통합금융법과 보험업에 대한 규제 = Regulation on Integrated Financial Law and Insurance Industry

다국어 초록 (Multilingual Abstract)

This research contemplated the status of life insurance industry under the structure of the Integrated Financial Act, from the Korea`s point of view in regards to the fundamental issue of whether the Integrated Financial Act is necessary, after analyzing it from the angle of both UK and US life insurance market chance as well as financial system change. In UK, almost every life insurance contract is regulated by the Financial Service Act. And the enaction of 「The Financial Services and Act」in June 2000 was geared to the reorganization of the regulation authority under the situation where the self regulator`s supervision was not properly functioning in such cases as the bankruptcy of The Baring Security Co. In US, Gramm-Leach-Bliley Act permitting the convergence of bank, security and insurance was enacted in October 1999. Thus the variable product has been controlled by the Federal Securities Act on the ground that the variable product is considered as security product which makes the insured (instead of the insurer) bear the investment risk. In Korea of traditional product-dominant market situation, US model can be a better substitute which applys market conduct regulation in life insurance selling, at the same time takes a separate legal measure in some products closer to the other financial product. Besides, if we seek to integrate financial laws, it is recommended that we have a reference to those countries with financial integration, such as US and Australia, rather than UK, while taking the Korean situation into consideration.