RESTRICTED
WORLD TRADE GATS/SC/48/Suppl.1/Rev.1
4October 1995
ORGANIZATION(95-2903)
Trade inServices
REPUBLIC OFKOREA
Schedule ofSpecific Commitments
Supplement 1
Revision
(This isauthentic inEnglish only)
________________
Theattached texts replace theALL SECTORS section contained inpages 1to9of
document GATS/SC/48, andtheFinancial Services section contained inpages 35to50ofthesame
document.REPUBLIC OFKOREA -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
ALL SECTORS INCLUDED
INTHIS SCHEDULE
(ALL SECTORS)(3)Theacquisition ofoutstanding
stocks ofexisting domestic
companies bynatural persons or
juridical persons ofanother member
isrestricted. However, foreign
portfolio investment inKorean
stocks ispermitted onlyforthe
stocks listed ontheKorean Stock
Exchanges, andindividual foreign
investors canownupto3percent
ofeachcompany 'stotalstock,
while aggregate foreign investments
cannot exceed 15percent(10per
centinthecaseoftwopublic
enterprises: Pohang IronandSteel
Company, Korea Electric Power
Corporation) pereachcompany.
Theaggregate andindividual
ceilings willberaised in
1996-1997.(3)Theamount offoreign direct
investment must beatleast
50million Won.
Theacquisition oflandis
unbound except:
(i)Thattheacquisition ofland
bycompanies which are
notdeemed asforeign
under theAlien Land Law
ispermitted, and
(ii)Thattheacquisition ofland
bycompanies which are
deemed asforeign under
theAlien Land Lawand
branches offoreign
company ispermitted,
subject toapproval or
notification inaccordance
withtheAlien Land Law,
forthefollowing legitimate
business purposes:(3)Residents whohavebeen
treated asforeigners in
theSecurities Exchange
Actareaccorded national
treatment inportfolio
investment inKorean
stocks.
*Anasterisk ontheCPC (UNProvisional Central Product Classification: statistical Papers series MNo.77,
Department ofInternational Economic andSocial Affairs, Statistical Office oftheUnited Nations, New York, 1991)
code number indicates thatthecorresponding service subsector inthisschedule onlycovers apartorparts ofthe
service subsector classified under thegiven CPC code number.GATS/SC/48/Suppl.1/Rev.1
Page1REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page2
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Theacquisition ofoutstanding
bonds ofexisting domestic
companies bynatural persons or
juridical persons ofanother Member
isrestricted except inthefollowing
cases:
(i)Direct foreign investment is
allowed innon-guaranteed
Convertible Bonds issued by
listed small-and medium sized
companies.
(ii)Thepurchase ofgovernment
andpublic bonds, withinterest
ratescomparable to
international interest rates, is
allowed intheprimary market.
(iii)Foreign investors areallowed
tomake indirect bond
investment through the
purchase ofbeneficiary
certificates offered exclusively
toforeigners.landusedfor
supplying services during
thecourse ofnormal
business activities;
landusedforhousing
senior company personnel
under pertinent laws; and
landusedforfulfilling
land-holding requirements
stipulated bypertinent
laws.
Eligibility forsubsidies,
including taxbenefits, maybe
limited tocompanies which are
established inKorea according
tothepertinent laws.
Unbound forresearch and
development subsidies.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Foreign investors willbe
allowed tomake indirect bond
investment through the
establishment ofacountry
fund.
Foreign direct investment
inlong-term non-guaranteed
bonds issued bysmall- and
medium-sized companies will
beallowed in1997.
Theestablishment ofbranches must
beapproved inaccordance withthe
Foreign Exchange Management
Act. Infinancial services, the
establishment ofrepresentative
offices must alsobeapproved in
accordance withtheForeign
Exchange Management Act.
(4)Unbound except formeasures
affecting theentry andtemporary
stayofnatural persons asdefined
below:(4)Unbound except formeasures
concerning thecategories of
natural persons referred toin
themarket access column.
GATS/SC/48/Suppl.1/Rev.1
Page3REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page4
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
A.Natural persons whoare
employees offirms thatsupply
services through 100percent
foreign ownership, jointventure
companies orbranches
established inKorea andwho
havebeenintheemploy oftheir
firmforaperiod ofnotless
thanoneyearimmediately
preceding thedateoftheir
application foradmission and
whoareoneofthefollowing:Theacquisition oflandis
unbound except thatthe
leasehold rightoflandis
permitted, subject toapproval.
Eligibility forsubsidies,
including taxbenefits, maybe
limited toresidents according to
thepertinent laws.
(i)Executives -persons within
anorganization who
primarily direct the
management ofthe
organization, exercise wide
latitude indecision-making,
andreceive onlygeneral
supervision ordirection
from higher-level
executives, theboard of
directors, orshareholders
ofthebusiness. Executives
would notdirectly perform
tasks related totheactual
supply ofaservice or
services ofthe
organization.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(ii)Senior Managers -persons
within anorganization who
primarily direct the
organization ora
department ofthe
organization; supervise and
control thework ofother
supervisory, professional or
managerial employees;
havetheauthority tohire
andfireorrecommend
hiring, firing orother
personnel actions; and
exercise discretionary
authority overday-to-day
operations. Senior
managers donotinclude
first-line supervisors,
unless theemployees
supervised are
professionals, nordothey
include employees who
primarily perform tasks
necessary forthesupply of
theservice.
GATS/SC/48/Suppl.1/Rev.1
Page5REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page6
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(iii)Specialists -persons within
anorganization who
possess knowledge atan
advanced levelofcontinued
expertise andproprietary
knowledge ontheservices,
research equipment,
techniques, ormanagement
oftheorganization.
B.Natural persons meeting the
criteria ofcategory A(i)orA(ii)
andwhoareresponsible forthe
setting up,inKorea, ofa
commercial presence ofa
service supplier ofaMember
when theservice supplier hasno
representative office, branch or
subsidiary inKorea andthe
persons arenotengaged in
making direct salesorsupplying
services.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Natural persons notbased inthe
territory ofKorea andreceiving
noremuneration from asource
located within Korea, whoare
engaged inactivities or
representing aservice supplier
forthepurpose ofnegotiating
forthesaleoftheservices of
thatsupplier when suchsalesare
notdirectly made tothegeneral
public andthepersons arenot
engaged insupplying the
services.
Entry andstayofnatural
persons asdefined inAis
limited toaperiod not
exceeding three years thatmay
beextended ifextension is
deemed tobenecessary.
Entry andstayofnatural
persons asdefined inBandCis
limited toaperiod of90days.
GATS/SC/48/Suppl.1/Rev.1
Page7REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page8
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Natural persons whose entries
andtemporary stays are
permitted shallobserve the
Immigration Lawandthelabour
laws. Korea 'scommitments
regarding temporary movement
ofnatural persons donotapply
inthecaseoflabour-
management disputes.
7.FINANCIAL SERVICES1
Allfinancial services
covered bythisschedule
including Insurance(1),(2),(3) Korea undertakes astandstill
commitment forlimitations on
market access, where specific
commitments areundertaken, in
financial services listed inthis
schedule asof30June1995.(1),(2),(3) Korea undertakes a
standstill commitment for
limitations onnational
treatment, where specific
commitments areundertaken, in
financial services listed inthis
schedule asof30June1995.
1Subsectors infinancial services areclassified based ontheunitofbusiness establishment. Afinancial institution mustbeestablished foronlyonebusiness
defined insubsectors (1)through (12), andthuscannot engage inbusiness activities inother subsectors.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Cross-border supply offinancial
services andsupply through
consumer movement maynotbe
settled inKorean currency.
After theestablishment ofa
commercial presence, financial
institutions mayhandle only
transactions, denominated and
settled inKorean currency, with
residents. Approval isrequired
fortransactions denominated or
settled inforeign currency or
transactions withnon-residents.
Themanagement andoperation
ofassets ofafinancial institution
arerestricted. Afinancial
institution maynotownnon-
business realestate.
Assets owned bybranches must
bekeptwithin theterritory of
Korea. Thecapital ofthehead
office isnotrecognized asthe
basis fordetermining theextent
offunding andlending activities
ofbranches.
GATS/SC/48/Suppl.1/Rev.1
Page9REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page10
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Interest ratesofgovernment-
financed loans, loans
rediscounted bytheBank of
Korea, andshort-term deposits
oflessthanoneyear(incaseof
instalment savings deposits, less
thantwoyears) areregulated.
Alldeposit ratesexcept for
those ondemand deposits andits
equivalents willbeliberalized in
1996-1997.
Some newfinancial products,
including derivatives, aresubject
toapproval.
With interest rateandforeign
exchange liberalization, such
products willbemore widely
allowed, subject torelevant laws
andregulations.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
BANKING AND OTHER
FINANCIAL SERVICES
(1) BANKING
BUSINESSES
Following banking
services:(1) Unbound
(2) Unbound
(3) Horizontal limitations on
banking services .(1) Unbound
(2) Unbound
(3) None
(i)Deposit andrelated
services2[81115*,
81116*]
(ii)Loan andrelated
services3[81131*,
81132*]
(iii)Payment and
money
transmission
services including
credit card
services [81339*]Only branches offoreign banks
which rankamong theworld 's
top500banks interms ofassets
sizeorrepresentative offices are
permitted.
Foreign financial institutions
willbeallowed equity
participation inexisting domestic
banks in1996-1997
2Activities inwhich banks obtain funds from thepublic byreceiving deposits orissuing transferable instruments orother securities.
3Activities, suchasloans andbilldiscounts, inwhich banks provide funds tothepublic inorder toreceive interest.
GATS/SC/48/Suppl.1/Rev.1
Page11REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page12
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(iv)Settlement and
clearing services4
[81339*]
(v)Foreign exchange
services5[81333*]
(vi)Services auxiliary
tobanking:
-Saleof
commercial
bills6[81339*]
-Saleoftrade
bills7[81339*]
-Mutual
instalment
deposit [81132*]Issuance ofdebentures is
prohibited.
Foreign exchange position is
regulated.
Theoversold position ofspot
foreign exchange is3percentof
theprevious month 'saverage
balance offoreign exchange bills
bought, US$3 million, or2per
centofcapital (whichever is
greatest).
<Limitations onDeposit and
Related Services>
4Settlement andclearing services onnotes, billsandcheques bybanks according totheArticles ofKFTCI.
5Purchase, sale,issuance, remittance andcollection offoreign exchange.
6Acommercial billisdefined asabillaccompanying commercial transactions.
7Atrade billisdefined asabillissued byexporters based onL/Cbefore shipping export cargo.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Payment
guarantees and
commitments
[81339*]
(vii)Trust services8
[81192*, 81193]Issuance limitofCDsislimited
tothelarger of400percentof
capital or35billion Won. The
maturity ofCDsisrestricted to
60-270 days, anditsminimum
denomination isrestricted to30
million Won.
Theminimum denomination
willbelowered andthematurity
expanded in1996-1997.
Deposits forspecific purposes,
suchashousing subscription
deposits, maybehandled only
bydesignated institutions.
<Limitations onloanandrelated
services>
Foreign currency loans are
restricted withrespect toceiling
anduses.
Mandatory lending tosmall-and
medium-sized companies are
required.
8Activities where thetrustee, having beendelegated theauthority, manages assets ofthetruster forthebeneficiary.
GATS/SC/48/Suppl.1/Rev.1
Page13REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page14
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
<Limitations onforeign
exchange services>
Underlying documentation
requirements apply toforeign
exchange transactions.
Underlying documentation
requirements areex-post
notification inthecaseof
forward transactions.
Inthefollowing cases,
underlying documentation
requirements areexempt:
(i)Forward transactions
between twoforeign
currencies.
(ii)Forward transactions
involving theWonanda
foreign currency, valued at
under US$10 million.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(iii)Financial futures
transactions inexchanges.
(iv)Financial futures
transactions intheOTC
market, valued atunder
US$20 million.
<Limitations ontrustservices>
Realestate trustbusiness is
prohibited.
Approvals bothfrom the
Monetary Board forengaging in
businesses other thanthemain
banking businesses andfrom the
Ministry ofFinance and
Economy forhandling atrust
business arerequired, provided
thattheheadoffice islicensed in
thehome country tohandle a
trustbusiness.
GATS/SC/48/Suppl.1/Rev.1
Page15REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page16
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Except forSpecific Money
Trusts, mandatory purchase of
Monetary Stabilization Bond is
required inmanaging assets ofa
trustbusiness.
Thepurchase ratiowillbe
lowered in1996-1997.
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
(2) CREDIT CARD
BUSINESSES
Credit cardservices
[81133](1) Unbound
(2) Unbound
(3) Only representative offices or
branches offoreign suppliers
which dealexclusively with
credit cardservices are
permitted.
Lending forcredit cardmembers
through suchmeans ascard
loans issubject tolimitations.(1) Unbound
(2) Unbound
(3) None
Maximum limits areapplied to
various ratessuchasfeesand
interest rates.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
(3) FINANCIAL
LEASING
BUSINESSES
Financial leasing
services [81120](1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound, except asindicated in
ALL SECTORS.(1) Unbound
(2) Unbound
(3) None
(4) Unbound, except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
GATS/SC/48/Suppl.1/Rev.1
Page17REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page18
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) SECURITIES
BUSINESSES
Following services
related tosecurities:
(i)Dealing [81199*]
(ii)Broking [81321*]
(iii)Underwriting
[81322*](1) Unbound
(2) Unbound
(3) Only representative offices,
branches, orjointventures of
foreign securities companies
whose paid-in capital or
shareholder 'sequity isvalued at
over50billion Wonor100
billion Won, respectively and
which havebeeninthesecurities
business forover5years are
permitted.(1) Unbound
(2) Unbound
(3) Among thethree main
businesses, namely (i),(ii),
and(iii)anoperating fundof
atleast5,10or15billion
Wonisrequired toengage in
anyone,two,orallthree of
theabove businesses,
respectively.
(iv)securities savings
[81119*]
(v)Credit granting
[81139*]Injointventures, which must be
established asaChusik Hoesa (a
jointstock corporation), foreign
equity participation must beat
least40percentbutlessthan
50percent.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Ifthere aremultiple foreign
shareholders inthejointventure
companies, atleastone
shareholder must holdmore than
20percentoftheequity.
Shareholders must meetcertain
eligibility criteria. Paid-in
capital ofjointventures must be
atleast50billion Won.
International financial
organizations mayholdlessthan
5percentoftheequity.
Equity participation inan
existing domestic securities
company byforeign securities
companies islimited tolessthan
10percentpercompany and
lessthan50percentinthe
aggregate.
Broking forforeigners islimited
tolisted stocks.
Ceilings andoperating conditions
areapplied totheservices listed
under (iv)and(v).
GATS/SC/48/Suppl.1/Rev.1
Page19REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page20
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(5) SECURITIES
INVESTMENT
TRUST BUSINESSES
Securities investment
trustservices [81193*](1) Unbound
(2) Unbound
(3) Only representative offices of
foreign securities investment
trustcompanies arepermitted.(1) Unbound
(2) Unbound
(3) None
Equity participation inan
existing domestic securities
investment trustcompany by
foreign securities investment
trustcompanies islimited toless
than5percentperforeign
company andlessthan10per
centintheaggregate.
Themaximum limitofequity
participation willbeexpanded in
1994-1995.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(6) INVESTMENT
ADVISORY
BUSINESSES
Investment advisory
services [81332](1) Unbound
(2) Unbound
(3) Only representative offices of
foreign investment advisory
companies arepermitted.(1) Unbound
(2) Unbound
(3) None
Equity participation inan
existing domestic investment
advisory services company by
foreign investment advisory
companies islimited tolessthan
5percentperforeign company
andlessthan10percentinthe
aggregate.
Themaximum limitofequity
participation willbeexpanded in
1994-1995.
GATS/SC/48/Suppl.1/Rev.1
Page21REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page22
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
INSURANCE AND
INSURANCE-RELATED
SERVICES
(7) LIFE INSURANCE
BUSINESSES
Lifeinsurance services
[81211](1) Unbound
(2) Unbound
(3) Injointventures, multiple
foreign shareholders arenot
allowed, andtheforeign share
must exceed 49percent.
Shareholders must meetcertain
eligibility criteria.(1) Unbound
(2) Unbound
(3) None
Establishment ofacommercial
presence issubject tothe
economic needs test.
Therecruitment andemployment
ofinsurance professionals,
including salespersonnel, are
restricted.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(8) NON-LIFE
INSURANCE
BUSINESSES
Non-life insurance
services [8129](1) Unbound except formarine
export/import cargo andaviation
insurance
(2) Unbound
(3) Quoting insurance ratesfrom
abroad issubject torestrictions.
These restrictions donotapply to
aviation insurance.(1) Unbound
(2) Unbound
(3) None
Only representative offices and
branches offoreign non-life
insurance companies are
permitted.
Foreign equity participation is
limited toonlyexisting domestic
non-life insurance companies.
GATS/SC/48/Suppl.1/Rev.1
Page23REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page24
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Establishment ofacommercial
presence issubject tothe
economic needs test.
Duopoly byspecialized firms is
maintained infidelity andsurety
insurance.
Therecruitment andemployment
ofinsurance professionals,
including salespersonnel, are
restricted.
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(9) REINSURANCE AND
RETROCESSION
BUSINESSES
Reinsurance and
retrocession services
[81299*](1) None (1) Ceding insurers arerequired
toreinsure withpriority
given toreinsurance
companies established in
Korea. Theabove
requirement doesnotapply
toaviation insurance.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(2) None
(3) Direct insurance companies may
participate inthesupply of
services subject totherestriction
insection (8)regarding non-life
insurance services.(2) None
(3) None
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(10) INSURANCE
BROKING AND
AGENCY
BUSINESSES
Insurance broking and
agency services
[81401*](1) Unbound
(2) Unbound(1) Unbound
(2) Unbound
(3) Only exclusive agencies are
allowed. Inthecaseoflifeand
non-life insurance services, dual
agency ispermitted.
Establishment ofacommercial
presence issubject tothe
economic needs test.(3) None
GATS/SC/48/Suppl.1/Rev.1
Page25REPUBLIC OFKOREA (continued) GATS/SC/48/Suppl.1/Rev.1
Page26
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound except asindicated in
ALL SECTORS.(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
(11) CLAIM
SETTLEMENT
BUSINESSES
Claim settlement
services [81403*](1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound except asindicated in
ALL SECTORS.(1) None
(2) None
(3) None
(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.REPUBLIC OFKOREA (continued)
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(12) ACTUARIAL
BUSINESSES
Actuarial services
[81404](1) Unbound
(2) Unbound
(3) Unbound
(4) Unbound except asindicated in
ALL SECTORS.(1) None
(2) None
(3) None
(4) Unbound except asindicated
inALL SECTORS.
Topexecutive personnel of
eachestablishment must
reside inKorea.
GATS/SC/48/Suppl.1/Rev.1
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