SEOUL, May 29 (Korea Bizwire) — Starting in the second half of the year, pet shops will be allowed to sell insurance policies for pets, while online shopping malls will be able to sell travel and leisure insurance.
The Financial Services Commission said that the revised bill on insurance sales had passed in a meeting of the Cabinet today.
Earlier, the proposed revision of the law passed the general meeting of the Financial Services Commission on May 18.
At the core of the revised bill is the diversification of sales channels offering small and simple insurance plans.
This reflects the difficulties many consumers face when the need arises to seek out insurance plans pertaining to a smaller monetary amount.
With some insurance plans going for as little as 10,000 won per month, most existing insurance companies do not trouble themselves to offer such minor policies to consumers.
According to the new law, online shopping platforms will be able to offer insurance policies related to goods and services, acting as insurance agents after registering with relevant government agencies.
In this case, pet shops will be able to sell insurance to pet owners in addition to paving the way for holiday goers to buy travel insurance on the same online websites that they use to book their travels.
However, insurance plans that such online agents will be able to offer will only be “inexpensive and limited to family use.”
Thus, car insurance or endowment insurance products will not be permitted to be offered on such websites.
Lina Jang (firstname.lastname@example.org)