Chapter 1 General Provisions
These Regulations are adopted pursuant to paragraph 4 and 8 of Article 163 of the Insurance Act.
The term “insurance broker” (hereinafter, "broker") as used in these Regulations means “broker” as defined in Article 9 of the Insurance Act.
The term "independent broker" as used in these Regulations means a person who practices insurance broker business in his or her own name.
The term "broker company" as used in these Regulations means a company operating insurance broker business in the capacity of a corporate organization.
The term “bank” as used in these Regulations means a bank operating concurrently insurance broker business with approval of the competent authority.
A broker who has not obtained a practice license in accordance with these Regulations shall not operate or practice.
Brokers are divided into non-life insurance brokers and personal insurance brokers.