"Moreover, we were pleased to see the Obama administration give this trade agreement the consideration it deserved, given its critical financial importance to both countries."

He said that an open insurance market in Korea is commercially significant for U.S. companies that want to increase the amount of insurance they presently write in Korea.

"The KORUS agreement is particularly significant as it sets a new and higher standard for insurance provisions in free trade agreements," Snyder says.

"It recognizes that regulation of insurers should be transparent and equal regardless of whether the regulation is by government or industry groups and places restraints on the existing government-run insurance system in Korea," says Snyder.

The Chubb Corporation, meanwhile, called on Congress to quickly approve the trade agreement.

"Congressional approval of the agreement will strengthen Chubb's efforts in this key market, where we offer a range of cutting-edge property and casualty insurance coverages," says Harold L. Morrison Jr., executive vice president and chief global field officer for Chubb.

He noted that Chubb has had a presence in South Korea for more than 18 years.