부산대학교 도서관

K-ICS(Korean-Insurance Capital Standard), a solvency system based on market valuation of insurance liabilities, is scheduled to be introduced in 2023. Since K-ICS mainly focuses on the method of calculating available capital and required capital, it is necessary to discuss the related supervisory accounting and actuarial system that can affect the cash flow of insurance liabilities. In this study, we review the main contents of domestic supervisory accounting and the development process and current status of the actuarial system. Next, we compare the actuarial systems of foreign countries, including the US and Japan, as well as Canada, Australia, and the UK, where insurance liability market valuation has been introduced. Considering international cases and new systems, it is necessary to change the actuarial system according to each purpose without linking to insurance liabilities in the future. We offer the following suggestions for improving supervisory accounting and actuarial system in response to K-ICS. First, the surrender value should take into account not only policyholder protection, but also insurance premium calculation based on cash flow method and impact on insurer’s financial soundness. In addition, profit and loss analysis should focus more on an explanation for the specific cause of changes in insurance company’s profits and losses than on a basic material for policyholder dividends, and policyholder dividends should consider a rational profit distribution to policyholders.