(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Minyoung] Financial authorities are taking stern measures against insurance companies that incite excessive competition.

On the 29th, the Financial Supervisory Service (FSS) held an "Internal Control Workshop for Insurance Companies in the First Half of 2024" at the FSS Training Institute and provided guidance on this policy.

They are intensifying inspections related to product development and sales channels, including insurance companies and corporate insurance agencies (GAs), to detect violations. During regular inspections of insurance companies, simultaneous inspections will also be conducted on large GAs with significant recruitment performance, not just subsidiary GAs. 

 

In particular, strict measures will be taken against practices that induce excessive competition, such as high returns, even when there is a risk of incomplete sales. Additionally, fundamental institutional improvements will be pursued to eliminate unreasonable product structures and sales practices.

 

 

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