These Regulations are adopted pursuant to paragraph 4 of Article 163 of the Insurance Act.

The term “insurance agent” (hereinafter, “agent”) as used in these Regulations means “agent” as defined in Article 8 of the Insurance Act.
The term "independent agent" as used in these Regulations means a person who practices insurance agency business in his or her own name.
The term "agent company" as used in these Regulations means a company operating insurance agency business in the capacity of a corporate organization.
The term “bank” as used in these Regulations means a bank operating concurrently insurance agent business with approval of the competent authority.

An agent who has not obtained a practice license in accordance with these Regulations may not operate or practice.

Agents are classified into non-life insurance agents and personal insurance agents.
An agent who operates or practices business on behalf of more than one insurance enterprise shall forthwith inform those insurance enterprises.