In order to strengthen the communication with insurance-related companies and associations as well as improve the effectiveness of internal audit mechanisms, the FSC held a colloquium for chief internal auditors of 45 life insurance companies, non-life insurance companies and reinsurance companies as well as the life insurance association and non-life insurance association on Oct. 4, 2019.

The session topics included the introduction of internal audit quality assessment, the key points of improvements for examination findings, the examination findings for financial consumer protection, real estate investment, and information technology, as well as the introduction of a draft Whistleblower Protection Act.

During the meeting, the FSC, with the participation of the Insurance Bureau, exchanged a wide range of opinions on topics, including recent supervisory issues and critical audit matters with all participants. With two-way communication, it allowed financial institutions to gain a better understanding about the supervisory concerns and the examination focuses.