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Regulator to Remove Barriers for Insurance Premiums

Regulator to Remove Barriers for Insurance Premiums

SEOUL, Oct. 19 (Korea Bizwire) – South Korea’s top financial regulator said Sunday that it will allow local insurance firms to decide premiums for their insurance policies on their own in a bid to promote price competition in the long-slumped market. The Financial Services Commission (FSC) said it will remove guidelines for setting insurance premiums from the beginning of 2016. Since 2000, the financial authorities have required local insurers to set aside a certain amount of money to make [...]

General Insurance Agencies Keep Growing in Terms of Employees and Market Share

General Insurance Agencies Keep Growing in Terms of Employees and Market Share

SEOUL, Sept. 22 (Korea Bizwire) – Large general agencies (GAs) are expanding their sales power, employing more than 100,000 financial consultants and surpassing 10 percent market share. However, their cases of incomplete sales of insurance went up slightly. The Financial Supervisory Service (FSS) announced that as large GAs with more than 500 financial consultants are increasing [...]

Local Brokerage to Sell Foreign Financial Products with Foreign Partners

Local Brokerage to Sell Foreign Financial Products with Foreign Partners

SEOUL, Aug. 26 (Korea Bizwire) – Korean financial regulators will set up guidelines allowing brokerage firms in Korea, including branches of foreign companies, to sell overseas financial products like foreign bonds to local institutional investors together with foreign partners. The Financial Supervisory Service announced on August 25 that it had prepared such guidelines, and will make [...]

Inter-Korean Military Tension to Affect Limited Impact on Financial Market

Inter-Korean Military Tension to Affect Limited Impact on Financial Market

“North Korea’s attack should have little impact on the country’s financial sector, although downside risks associated with the United States raising its key interest rates and uncertainties coming out of China need to be checked. The government is ready to respond proactively to all uncertainties.” “There was a strengthening of the U.S. dollar compared with [...]

One-stop Inheritance Verification Available to Avoid Mass Debt Passing

One-stop Inheritance Verification Available to Avoid Mass Debt Passing

SEOUL, July 1 (Korea Bizwire) – From now on, one can verify the amount of inheritance including debt from the dead when the death is reported to authorities. In the past, inheritance verification required a number of inconvenient visits to several related offices. The Ministry of Government Administration and Home Affairs announced that it had begun [...]

Financial Regulator Cracks Down on DMB-watching Drivers

Financial Regulator Cracks Down on DMB-watching Drivers

SEOUL, June 16 (Korea Bizwire) – From August, drivers who cause traffic accidents while manipulating or watching DMB will receive penalty increases of 10 percent against their responsibility for the accident. In addition, the Financial Supervisory Service (FSS) will add 15 percent more responsibility on drivers who cause accidents in safety zones that protect those vulnerable [...]