Introduction

• The objective of the General Insurance Association of Korea (GIAK) is to foster sound development of the Korean general insurance industry.

Article 175 of Insurance Business Act (Insurance Association)

• Insurers may incorporate an insurance association for the purpose of establishing order in the insurance industry and for the development of insurance business.
• An insurance association shall be a corporation.

Article 32 of Civil Act (Incorporation of Non-profit corporation and Permission thereof)

• An association of foundation related to science, religion, charity, art, public relations or otherwise related to enterprises not engaged in making profit or gain, may be established as a coloration, under permission of pertinent authorities.

• Non-profit Organization