b'INSURANCE REGULATORY|US/NAICapplication process later stalled when the US trade industry groups submitted a comment letter to the NAIC that pointed out that the Republic of Korea requires localization of data that may create extra obstacles for US reinsurers looking to do business in the Republic of Korea. NAIC representatives have been discussing this issue with both the Republic of Korea insurance supervisors and the US trade groups. While these talks remain ongoing, the Republic of Koreas application for Qualified Jurisdiction status appears to be on hold.78|Global Insurance Industry Year in Review 2021'