KAIFPA Newsletter Vol. 6 _ May, 2024 _ Final

ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 4GSWKTGF/&4 ࡿ̓ࠆ੾ࡲ ݡ؃ғֱ ӿۼ  /KPKOWO&KUVTKDWVKQPUୖࢆ ଔ࠾ <XQHMXQJ&KDQJ.$,)3$9LFH3UHVLGHQW ࢢୃ Ь࢑ ߾̛ࠉ ̖ۿ ࡵ੔୊ ࢶઞघ ࢂࣛ˃ ̖ࠉઁࡵ ࡵʋ ࠪ N Ο$ 5, ଟࢸ࣏ ձݕࢇ ̖ۿ ՜۰׵ ୯Իઁࡵ Е࢑ ܹ ओ߅ά ʠΟ ߷ࢇҗܕ ࡶ̖ۿ ѸЕۢ؈ ଜएփ ѹЬ ʯ৔׵ ࡶଯࠒ ࡵࣚ չЕіѦ ٙࡶۏ࢕ ̖ࠉઁࡵ ଥࢉԻˈ ̐࢑ ܹ Ѧࢽ̍ '50 ࢂࣛ˃ ̖ࠉઁࡵ ѦԎଞЬ ࢇࢺݤ ଜЕߞଥٙए ݤҖ ؆ࡵ̖ۿ ՜ऑ׵ ց॰ɼएЬ ࢵ঵ଞ ࡵઁࠉ̖ࡵ ݤࢽࢊ̛ɼ Ѹִ ؆Җݤ̿ ΰߞփ ଜЕі ए΢  ϗ  ࡖ 6(&85(ࡵ߇ئ  ࠑۿы 50'ࡈࢶ ࡶࢺݤ  ϗٕਫ਼  ۿԻ ضˁବЬ Ӗଞ  ϗ߾Е  ۿԻ Ьݤଞء ׵՜ओ ʨࡶ ؈૲ବЬ x fl`flfl ϔ۟ ଢз 50'5HTXLUHG0LQLPXP'LVWULEXWLRQV ফܕ ࢉষ ̍ࡵࢽ  ۿٕਫ਼ ଥкѸЕ ֻҘ ѹЬ ٕ˕σફɼ ૓ࡉˁ ࡶߑ߉ एੁए ࡶࢽ̍ষࢉ ֲѸࡈࢶ ߾ࣛ˃ ̖ࠉઁࡵ Ьଭ஢ ঎ ءध 50' ߾ࡈࢶЕ ঴ɼ ݤɾࢇ ࣯߭एएփ̐ ࢇ୯ࢂ 50' Е ଥցЬ ؆Җݤ ࢉষଥߞ ଞЬ ࠖձҚִ  ϗ߾  ۿɼ ѸЕ ˁࡉ ঎ ءध 50' ձ ঎ Ҷ ࢇЬ࢑ ܹ ՗׵ ए̧ࢊ  ࡖ  ϗ ষଜʠΟࢉ ए̧ࢊ  ࡖ  ϗ ءध ࢉষࡶ ϗ ࡖԻ ݤଭଟ ˁࡉࡖ ࢊ̧ए ѿ ءध 50'ձ ݤଭଥߞփ ଞЬҶ߾ח 50' ձ ׵ՔЕ ʨࢇ ࣏הʢ ࢇԻࡋ ʼ˕ձ փҘЬˈ ك߷ ܹ Ь ࠠ ଥ  ۿɼ ѹЬִ 50' ݤ̛ձ ࢂ࣯̦ ʯ ܺएଥߞ ଟ ଗࡁɼ ࢑Ь x 4/&2GPCNV[ ضˁѹ 6(&85( $FW  ̍ࢽ ࣸ૓ σફ ˗԰ ̍ࡵࢽ ЬଭݛԡʯѦ أ ̖૧ࢇ ۰Е߾ࢽ̍ ࢷࢇ ࡉˁ ࡶߑ߉ ଭଜएݤ ࡶষࢉ ܕফ Ь߹Ѹ ܕʃ о૧ Ьؿࢷࢇ ͑ 惾渂穢汾懺竞沲洛洊怾汾笗箒͑ KOREAN AMERICAN INSURANCE AND FINANCIAL PROFESSIONAL ASSOCIATION P.O. BOX 761399, LOS ANGELES, CA 90076 I WWW.KAIFPA.ORG I [email protected] I 213-215-9637 I 27TH (2023 – 2024) EXECUTIVE OFFICERS PRESIDENT Brian Lee CHAIRPERSON Young Noh Lee VICE PRESIDENT Wayne Park (Research & Development Dept.) Julia Kim (Life & Financial Dept.) Vivian Jin (Property &Casualty Dept.) Yune Chang (CFO) EVENT COMMITTEE CHAIR Ricky Choi MEMBERSHIP COMMITTEE CHAIR Matthew Kim SCHOLARSHIP COMMITTEE CHAIR Sunny Kwon SECRETARY GENERAL Jane Shin ADVISOR Jay Yu AUDIT Jay Yu / Charlie Chin CONTACT [email protected] (224) 213-5230

2 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ଥкѸЕ ফܕ ࢉষ ̖ࢂߖ ߾ ଥкଜЕ ૓σફ ̖ࡶߖ˕ٕ ବ߹Еі ۚ ̍߾ࢽ۰Е Ի ʃܕѸ߭ ݤଭѹЬ Ӗଞ ࢉ׵ষ 50' ձ ଥк ࡳࢺݤԻٕਫ਼  ϗࢇΰ߾ ࢉষଜִ ૓σફձ Ի ࡈࢶ؇ࡶ ܹ ࢑Ь ࠖձҚִ  ϗ 50' ձ ݤଭଜए ࡵ߉ ˁࡉ  ϗ  ࡖ ֆࢊ̧ए ଥк 50' ̖ࡶߖ ࢉষଜʯѸִ ૓σફ ɼ ߅Ф Ի ʃܕѺ ܹ ࢑ЬЕ ʨࢇЬ ଜएփ ה߸ؿЬ ࢂࢉق 50' ݤ̛ࠪ ফܕ ࢉষ ̖ࡶߖ ׵չ ୙ࢉଜࠆ يٴࣱଜЕ ʨࢇ ۿ ̖؀ ૓σફ ̐չˈ ٙଗࡁଞ ݕࢇձ ଔଟ ܹ ࢑ʯ ѹЬ 50' ̖ࡵߖ ଥк ࡵઁࠉ˃ ̖ࣛձ ࡈࡋଜЕ ଐԐ یࡈࡋΟ ଥк חࢷࢽࢢɼ ӖЕ ୣ˃یձ ੼ଥ۰ ୙ࢉଟ ܹѦ ࢑Ь x 4QVJ#EEQWPVU̘੆ 4/&̊ࢺ ̧̛࣑एЕ 5RWK,5$ Е 50' ̍ࢇࢽ ࡈࢶѸए ߉ ˈ5RWKN ߾Е 7UDGLWLRQDO  ,5$N ࠪ Ѱࢊଞ 50' ̍ࢇࢽ ࡈࢶѸ߹Ь ई 5RWKN ˃߾ࣛѦ 50'ফܕ ࢉষ ̍߾ࢽ ҬԂ ؆Җݤ ࢉষࡶ ࡈࢶଥߞ ଜЕ ݤ̛ɼ ࢑߹ы ʨࢇЬ ̐ԥएփ ضˁѹ ̍߾ࢽ ࢂଥ  ϗٕਫ਼Е 5RWK N ˃߾ࣛѦ 50'̍ࢇࢽ ࡈࢶѸए ܕফ ए̧ݤ֌ی ࢇࢉق ࡵߖ̖ ࢂࣛ˃ ̖ࠉઁࡵ N5RWK ߾חҶ Ь߹Ѹ ʯ߉ הࢂ ࢉষ ̍߾ࢽ۰ ࡪ࢕Հʯ Ѹ߹Ь ଞࢷࢇ ʯ߾࢕ࡉؑ ߾୯֌ی ࢇࢉق ձࣛ˃ ̖ࠉઁࡵ  N$ 5 ,7UDGLWLRQDO ˁ߾ࡉЕ ی֌ଞ ˃ࣛࠝ οࢉق ࢂ 50'̍߾ࢽ ҬԂ Χʷऑ ؑ࢕ࡉɼ Ҭծʯ ѹЬ ܹ ࣲ ࡶଯࠒ ߾̖ۿ ؀ ࡈيٴ ߭ৼҡ ֩ࡵߖ̖ ষࢉ'50 ࡵତی ଟࢂ࣯ ߾؄ ̐ ࡶࢺ Ԝଞࢇ ЬࢇחҶ̛ Ѹˈؿ Իࡳҗܕ Ѧࠉ кଥ ࡵߖ̖ ঑ࢷ ଞ ষࢉ Ь࢑ ࢇ߷̖ۿ ୯ઁࡵ ࠪ N$5,7UDGLWLRQDO Е࣯ࠆࣲ ࡶ̖ۿ ࢂࢢୃ ࠆଜ߇ʃ ࢉষଜЕ 5RWK,5$5RWKN ˃ࢂࣛ ࢸࢶଞ ଐԐ يٴࣱɼ ߾ࢷی ց԰Ѹ߭ߞ ؂ԆऐଜЬ ۺ࠾ࣵ ࡿߓࢌɹ ଲؼ :D\QH3DUN.$,)3$9LFH3UHVLGHQW ɼ঑࢕ ۘؿ Ҷ ࡶବۢ ؈ ɼˈی ۘւ ବЕі ࡶ࢏ɼ ߾ଵؿ ̛͆ ߇ ѸʠΟ ؇ЕЬ ଥѦ ঻ٗଞ ܘଥؿۘࢇ Ѹए ߉ЕЬִ ߮ࡌଜ̛ झࢇ߷ ЬࢇԞ ۘଢ଼ࡶ ଔଜԮִ ߭ӊʯ ଥߞ ଜЕ ए ࢕ؿ߅ߊ ଵؿ঑߶ی ࢉʎѹЬ߇ ঈչɼ ଵؿ ࡉˁ ࡶ߉ ଜएܖ ߾ۘоۘ ؿ ࢇࢉࡕ ࢂݨܘ ɼݤ࢏ ě%DVLFĜ࣏ʢࡵ୘ ࢢ شԃ ૧଀ ૧؈ ࠉ̛˓˓̛י ળܘ ତ˓̛ ঴ԃ ૧Ѱ

3 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ࡵଵࡢ нЕ ࠪ ߾ٕଔִ ଜ࠹ࢿ ࡶଢ଼ ۘחҖ  ଞЬۘؿ ଔଥփ ۏ୘ ୑਺ݭ ୘ࢇڸࢢЬě%URDGĜ࣏ʢࡵ% DVLF ߾Ь Ѧ΢ ৚ܹҟ ߾י ࢂଞ ଔଥ Οהҟ יʢࢂ Οࢂˈ ࡵ IRUPě6SHFLDOĜ ࡵυ ɼࡢإۘؿ ࢊࢿѹЬ ɼ ঴ࢇଔଥҟ ଞࢂ ߾Ԝकޱ ئࡢଞ ଭѰ एऑ ୖܹ ࢷࢽ ࢪࢷ ଦࡢଵҟ ֹ ɼए ˁࡉձ ࠹ࢿ ଜˊ ֻҘ یˈձ ࢊࢿ ɼࡢإۘؿ एփݯيٴ ଵՎɼؿ ࢇʢ࣏6SHFLDO Խי Ьࢇʢ࣏ ଜЕۘؿ Ь υЬ  ࡁऋࡵ оٕٗ 6SHFLDO ࣏ʢࡳԻ ɼࡶ࢏ ଜएփ ͗ ̐Ԟ ʨࡵ ߅ТТ ؂ԄЬ̛ ଜࢉ୙ ࡶּତ ࡢإۘؿ ߾۰ࢶʺଵؿ Ԟࢵ ˈѸ ɼ؟৲ Еࡉˁ Ԟࢇę ࡉˁ ࢂଵؿ঑߶ی ஢ઞ ݤۢ؈ ˈی Իࢿݨ Ԟі̐ ۘଢ଼ࡵࠖ ࠹Ի ଜˈđĚଜִ۰ ؿ̛ۘࢇࣱ ࢝ـଞ ˁࡉɼ ࢑Ьؿଵऎ۰SROLF\ ߾ ଵؿ ऑࠆ޹ Ի߭ࡈ ҭҭଞ ࢇʋ ࢷئ ֲбଜ ߾एࢇ૓ ݫ ܹ एփ࢑ ࠪΟ஢ ۿ࢕ ߟ˗ࡶ ɼ࢕࢏ɼ ࢋ ˈࢇଥଜ̛Е ݒए ߉Ьؿଵ оչࢉѦ ɼ߾࢕࢏ʯ ̐ ΰࡶࡈ Ь ࢇଥ ݤ৘ֲ ִԮੁ߾ ʤঙ ؿଵʈࢂձ ଥߞ ଟ શࢇТ ୃࡳࢶݨԻ ٙɼМଜЬ ࢏ɼִ Ь࢑ ࢇଵࡢ ѸЕԮ ࡉТЬ߅ ʨѦ Еޱ ࡶ˗ߟ ଵؿ ѹࢊ੼ ɼیଵؿ Ҙֻ Ь ߷߾؄ ܹ Еؿ ଥࢉ୙ չ׵एĚ ѸЕ ࢇࡈࢶ ଵؿ ݤۢ؈ ଢ଼ ۘԞࢇę ߾ࢺݬ ଜʵЬ ш ஒଞ ˁࡉЕ ؿଵ ঈչЕ Ѹ߹ࡳΟ փݛ࣐Ԝࡋ ؿۘࢇ ߇ Ѻ ҶЬ 3URSHUW\ؿଵ ɼࡵߖ࢏਺ ʯ ۿٕٗ ࡳԻ Οϼ߭ ك ܹ ࢑ЕіʢיѰۏ̐ չˈ ̛߶ உए߾ оଞ ܘଥɼ ̐ʨࢇЬ ؿଵоۘ ࡶיࢢ ࣏ࢢбɼߖUHSODFHPHQWFRVW ࡳԻ ˃ۏ ଥߞ ࢇݨܘ ΢ ʢࢇיΟ Ѱࡶۏ ࢇ߷ ۘࢇۚ Ի ց԰ଟ ܹ ࢑Ьʢࢂי ˁࡉୃ ۿݤɼ ߲ցΟ ଜЕ एЕ ؿଵ্ִ߾۴ ה߅ ׵ࢂɼ ߷Ьʋࡵ ʢࡶי Ьݤ गЕі ଗࡁଞ ̖ࢇߖ߲ ցࢉएɼ ࡁࣸଜЬ ݬɼDFWXDOFDVKYDOXH Ի ˃ۏѹ ˁ߾ࡉЕ ࣏ࢢб ɼ߾ߖ۰ ʃɼۘɽࡶ ࡈࢶଞ ̖ࢇߖЬ ݬɼЕ ࣏ࢢбɼʸؿЬ װࡳࢶԻ ࢇ۽ɼМ ଟ࣐ٕ ߾̛ଜ б࣏ࢢ ࢇߖۘؿ ݤۢ؈ ˈی ࢿݨएʵएփ߅ά ଵՎЕؿ ϩЬ ࡉˁ Яѹࣸ ࢇ߶ی Իˈی ѸЕ ࢇࡈࢶ ߾ଵؿ ࡵ LQFRPHEXVLQHVVଵؿஉए̛߶ ѸЕۢ؈ ܖ˃ Ѧ߾୯ˈ ی ؀ LQFRPH࢏ܹ ࡶ߹Ѹ ষִ ॷࡳߑ߉ ଜएۢ؈ ɼˈی ଞЬۘؿ ࡶҟ يٴˈ˝ࠆ̗ ࡕऐ̖оষоՎࢎ ࢉ SHQVH[HFRQWLQXLQJࡈيٴ ̛߶ࢂ ۏ࢕%XVLQHVV3HUVRQDO3URSHUW\ ֻ̍ࠪ ̛߶ உए߾ оଞ ֻ̍ձ ؿݨیЬ ࢿݨ ࢇߖۘؿ ݤۢ؈ ˈی ࢖ࢽ ʵएփࣲ ଵՎЕؿ ࢂࢠк ࡉˁ ࡶ࢝ ʯࢶ ؿݨܘЬ ࢶʯ ΟࠝЕ ʼ˕ձ টԎଜʯ ѹЬଞɼए छˈ φ߭ɼ࢕ ִࢿݨ ࢇۏ࢕ ؒփ ٙ߭৔ ࢑Еі ؿଵࡶ  փٙ ߭৔փ Ҙ ۘଢ଼߾۰ ୘ࢢΟ Ѧ΢ҟࡳԻ

4 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ࡶۘؿ ߖࢷ Тࡳࢶ ЬЕؿ ٙփ  ଞ࢏ɼ ࡉˁ ࡶΪ ଥɼܘ ࢂ৔߭ٙփ ؇ࡳչԂ ࠖۘଜʵएփ փٙ ߾؄ Οࠝए ߉ЕЬঈࡸٕਫ਼ ࢷ ঑ࡢଵࣸ ࢸ؆փ ؿଵ߾ ɼ࢏ବ̛ ҶࢇחЬࡢଵࡶ ؿଵی ࠪɼ࢕࢏ɼ Οϼ߭ औ߭࣌Ьˈ ଥ۰ ࢇձ ˓ѰؿଵFRLQVXUDQFH ࢇԂˈ ଞЬ Ҭհ ߾̐ ˕۽ɼМۢ ؈ˈیˈશЯଜ ձ৔ɼ ۏࢢ ࢂ୉הࡪ Е࢑ ˈɼए ۰߾߶̛ ଞࢵঋ Тएփ߅ ࡵࢊ ࡋݍ ࢇʨ ଞЬЕ࢏ɼ ߾ଵؿ ࠆଜ ্ࠖձ ֻ̍ଥܘ ۘࠖ ࡢଵ˗չࢂ фɼЕ ؆Җݤ ࢑Ь ̓ʂ̓ն ̍ն˅ ٔیઃ࢒ 0DUF-XQJ.$,)3$%RDUG0HPEHU ফ̒ ݥ࣯ॹ̀ ؀ ɼۘ୘ૢ ҟ ֻҘ ʨࢇ Ь ࠝծˈ ࢑ ˈࢇ ࠪшٙ߭ ̖ʅࢇ ࢊࠉ ͉ଡ˕ ҟ ݥ࣯ ߇Ѱ ̐Ի۰ࢊ ࢉࢶԷࢇ ࡉ֐ ࡵʨࢇЬ࢑ ˈࡉ৔߅ʀ ɼձˈফ ̖ʅࢇ ʋࢇࠝ ծЕ ࢇࢊ ̛߹߷ ҶࢇחЬࡕԎ ̖ʅࡵ̖ չ ؀ бԜ ɼ৔ࠪ ؆оԻ ࡏऐࢉЬ࢕ࢇؑ ࠪкࢇ߷ Е ̖ࡵ̖ չɼ ࠝծִ ۘоࡳࢶԻ ɼ৔ɼ ά߅एˈ бԜɼ ۿߟձ ࢊؿ ˁ߾ࡉЕ ̖ʅࡵ؆ оԻ ࠝծЕ ʯ ۘࢇݥЬ ̐Ԟі ए̖ࡵ̖ չɼ ࠝծˈ бԜɼ ʈࢉۿіѦ ̖ʅࢇࠝ ծЕ ࢇۘୃ ۘࢇ एܖѸˈ ࢑ЬࢇԜଞ ୃۘ߾ оଥ ߯Խ߾۰Е આ̛ ܹࡁ ӖЕ ׵˲ࢂ̖ չ ࢉଜ߾ оଞ ̛оɼ ࢇࢉࡕԂˈ ଞЬࢇࣱࠉ ࠠ ଜ؆̛߾̖ չձ ΰչִ бԜ୘ɼ ۿߟձ ࢇؿ ̛࢖ݤଟ ʨࢇ ˈбԜ о঑ࢉࢢ̖ ʅࡵ˃ ܖࠝ ձ ʨࢇЬ ̐ԥएփ ΰϗ ট߾Е Ьݤ ૧ԃଟ ܹ ࢑ˈݥ࣯ ˕ɼۘ୘ૢ ࢠݤ Ӗଞ о۴ ࢇ୯߾Е ࡶݥ ʨࡳԻ ࢷ֌ଞЬ ̖ࡵؑ к̖ࢇΟ ̖չɼ ٠ए װࡳ߉Ի ̖չ ࢉଜԻ ࢉଞ ࢠ̛ࢉࢶ ࢉଐԦ߾܊ࢇ оଞ оيٴॺࢇ Ѻ ܹЕ ߷Ь ̖չԂЕ ʨࡵ Ѩࡶ ٻջ оɼԻ एٙଜЕ ̖ࢇߖЬיʢࡶ یˈષ Ҷ ɼʸࢇ ࢑Е ࢂչ ̖ࢇ ˈѸࡈࢶ ࢇɼʸ չԂЕ ̖Ҷ ࣲ Ԯٻ չʠΟٻ ࡶѨ ۰߾ࢠݤࡱ̖ ʨঈԠ ̛ࢇࣱ ѸЕ ʨࢇ ؂Ի ࣱ̛̖չࢇЬ׵˲߾۰Е ࢇձ ࠉ̛̖̖؏չԂˈ ٕհЬ ࡶࠑଜ ৚঑ɼࢿˁ Еٕࢽ ˲ɽ Ь ਺ࡉ֐ ࢇଯࠒ Е৔׵ ߾ࢿˁ ׷˲ չЕࣱ̛̖

5 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ˁ߾ࡉЕ ̖չձ ά঴ˈ ˁࢿɼ ˕ࠊѸ߹ࡶ Ҷ߾Е ̖չձ ϩࢇЕ ੼୘ࢽॺࡶ ীଞЬ ࢚ ߅Е չ֠ ٱԂшݛ ی੓Ο ਍ԻΟ ʃࠍ ی ੓Ҷ߾ ࢽٕЕ ̖չձ ά঴߹ˈ ࢖ϗٕਫ਼Е ʄ࢕ ̛ˁࢿɼ ࢇ˕ ۘࠊѸִ۰ ̖չձ о૧ ࢉۘବЬ ߾ࢇ ҬԂ ۿ˃ ˁ̛ɼ ̗ʸ஢ θɽѸ߹Ь ࣱ̛̖չɼ ࢉۘѸִ ࡉ۴ ࡶځ ΰЕ ʨࡶ߮ ࢿଜˈ кࠉ ஢ࢵ঵ࡶ Жչʯ ѹЬоষ࢕ࢇ̖ࠖ ࠪ࢕ࢇɼ ֻѿ ࠝհЬоষ࢕ࢇɼ ࠝծТ кࠉ ஢оষࡶ ଜए ࡳ߉ ˈԮଟ ʨࢇ̖ࠖ ˈ࢕ࢇɼ ࠝծТ ̖ࠖࡶ ЖչԮˈ ଟ ʨࢇЬ ࢵ঵ࢇ Ж߭΢ЬЕ ʨࡵ̐ փਾ يٴܕձ ࢇࣲʯ Ѹˈ ̛߶Қࡵ ̖ࡱ˗̛ࡳԻٕਫ਼ оষࡶ ߇ ଜʯ Ѹִ۰ ݦ ̍આ࢕ɼ ࣲ߭ҘЬ ؆ִ يٴܕɼ ࣲ߭Қʯ Ѹִ ̐փਾ ̛߶ࡵ ɼʸࡶ άষ ܹ߾؄߷ ЬӖଞ ࢵ঵ࢇ Ж߭ΧࡳԻނ ߾ࢠݤ ࡪ੼ѸЕ ୘ૢࢂ দԛࢇ ࣲ߭Қʯ Ѹˈ ୘ૢɼ৔ɼ ऎɼଞЬ ˁࢿ חࢷɼҚࡵ ̛؆ۘ ࠠ ࢇ୯߾Е ࣱ̛̖չɼ ΰԮʀ ʨࡳԻ ্ࠖଞЬ יԽ Ь࢑ Е ܹНষ̖ ࣏ ଜձࢉ չ ̖Իࡪࢇ ࢉࢶ৔ࢽ Իװࡳ࢑ ࢇо۴ ߾ֆࠉ ࢉࢶۘࢽيٴ ˈչ̐۽୙ࢽٕ ࢂѦܖ ـୣ ̛ˁ˕ ۽ɼМ ܊ࢇԦଐࢉ ࢢୃ ԥएփ̐ ˁࢿए૲Е ˃ܖ ࢇ߭ओ ʨࡳԻ ࢉؿЬ  ࢇԞ ۘଢ଼߾ оيٴଜࠆ ࢸоࡳࢶԻ ଗࡁଞ ʨࢇٗ ۏઆࢇ࢕Ь Ϡخˁࢿଝۘ ܹۘࢉ࢕ ࡥչߵ଎ۣЕ ěࡵࣚ આ࢕Ԅ ה߸ࢉɼĜԂЕ ओ߾ח ěٗۏଜˈٗۏଜˈӖ ̀ॹۏѰٕݥ࣯ Ԅ࢕આۏٗ Ьࠑଜ࣏ʈ ࡶ۽ࡁࣸ ࢂ࢕આۏٗ ࠆଜˈ ଜԂĜԂۏٗ ࡶۏ࢕ ɽɽ ߾Қۏ࢕ Ьհ ࢇ۽ଯ˕ ؏۽Ѱض ۰߾ࢠݤࡱ̖ ծЕࡉ߅ ࡶҟ̖̖ࠖ ٗݤۏੁЕ ଭࡢձ ֆଞЬɼ̧ࡋ ׵Ԏ߾ ࢉଐԦࢇ܊ࢇΟ ࢂݥ࣯ ଜԃࡶࢠۘࠖ ଟ ܹ ࢑Ьִ ̖߾ۏ࢕ࡱ۰ ̖ࢇΟ ॹ̀ ҟࢂ ࡳۏ࢕ࢷ߇Ի ʀ߅੉Е ؏ࢇئ ɼࢠ ࢇۘࢇࢶʵएփ ʼ˕ձ ্ࠖଜ̛Е ߭ԮװࡉԻ ए̖ٕਫ਼ ۏ࢕˳ࡶٗ ݤۏ ਄ϪЕ Ҷࢇ Ьࢇئ؏ Е࢑ ܹ ࢊࣲ ࡶ۽Ѱض ঑ࢷ шԂѦࢇࣲ ̖࣏ ࡶթ࢈ܹ ࢇʨ ۰Ѧ߾ࣸ̐ ૽̖ۘࠉଵؿ ЬЕؿʨ ଜЕ࢕આ ߾૽ۘ ۽Ѱض ࡵʋ̀ ॹ Οࢇݥ࣯ Ь࢑ ܹ Ѻ ࢇ੔۴ ࡵࣚ ࢇʨ ଜЕ࢕આ ۏٗ ߾૽̖ۘࠉ ݛїࢉ ۽ࢠؿ

6 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 Navigating the Shifts: California's Insurance Market Amidst Climate Challenges and Regulatory Changes Trends, Challenges, and Strategic Responses 5LFN.LP.$,)3$%RDUG0HPEHU &DOLIRUQLDV3URSHUW\ &DVXDOW\,QVXUDQFHPDUNHWDFFRXQWLQJIRURYHURI WKH86WRWDOZULWWHQSUHPLXPVLQSOD\VDFUXFLDOUROHLQWKHQDWLRQDO ODQGVFDSH*XLGHGE\&RPPLVVLRQHU5LFDUGR/DUDDQGWKH&DOLIRUQLD'HSDUWPHQW RI,QVXUDQFHWKLVVHFWRUVLJQLILFDQWO\LQIOXHQFHVWKHKHDOWKVWDELOLW\DQG RXWFRPHVRIWKHEURDGHULQVXUDQFHLQGXVWU\$QRWDEOHSRUWLRQRIWKLVSUHPLXP ZDVKDQGOHGE\VXUSOXVOLQHVFDUULHUVKLJKOLJKWLQJWKHG\QDPLFVKLIWVHVVHQWLDO IRUPDLQWDLQLQJDFRPSHWLWLYHPDUNHWSODFH 2YHUWKHSDVWflPRQWKVPDMRULQVXUHUVVXFKDV6WDWH)DUP$OOVWDWHDQG )DUPHUVKDYHVLJQLILFDQWO\UHGXFHGWKHLURSHUDWLRQVLQ&DOLIRUQLDGXHWRVWULFW UHJXODWRU\PHDVXUHVRQUDWHLQFUHDVHVHQIRUFHGE\&RPPLVVLRQHU/DUD7KLV FRQWUDFWLRQKDVOHGWRZKDW/DUDGHVFULEHVDVDQLQVXUDQFHHPHUJHQF\OHDYLQJ PDQ\&DOLIRUQLDQVVWUXJJOLQJWRVHFXUHDIIRUGDEOHFRYHUDJH 7KHWUHQGLQVXUSOXVOLQHVFDUULHUVLQ&DOLIRUQLDLOOXVWUDWHVDPDUNHGVKLIWSDUWLFXODUO\ ZKHQFRPSDUHGWRQDWLRQDOILJXUHV8QWLOflWKHPDUNHWVKDUHVRIVXUSOXVOLQHV LQ &DOLIRUQLD DQG WKH 8QLWHG 6WDWHV ZHUH FORVHO\ DOLJQHG JHQHUDOO\ IOXFWXDWLQJ DURXQG  6LQFH fl KRZHYHU WKHUH KDV EHHQ D QRWLFHDEOH GLYHUJHQFH &DOLIRUQLDVVXUSOXVOLQHVPDUNHWVKDUHHVFDODWHGIURPLQflWRLQ ĘDQHDUGRXEOLQJLQMXVWIRXU\HDUVDVVKRZQLQWKHJUDSKEHORZffl

7 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 7KLVVLJQLILFDQWLQFUHDVHVXJJHVWVDJURZLQJUHOLDQFHRQVXUSOXVOLQHVFDUULHUVLQ &DOLIRUQLD OLNHO\ GULYHQ E\ WKH VWDWHV XQLTXH UHJXODWRU\ HQYLURQPHQW DQG WKH LQFUHDVLQJULVNVDVVRFLDWHGZLWKFOLPDWHFKDQJH7KHVHFDUULHUVRIWHQSURYLGHPRUH VSHFLDOL]HG DQG IOH[LEOH FRYHUDJH RSWLRQV WKDW DUH FUXFLDO IRU DGDSWLQJ WR &DOLIRUQLDĜVGLVWLQFWLYHLQVXUDQFHQHHGV ,Q UHVSRQVH WR WKHVH HYROYLQJ PDUNHW G\QDPLFV &RPPLVVLRQHU /DUD KDV LPSOHPHQWHGWKH6XVWDLQDEOH,QVXUDQFH6WUDWHJ\7KLVLQLWLDWLYHDLPVWRHQKDQFH DFFHVVLELOLW\DQGUHVLOLHQFHZLWKLQWKHLQVXUDQFHVHFWRUDOORZLQJLQVXUHUVWREDVH WKHLUUDWHVRQSURMHFWHGIXWXUHORVVHVDQGLQFOXGHUHLQVXUDQFHFRVWV,WDOVRLQFOXGHV JURXQGEUHDNLQJDJUHHPHQWVZKHUHLQVXUDQFHFRPSDQLHVFRPPLWWRFRYHULQJDW OHDVWfl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ĜVSURDFWLYHUHJXODWRU\DGMXVWPHQWVXQGHU&RPPLVVLRQHU/DUDDUHVHWWLQJ SUHFHGHQWVWKDWPLJKWLQIOXHQFHRWKHUVWDWHVIDFLQJVLPLODULQVXUDQFHLVVXHV+LV FRPSUHKHQVLYHDSSURDFKDLPVWRHQVXUHWKDWDOOVWDWHLQVXUDQFHPDUNHWVLQFOXGLQJ &DOLIRUQLDVWKULYHLQWKHIDFHRIJOREDOFOLPDWHFKDOOHQJHV7KHVHVWUDWHJLFHIIRUWV DQGIRUHVLJKWLQUHJXODWRU\HQJDJHPHQWDUHHVVHQWLDOIRUDGDSWLQJWRWKHRQJRLQJ FKDOOHQJHV RI FOLPDWH FKDQJH DQG HQVXULQJ WKDW &DOLIRUQLDV LQVXUDQFH PDUNHW UHPDLQVYLEUDQWDQGHTXLWDEOH

8 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 أ، ࡅ୘ ࡿԍ̓ ଍࢒ଚfl 0DWWKHZ.LP.$,)3$%RDUG0HPEHU ffiଝ࢕ ̖ଐԐࡵ ଝ࢕ ̖ࢵܹ঵Я ࣸ ଜΟ߾˕ٙ ବएփফ̒߾ۚ Հʯ ؂Ά ࢇଐԐ ffi ˀЬ ۢࢇք ࢇࢺࢇ Ԝࠆ Ьؿ঵ࢵ ̖࢕ଝ Ьհ ҬԂ ߾Қئ ࡋԻۚ ࢕ؿչଥࢽ ɼМଞए ࢇࡈ୛ ӊʯˈ ߭࢑ ࢇࢺࢇ Ӂ߭ ֠ࢵ ffi ଝ࢕ ̖ଐԐࡵ ֻٕ ӖЕ ֻ࣏ٕɼ ࢇ߅ձ ࡢଥ ଝيٴձ ࢵ঵ଜЕ ʨࡶ ּࡳࢶԻ փҚ߭ऑ ଐԐࢇ਺ֲʯ 3UH3DLG7XLWLRQ ˕ 7D[$GYDQWDJH6DYLQJV ଐԐ ѿɼएɼ ࢑Ь 3UH3DLG 7XLWLRQ ࡵୃ ࢂࢢ оଝ ଝيٴԻ ׵Ԏࢂ ଝيٴձ ׵չ एٙଜࠆ ׵Ԏ߾ ଝ࢕, ̖QIODWLRQ ࡶ оيٴଟ ܹ ࢑Е ଐԐࢇ ˈ7D[ $GYDQWDJH 6DYLQJV ଐԐࡵ ؿ ੼׫ ߲঴ૌҖԻ આ࢕ձ ଜѸ ߭৞ࡋઝ ߾߇ ܕ࢕ࢇҗ˕ ˈ߉ ΰए ࡶ̖ۿ ݤࡈی ѦԻࡈ ̖࢕ଝˈ ࣯ଥࠖࡪ ࡶ̖ۿ оଥ۰ ߾̖кؑ ࡈیଜѦԼ ଥ࣯Е 7D[ $GYDQWDJHG ଐԐࢇЬ ؿ ੼3UH3DLG ଐԐؿЬ ࠆԜ ࡪѰࡶ۽ ࣯Е ࢵ ঵ଐԐࢇ ш ۴୎ѹЬ ffi ଐԐࡵ ঈࡸ փҚ߭ࡶ࣌ Ҷ оଝˬ ˕߾ࢽ оଥ۰փ ࡈیଥߞ ବएփ ϗ߾ N HGXFDWLRQ ߾ ࡈیଟ ܹ ࢑ѦԼ ࡢإɼ Ж߭Ϊࡳ ffi ֲϗѦ߾Е $SSUHQWLFHVKLS ࡳԻѦ ୙ࢠѸ߹Ь ffi ϗ˕  ϗ߾ 6(&85( $&7  ˕  ձ ੼ଥ۰Е ଝ࢕ ̖࢕ࡱձ ʌЕі ࡈیଟ ܹ ࢑ʯ Ѹ߹ˈ ࡈی ୯ Χࡵ ffi ࢂ ࡶߖࠆࢗ ফо  ̧ٙए 5RWK,5$Ի 7UDQVIHUɼМଜʯ Ѹ߹Ь ۿҗܕ ٕࢽ࣯ ߾חҶ̛ ԥˈ̐ࢇଐԐ ѸЕ ࢇࠒࡋ Իࡳ˗࣯ ٕࢽ࣯ ࡵଐԐffi ˓ࢿ ؀ ੩ݛԦ਺ Ҩ ୊੔ࢇ ࢑Ь оٕٗࢂ ˁࡉЕ ʠ࣯ଜЕ ߾࣯۰ ࠒࡋଜЕ RQD]UL $࣯ ʎ ffiࣸ ̐एփ࢑ ࢇ੔୊ ࢿ˓җܕ փߞଥ ࡶ঵ࢵ ଥ ੼ࡶଐԐffi $UNDQVDV .DQVDV 0DLQH 0LQQHVRWD 0LVVRXUL 0RQWDQD 2KLR 3HQQV\OYDQLD Е җܕ ࡵҚ࣯ ࢂٕٗоЬ࢑ ܹ ࡶ؇ ࡶ੔୊̖ۿ ଜшԂѦ ࡶଐԐ ffi ࢂ࣯ Ьհ ˓ࢿ੓୉ Ի ۿ੔୊̖ࡶ ࣯Е ؆ִ,QGLDQD 2UHJRQ 8WDKDQG 9HUPRQW ࣯Е ੩ݛ DZDLL +DOLIRUQLD &Е࣯ Е߉ ए࣯ ୁࢷ ࡶ੔୊̖ۿֲ࣯ ࡶ੔୊ Ի ୉੓Ҩ਺Ԧ .HQWXFN\DQG 1RUWK&DUROLQD ࢇЬ ffi ଐԐࡵ ઞط  ஢ϗ৔ *LIWLQJ ࡶ ଞ ߾ء ଟ ܹ ࢑Е ୊੔ࢇ ࢑Ь ϗ ࣱ̛  ϗ *LIW WD[ H[FOXVLRQ ࡵٙ fl ࢇ ̐ˈֆࡵ ଟ֞Тଟ؟߅एɼ ۘࡶۏ࢕ܖ

9 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ଝ࢕੓୉ ̖Ի ࣲ ˁࡉ ফо fl փٙ  ࢉк ffi փٙ ̧ए *LIWLQJ ࢇ ɼМଜЬփߟ ܹ ࢊࣲ ࡶ̖ۿ ࠆଜܖۘ չ׵ִԂࡉˁ ѸЕ ࢇࢽʡ ɼۿܖۘ ۰߅ք ࢇۏ࢕ܖۘ ࢑Е ؏ࢇئ ѹЬ̐չˈ ফ̒ )$)6$6LPSOLILFDWLRQ$FW ձ ੼ଥ ଟ֞Тଟ؟߅एɼ 2ZQHU Ի ࢑Е ffi ଐԐࡵ ш ࢇ($( ۘ6$ ̛߾ࣱ۰Е ଝۢࢂ( LQDQFLDO $LG ߾ ࠒ߆ଯࡶ ࣯ए ߉ЕЬֻٕɼ 2ZQHU Ի ࢑Е ˁࡉЕ ࢷ ˕ʋࢇֻٕ ࢂ ࡳۏ࢕Ի ૦ଡࢇ ѹЬ ffiࢵ঵ଐԐࡵܕҗࢇΟ ࢇۏ࢕ࡪؿ ք߅ ଝ࢕ ̖࣏ؿձ ؇̛ ஦Ҙ ֻٕЧ Қ߾ʯ ܹ Ѻ ࢇЯ঵ ܹࢵ ଞࡈࡪ Е࢑ ܹ ଟ ࡶ঵ࢵ Իࡳ੔୊̖ۿ ଞݢيٴ ࠪ $5 ,5RWK ݦࡳ࢑ ࢇۏ࢕ܖۘ  ૦ଡ Ѧ̖୊੔ۿ ٕࢽ࣯ ۰Е߾࣯ ࢽઞֲ ࡳ࢑ ଟ֞Тଟ؟߅एɼ ࢕ܘܘϕ߾ʯ ଝيٴձ ָּࡳԻ ۘۿܖձ ΰए ߉ ਼ oˈѨࡶ ׵չ ۘܖଟ ܹ ࢑Е ࡈࡪଞ ܹЯࢇ Ѻ ܹ ࢑Ь ࢇ૦ଡ Իࡳۏ࢕ ࢂֻٕ ࡵଐԐ ffi ࠀࡉˁ ࢉ৓ۏࣸ Е࢑ ܹ ࡶ؇ ࡶ੔୊ ̖࢕ଝ Ѹ̛ Ҷ߾חଝ࢕ ̖ए߾ࡕ Ѧࢇࡏ Ѻए ѧࢇ Ѻए ࢚ શЯଥߞ ଜˈଝ࢕ ̖एࡕ Ьࢇʨ ࢊ ܹଗ ࢇж ۘࢂࠪɼחࢷ Е࢑ ܹ ࣲ ଥ ࠖۘչ׵ ձٕࠆ ffi ଐԐࡵ આ࢕੓୉Ի ࢇࠒࡋ ѸˈӖ ࡈیଜए ࡵ߉ ߾ߖࠆࢗ оଥ۰Е ଝ࢕̖ Իࡳࢶ঑দ ࡶࢽ˕ࢷ ࢇ ߾̛ଜ ߞষଥࢉ ˈΰ ࡶ̖ۿ ࠪσફִ ૓Т߅ ࢇࢶּ ࢇଥଜࠆ Ѧࡶࡏ ࣲ ܹ ࢑Е )LQDQFLDO$GYLVRU ߾ʯ Ѧࡶࡏ؇ Е ʨࡶ঴ ঊଞЬ ࣬ײଛؼࢆଲࢆהࢴࢺ࢟ୃୠ-#+(2# Ě :::.$,)3$25* ߾۰ ୣࡕɼࢇ࢏ ɼМଢТЬ

10 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 +PUWTCPEG#IGPV ࡿ ۺ࠾ࣵ ˒6JG2TQHGUUKQPCN/KPFUGV <RXQJ1RK/HH.$,)3$ &KDLUPDQ /LIH LQVXUDQFH 3URSHUW\  &DVXDOW\ ̐չˈ  ফ̒߾Е 0HGLFDUH DJHQW ̧ए ࠆԜٗࢂߞ, QVXUDQFH DJHQW ٗҚࢇ ୛Ѱଜˈݡ࢑ТЬ ,QVXUDQFH DJHQW Ի ࡶࢊ ଜִ۰ ୏ࡵ ,QVXUDQFHDJHQW ձ ࡳڱִ۰ ࢊࢿ ࡁࣸଜʯ ГΗЕ ʨࡵܘЧ˕ ߲ցΟ ࢽ୙ଜˈ ऑݨѸʯ ܕ੼ࡶ ࢚ଜֲࠝԔѰ߇ DJHQWࡶࢊ ࡪए ଜГι ࢉ ʨ ʋݡТЬ ଥɼࢇ оଞ ߾ଵؿ ଞ࢏ɼ ࢇࢉق ࢇҚ ٗ࢕࢏ଵɼؿ ࡵք փΟЕ ۰߾؄ ٕ࣐ଜֲփ࣐Ѧɼ ࡉ֐ ӂ߭एЕˁࡉձ ݪݪॱʯ ց࣯ଜЕіքࡵٕٗ ࢇ$ JHQW ٗҚࢇ ॹ࣯ࡓए ׃ଜЕ ʠ ʋ߅۰ ߇̧੉ࡋ Ҷɼ քݡТЬ ࡉ۴ $JHQWձ ࢖ݤ ଜ̛ࡢଥ۰Е ˬ࡫Ѧ ؇ߞ߅ଜˈ ݤଵѦ ৔՜ߞ ଜЕі̐ ߾ߔ ࢿࢷѸ߭ߞ ଟ ʨࡵ ܘЧࡶ ଯଞ 6HUYLFHPLQG࢏ТЬ Ԃ۰ ˌ࢚ࡶ૽ۘ ԂЕࢇଵؿ ͉ЧܘФ߅ ࢇʨ ળЕ ࡶʢי ࡵࢊଜЕ ࢂJHQW$ ࡪएଟܹ࢑ѦԼ ѦࠪҖչЕ ࢏ࢊТЬ ̐ԜЬ ؿ  ִϗփ߾ ܘЧ˕ࢂ˃˗ ɼ Ύ߭ओܹѦ ࢑एփ ܹݫϗɾ ܘЧ˕ࢂ˃˗ ɼ ࢇ߭ओܹѦ ࢑̛߾ ϼ˳ɼ Οࢂ Ѧࢇࡏ ଗࡁଞٗҚ߾ʯ Ѧࡶࡏ ࣲܹ࢑߭ߞփ ࠝԔѰ߇ ࡵࣚ˃˗ ձ ࡪए ଟܹ Իࡳࢶ੼˓ ִؿ ࡶҚ ٗݦଜ ࡶ୛ۢ JHQW $߇ԕѰ ࠝҡ۰Ҙ ߭ࢿ߯ ТЬݡ࢑ ТЬ࢏ʨࢇ ؂Ի ࢇࢺ Еࢇؿ ࢇࢉق ଜЕ ࡶࢊ ࡁࣸଜʯ ۢɽѦ ଜएփ ܘЧ˕ࢂ˃˗ ձ ࡁࣸଜʯ ۢɽଜֲЖ ফ۴ࡶ Ьଥ۰ ܘЧࢂ ଗࡁଞ ٕٗࡶ ॹ࣯ࡓ ̛ࡢଥ۰ Ϡԯࡶ ଞЬЕ ࢏ࢺТЬ Ѧ׷ˈ ଟएߞଥ ӊʯ ߭ࡶ߸הˈବ࢖ݤ ࡶ୛ۢJHQW $ࢇ߷ݦࢽ Е߾ࡸঈ Ѧ࢕ଗ քࢇ ବ߹Еі ߭Гܻɾٕਫ਼ ࡶࢊࢇ ૡۢ ଥɼֲ 5HWLUH ଥߞʵЬЕ ۢɽࢇ Қ߹ݡТЬ ۚԻ DJHQW ࡶࢊ ࢖ݤ ଜݤ ˈԮଜЕٗҚ ୏ࡵୃ ࢢ$ JHQW ࡶࢊ ؂ԇТЬ̛ ݤؿଥ ʯ߾ࢉق ࡶחओ ࢉࢶق̛ ࢊࢿ ࡵҚ ٗࡵք ࢇ׷ˈ एփ࢑ˈଜ ΟЕ ܘЧ͉ ফ۴ࡶ Ьଥ۰ 6HUYHଟ يٴࣱɼ Ѹ߭࢑Еए" ऊʧˈ ଭـଞ $JHQW ۢ୛ࡶ ଜ̛ ࡢଥ۰ ঻ٗଞ Ϡԯ˕ ցࡸɼकࡶ ɼएִ ϼ˱ԂѦ ࢚ଟܹ ݡ࢑ТЬݦ࢕ʃࡶ ɼएˈ ফоଞ քࡵٗ Қ͉ࡉչࢂ ɼ৔ձ шଞ 6HUYLFH ձ ݤ࣯ࠆؿ ̛؂ԇТЬ

11 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 2%/CTMGV6TGPFU7RFCVGUffi 9LYLDQ-LQ.$,)3$9LFH3UHVLGHQW 6YQPGYDKNNUKP%#KORCEVKPIGORNQ[GTUğUCHGV[GHHQTVUffi ,Q&DOLIRUQLD*RYHUQRU1HZVRPUHFHQWO\VLJQHGWZRELOOVVWUHQJWKHQLQJZRUNSODFH YLROHQFHFRQWUROV7KHVHELOOVDUHffl 5$ ffi 6GORQTCT[ 4GUVTCKPKPI 1TFGTU CPF 2TQVGEVKXG 1TFGTUffi 'ORNQ[GG *CTCUUOGPV (IIHFWLYH -DQXDU\   DQ HPSOR\HUPD\ VHHN D UHVWUDLQLQJ RUGHU EDVHG RQ KDUDVVPHQWRI DQHPSOR\HH ę+DUDVVPHQWĚLVGHILQHG DV D NQRZLQJDQGZLOOIXO FRXUVHRIFRQGXFWGLUHFWHGDWDVSHFLILFSHUVRQWKDWVHULRXVO\DODUPVDQQR\VRU KDUDVVHVWKHSHUVRQDQGWKDWVHUYHVQROHJLWLPDWHSXUSRVHDQGFDXVHVVXEVWDQWLDO HPRWLRQDOGLVWUHVV 5$ffi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

12 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ,OOQHVV3UHYHQWLRQ3URJUDP,,33 UHJXODWLRQV6%H[SDQGVWKHUHTXLUHPHQWIRU DZULWWHQ IRUPDOO\GHYHORSHGDSSURDFK WRSUHYHQWLQJZRUNSODFHYLROHQFH WRDOO LQGXVWULHV(IIHFWLYH-XO\DOOHPSOR\HUVDUHUHTXLUHGWRKDYHD IRUPDOO\ GHYHORSHGZRUNSODFHYLROHQFHSUHYHQWLRQSODQDVSDUWRIWKHLU,,33 7KHHOHPHQWVPXVWLQFOXGHWKHIROORZLQJHOHPHQWVffl ‡$GHVLJQDWHGSHUVRQUHVSRQVLEOHIRUWKHSODQDQGLWVLPSOHPHQWDWLRQ ‡0HWKRGVRIHQJDJLQJHPSOR\HHVDQGUHSUHVHQWDWLYHVLQSODQGHYHORSPHQW ‡0HWKRGVRIFRRUGLQDWLQJZLWKHPSOR\HHVZKHQQHFHVVDU\ ‡0HWKRGVWRDFFHSWUHVSRQGWRDQGSUHYHQWUHWDOLDWLRQIRUUHSRUWVRIYLROHQFH ‡ 3URFHGXUHV IRU FRPPXQLFDWLQJ ZLWK HPSOR\HHV DERXW ZRUNSODFH YLROHQFH UHSRUWLQJRIWKUHDWVUHVSRQGLQJWRHPHUJHQFLHVDQGKRZWRREWDLQKHOSIURPODZ HQIRUFHPHQW ‡ 3URWRFROV IRU LGHQWLI\LQJ DQG FRUUHFWLQJ ZRUNSODFH YLROHQFH KD]DUGV WKURXJK LQVSHFWLRQV ‡0HWKRGVIRUSRVWLQFLGHQWUHVSRQVHDQGLQYHVWLJDWLRQ ‡3URFHGXUHVIRUUHYLHZLQJDQGUHYLVLQJWKHSODQZLWKHPSOR\HHLQYROYHPHQW ‡ 7UDLQLQJ UHTXLUHPHQWV ZKHQ WKH SODQ LV LPSOHPHQWHG DQG DQQXDO IROORZ XS UHYLHZV (PSOR\HUVPXVWDOVRNHHSYDULRXVUHFRUGVVSHFLILHGLQWKHQHZODZLQFOXGLQJffl x 5HFRUGVRIZRUNSODFHYLROHQFHKD]DUGLGHQWLILFDWLRQHYDOXDWLRQDQG FRUUHFWLRQ x 7UDLQLQJUHFRUGV x $YLROHQWLQFLGHQWORJIRUHYHU\ZRUNSODFHYLROHQFHLQFLGHQW x 5HFRUGVRIZRUNSODFHYLROHQFHLQFLGHQWLQYHVWLJDWLRQ $ FRPSDQLRQ ELOO 6%fl H[SDQGV FXUUHQWO\ HQIRUFHG UHJXODWLRQV UHJDUGLQJ 7HPSRUDU\ UHVWUDLQLQJ 2UGHUV DQG 3URWHFWLYH 2UGHUV LQ WKH ZRUNSODFH 7KLV ELOO WDNHV HIIHFW -DQXDU\    ([LVWLQJ ODZ DXWKRUL]HV HPSOR\HUV WR VHHN D WHPSRUDU\UHVWUDLQLQJRUGHUIRULQGLYLGXDOVZKRHQJDJHLQZRUNSODFHYLROHQFHRU

13 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May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͑ ࣬ײଛؼࢆଲࢆהࢴࢺ࢟ୃୠ-#+(2#࢝ଚ۟ ۱؅ ʟ࣌ ʵ࢒ ؅۱۟ ଚ࢝ TM ϕ࢕ ࢂ࢕یࣗ ˃߶ࢽࢢଵؿ ଜЕ࣯ʠ ߾࣯Χɼƒ ƒ  ϗ оଝࡶ ऑଝଜЕ ˈҟଝۢ ӖЕ оଝۢ ۢଝ ѸЕ ࢇإֻ ࢂ੉ Իࡳۘࢇ $3*ࢺଝƒ ࢕ ɼМଞ ۱ ୣ ॳ߾یֆଭࠉ ࡖ  ˕Τ ࢂࢉଵؿ ࡖ  ϗƒ  գ঴ۭࢼ TM ٕ  ࢇۿ߾ ؀ ঐ۰ݦ ࡕएۢ ଝࢠ f ƒ ࢇۿ߾ ࢿ࣯ $ fflUHFHQW VXUYH\ IRXQG WKDW RQO\  RI UHFHQW FROOHJH JUDGXDWHVDUHLQWHUHVWHGLQZRUNLQJLQWKHLQVXUDQFHLQGXVWU\&DQ\RX VKDUH\RXUWKRXJKWVRQZK\WKDWLVDQGLI\RXUHLQWHUHVWHGLQZRUNLQJ LQWKHLQVXUDQFHLQGXVWU\ZK\DQGZKDWILHOG\RXZRXOGOLNHWRZRUNLQ" ࢊࡁ̖ ࢊ  ࡖ  ϗ  ė ࡖ ࢊ  ࡖ  ϗffi ɻ̘ܶࢸ ۭ঍ݣ TM ™ ۭգ ࢼ ঴׽ ࡿהffiLQIR#NDLISDRUJ ܹ ࢊ  ࡖ  ϗffi ࢇࠃܶ ̓ଚ࢝ TM ͑

14 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 ࣬ײଛؼࢆଲࢆהࢴࢺ࢟ୃୠ-#+(2#ୠࡒָओ ߄έ ٔԙࠃ ࢆהࢴࢺ࢟ଲؼࢆଛ࣬ײ ࣯׵ଞؿࢉଵࢉחࢷࢽࢢ(,$.ୣ୆3$ Е ए΢  ࠆϗɾ ଞࢉ ؿଵࢉחࢷࢽࢢҚ˕ ѹ࢖ݤ ߾ϗ΢ ffifl ए ТЬݡ࠱ ଥ ࡶଟࠇ ࡵք ߾ࢷ؈ ࢂТફ׫৲ࢉଞ͉ ଡ .$,)3$ Е ୣࡕɾࢂּ৖ Ѧֻ ؿࢽ ୚ˬ؀ ৲׫Тફ یهԂЕ ּ૲߾঻ ݨଜ̛ ࡢଥ Ьߦଞ ؿଵ׵ۿࢽࢢΟ ୣࡕоۘ ˌ଎ੵο֠ઝ ࠉԷ ʀԂଭی يٴएТݛ ˋ ТЬݡ࠱ ʎଥࢷ Իࡳࢶ˓۽ ࡶ߶ی Тફ׫৲ ଞߦЬ ࡉ֐ ҟࠆܹ ̖ଝࢠ ۰׶ չࡉ߅֍ оձݤ ָփ˱  ؒࢉࢉଞ ࣯׵ ˈϙଜ ̛ࡶϗ࣯  ࢂ $3 .$,)ଜЕࢇ֍ ୆ୣࢂ ࠇଟࡶ ଞ৓ ʈ୘ଜˈ ؿଵࢽࢢ۰ࢂݛيٴ ࡶ۽חࢷ ʈ୘ଜˈ࢕ ш քࡵ ؿଵࢉࢽࢢҚࢇॳ ࠆଜЕ Я঑Ի փҚ߭ Οɼˈ࢕ ଢТЬ ̛ଜ˓ࢿ ձݛيٴ۰ࢽࢢଵؿ ࢉࢶחࢷ Ьؿ ˈଜߦଡ ࡶݦࢽ ࢕߶Ѱ ଜएփ ࡵࢪˁ ࡢଥ ଡ͉ ࠉ˱ଜˈ ˓ࡪଜˈ ۴ࢂࢂ ˁࡶࢪ ଜЕ ߶˃ࢂ୚ ˁ ࡶ۽࣏ ࡢଥ քࡵ ଢТЬࡕ̛ ձ̛ݤ࣯ Ѱଥ͉ ୛ଡ Իࡳࡕୣ ࢂୣ୆ ࢇҚࢉחࢷࢽࢢଵؿ ™ ࣬ଛؼࢆଲࢆהࢴࢺ࢟ୃୠ ୠࡒ ɹ߄ࢌέ ffiգࣔ ࡿࡒୠƒ ߶̛ ӖЕ ࢉʎ एଞܕ ձݛ܁ࢇԂ ࢽࢢଵؿffl ࡕୣ߶̛ࡕୣࢉʎࡕୣࢽ o ߶̛ ӖЕ ࢉʎ Е࢑ ࢇ԰˗ ˕ࢽࢢଵؿ ffl ࡕୣ߶̛ࡕୣࢉʎࡕୣطઞ o ƒ ୠࡿࡒ େੑffi o ୆ୣ یࢇ%RDUG0HPEHU Ի ঴ঊ ̛ୣ o ୆ୣ ׵ۿΟ يٴएТݛ ׶۰ ˌ଎ ੵο֠ઝ ࠉԷ ʀԂ ؀ ݤۘݥॳ ࠆ o .$,)3$ࢽ ̛ЍݛԦਫ਼ ؀ $QQXDO-RXUQDO߾ ৡԠ ̛ࢢୣ̛ o .$,)3$ݤۘ߾ݥ$ ZDUG1RPLQDWLRQ̛ୣ o ̛੉ .$,)3$ ࢂ о࠹୛Ѱ߾ Ѱॳ ™ ࣬ଛؼࢆଲࢆהࢴࢺ࢟ୃୠ ୠࡒ ɹࢵࢌ५ o .$,)3$הیঈԻ ୣࡕɼ࢏ ݦঐ۰ձ ࢿষଥ ݤ࣯ ̛؂ԇТЬ o ୣࡕɼ࢏ ࢂח(,$. ffl3$הیঈffl LQIR#NDLISDRUJ  ZZZNDLISDRUJ ୠୃࢆהࢴࢺ࢟ଲؼࢆଛ࣬ײ Korean American Insurance and Financial Professional Association

15 ҖվТЬ ؉ୁ ࡶࢎʺࢂ ࢉʎ ࢂҚ࢕ࢵ ֲТ߅ ࢇࢠ࢏ݥ˓ ࢂ $3 .$,)ࡵ̔ ջݨ ߾ਫ਼ԦݛЍ قfflLVFODLPHU' KAIFPA NEWSLETTER Vol. 6 May 1, 2024 -#+(2#࠾࣬୘ ѭ  ϔ  ࡓ Ě  ࡓ .$,)3$$QQXDO*ROI7RXUQDPHQW  +\XQGDL,QVXUDQFH؏ח  Ѝࡂए˱ ଞؿࢉଵࢽࢢ ୣ୆ࢇীݥࢎॳ ۱ fl