inside that product’s sources.md, carried verbatim from its _research/<slug>.md, and are cited as [R#] rather than [REG-R#]. Primary product documentation (약관, 상품요약서, 보험안내자료, 사업방법서 extracts, 공시자료) is never listed here; it is [S#] in the product folder, and the product folder is the only place an individual carrier is identified at all — with the deliberate exception of R48, where a carrier page is the only located route to a regulatory figure and is cited as such.

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