The American Council of Life Insurers is welcoming news that the Obama administration might complete work on a Korea-U.S. Free Trade Agreement by November.
President Obama talked about his interest in advancing the KORUS agreement this weekend during the G20 meeting in Toronto.
Frank Keating, president of the ACLI, Washington, says a successful agreement could help U.S. insurers compete for business in the eighth largest life insurance market in the world.
Like the Japanese life market, the South Korean life market has been dominated by a government-owned postal life system.
“This company has enjoyed special privileges that put private-sector companies at a competitive disadvantage,” Keating says in a statement. “KORUS would eliminate these unfair privileges by subjecting all insurance providers to the same set of regulations.”