SEOUL, April 27 (Korea Bizwire) – The Financial Services Commission (FSC) is set to introduce a simpler authentication process for entering into insurance contracts online, which only involves authentication through SMS or ARS, rather than the current authentication process using public-key-certificates.
This change is part of the response to 614 complaints related to financial services in Korea filed with the FSC, as part of its grand scheme to reform Korean financial services.
The FSC is also mulling a suggestion, made by insurance companies, that companies’ own operating costs should be published alongside the insurance industry’s average operating costs.
The commission will also consider loosening a regulation that prohibits an individual from consigning more than half of his or her private assets to asset management companies.
Another suggestion that is being weighed is either lowering or abolishing the solvency margin ratio for insurance companies, which currently stand at 150 percent.
By M. H. Lee (email@example.com)