South Korea's Insurance Research Institute has called for a unified mutual agreement among life insurers, non-life insurers, and general agencies to strengthen self-regulation and restore order in the insurance sales market, as non-exclusive channel sales surge and regulatory blind spots emerge.
#YonhapInfomax #InsuranceResearchInstitute #MutualAgreement #GeneralAgencies #InsuranceSales #MarketOrder #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=70888
Insurance Research Institute Urges Unified Mutual Agreement Across Life, Non-Life Insurers and GAs to Restore Market Order
South Korea's Insurance Research Institute has called for a unified mutual agreement among life insurers, non-life insurers, and general agencies to strengthen self-regulation and restore order in the insurance sales market, as non-exclusive channel sales surge and regulatory blind spots emerge.
The Financial Supervisory Service (FSS) is intensifying its crackdown on unhealthy insurance sales by general agencies, introducing stricter oversight and new commission rules to protect consumers as South Korea’s insurance market growth slows.
#YonhapInfomax #FinancialSupervisoryService #GeneralAgencies #InsuranceMarket #CommissionReform #ConsumerProtection #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=65924
FSS Cracks Down on Unhealthy Insurance Sales Practices by General Agencies
The Financial Supervisory Service (FSS) is intensifying its crackdown on unhealthy insurance sales by general agencies, introducing stricter oversight and new commission rules to protect consumers as South Korea’s insurance market growth slows.
South Korea's Financial Services Commission will overhaul insurance sales commissions, extending payments up to seven years and applying the 1,200% rule to general agencies to boost policy retention and consumer protection.
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Insurance Sales Commissions to Be Paid Over Up to 7 Years—1,200% Rule Extended to General Agencies
South Korea's Financial Services Commission will overhaul insurance sales commissions, extending payments up to seven years and applying the 1,200% rule to general agencies to boost policy retention and consumer protection.
FSS to Conduct On-Site Inspections of GAs with Personal Data Breaches, Establishes Victim Support Centers
FSS to inspect GAs with data breaches, sets up victim support centers, and urges caution against smishing attempts following personal information leaks from insurance agencies.
FSS Holds Meeting with GA Representatives, Urges 'Strengthening Internal Control Capabilities'
Financial Supervisory Service urges General Agencies to enhance internal control systems amid ongoing incidents, emphasizing caution in appointing insurance planners with history of illegal activities
FSS to Strengthen Oversight of Insurance Agents with Disciplinary Records
Financial Supervisory Service tightens control over insurance agents with disciplinary records, aiming to prevent repeated violations and enhance consumer protection in the insurance industry.
Crackdown on GAs with High Mis-selling Rates and Sanctions History - Insurers to Strengthen Risk Management
Financial regulators to implement stricter oversight on insurance general agencies with poor sales practices, aiming to enhance risk management in the insurance sector
FSS to Conduct Spot Inspections on GAs Violating Ad Review Rules - 'Strengthening Penalties'
FSS intensifies oversight on General Agencies violating ad review rules, implementing stricter penalties and spot inspections to ensure compliance in insurance sector advertising practices.
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