Workshop Overview We are excited to announce a special workshop on “Democratic procedures and rational direction of insurance company governance and internal control systems”, to be held as part of an upcoming IVR2024 congress.
This workshop aims to explore Democratic procedures and rational direction of insurance company governance and internal control systems, focusing on the purpose and value of a company's existence. We invite legal philosophers, a corporate lawyer, jurists, and scholars from related disciplines to contribute to this dialogue, with a particular focus on democracy, the rule of law, and the theory of justice.

Workshop Language • Korean

Subtopics for Consideration • Historical consideration of the Financial Company Governance Act and major contents of the amendment (draft)
The amendment to the Act on Governance of Financial Companies (hereinafter referred to as the ‘Governance Act’) was passed by the plenary session of the National Assembly (December 8)* and will be implemented 6 months after its promulgation (scheduled for June 2024), and will be applied sequentially starting from banks and holding companies 6 months after its implementation. am. Representative Yoon Han-hong's motion based on the "Financial Sector Internal Control System Improvement Plan" announced last June, and motions by Representative Kim Han-gyu and Kang Min-guk were integrated and submitted as alternatives to the Political Affairs Committee. This announcement will present the main contents of the enactment, including the historical contents of the Governance Act.
• Review of the revised enforcement ordinance of the Financial Company Governance Act and implications for insurance companies
The main contents of the second announcement are as follows. First, it is a responsibility structure. The responsibilities in the responsibility structure map will be divided and specified with examples, and the method of creating the responsibility structure map and submission method will be considered (Article 25-3 of the Enforcement Decree, Annex 1-2 of the Enforcement Decree, Article 14-3 of the proposed regulations). Second, it is related to the Internal Control Committee. Among the internal control committee's work, matters that the audit committee or risk management committee can take charge of (Article 17-2 of the Enforcement Decree) fall under this category. Third, it is a matter of overall internal control management obligations. The details of the overall internal control management duties of the CEO and others (Article 25-4 of the Enforcement Decree) will be discussed. Fourth, there is an internal control management obligation. This is related to the regulations on executives excluded from duties and employees included (Article 25-2 of the Enforcement Decree, Article 14-2 of the proposed regulations). Here, “executive” refers to an executive (including executives from other companies) who actually exerts influence on responsibilities. However, outside directors who are not the chairman of the board of directors are excluded, and some employees are also included depending on the size of assets and characteristics of their positions. Fifth, implications for insurance companies related to responsibility structure and internal control
• Review of amendments related to the improvement of the internal control system under the Financial Company Governance Act and direction of reasonable internal control according to democratic procedures of insurance companies
Key matters are related to internal control organizational structure and authority (Articles 5 and 12). Details of work and organizational structure are stipulated so that separate internal regulations can be established according to the circumstances of each company, such as the business environment (Article 5), and internal regulations document the authority, role, and responsibility of the person in charge when delegating internal control tasks. (Article 12), a detailed review will be conducted on this. Second, matters related to internal control organization and roles (Articles 6 to 12) deal with matters such as specifying the roles, authority, and responsibilities of executives and employees, including the board of directors, CEO, internal control committee, compliance officer, etc. . Third, review of the direction of reasonable internal control according to the insurance company's democratic procedures.
• Send submissions to [jsy4878@naver.com : jsyoo@kangnam.ac.kr].

Subtopics for Consideration Details regarding the workshop's format(in-person, virtual, or hybrid) and specific date will be provided in due course. The workshop is designed to foster a collaborative and engaging environment for deep discussions and networking.
We look forward to receiving your abstracts and to the rich discussions that will emerge at the intersection of these vital and thought-provoking areas. For any inquiries, please contact the workshop organizers at [jsy4878@naver.com : jsyoo@kangnam.ac.kr].