[Lee Yun-gu's Free Kicks] Trusting Your Insurance Agent Can Leave You Unprotected

South Korea’s insurance sector faces rising consumer risks as aggressive agent sales tactics and regulatory loopholes create coverage gaps, prompting calls for full enforcement of the 1,200% commission cap on General Agencies (GAs).

Major General Agencies Receive 'Average' Internal Control Ratings for 2023

South Korea's Financial Supervisory Service rated 75 major general agencies' internal controls as 'average' for 2023, highlighting weaknesses among smaller and branch-type agencies and signaling stricter oversight ahead.

Samsung Life Signs MOU with INKA Financial Services to Strengthen Consumer Protection and Internal Controls at GAs

Samsung Life Insurance has signed an MOU with INKA Financial Services to enhance consumer protection and internal controls at general agencies, expanding its partnerships across the sector.

Large General Agencies See Improved Misselling Rates in H1; New Contract Value per Person Drops 10%

South Korea’s major insurance general agencies saw improved misselling rates in H1 2025, but average new contract value per agent fell 10% as agent numbers surged and persistency rates diverged between life and non-life segments.

“GA Delegation Recognized as Major Risk” – Regulators Introduce Third-Party Risk Guidelines for Insurers

South Korean regulators will require insurers to manage third-party risks from general agencies (GAs), introducing new guidelines to address concerns over mis-selling and excessive competition in the insurance sector.

Mirae Asset Life Affiliated GA Planner Embezzles KRW 530 Million from Clients Over Five Years

Mirae Asset Life Insurance revealed a five-year embezzlement case by a partner GA planner, with KRW 530 million ($382,000) in client funds misappropriated, prompting legal action and tighter controls.

What is a General Agent? – Novenas & Novellas