An agreement between the United States and South Korea which will eliminate some barriers that will allow American companies to conduct more business is receiving kudos from the American Council of Life Insurers, Washington.
President Barack Obama announced the agreement on December 3. According to the ACLI, “The agreement would open the door for U.S. insurers to introduce new and innovative life insurance and retirement security products to South Korean consumers.”
ACLI explains that while the South Korean insurance market is the eighth largest in the world, it has long been dominated by government-owned companies. The disadvantage that private sector companies faced will be limited with the enactment of KORUS which would make all parties adhere to the same regulations.