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Individuals No Longer Required to Disclose Disabilities to Qualify for Insurance

Individuals No Longer Required to Disclose Disabilities to Qualify for Insurance

SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies. According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any [...]

Regulator to Require Home Shopping Channels to Spell Out Insurance Products

Regulator to Require Home Shopping Channels to Spell Out Insurance Products

SEOUL, Sept. 11 (Korea Bizwire) — The financial watchdog said Tuesday it will require home shopping channels to spell out insurance and annuity products, in a move that would make it easier for consumers to understand terms and conditions of a contract. Under the move, home shopping channels will be required to use larger text [...]

New Insurance Polices Offer “More Discounts, the More Steps You Take”

New Insurance Polices Offer “More Discounts, the More Steps You Take”

SEOUL, Sept. 3 (Korea Bizwire) — A series of new insurance coverage plans that offer additional discounts for health-conscious walking enthusiasts have been launched recently. Heungkuk Life Insurance Co. revealed today that it was offering a plan titled “Vari-Good” that refunds a maximum of 10 percent of a subscriber’s insurance premium depending on the distance [...]

Insurance Policy Covering Pre-existing Conditions a Hit Among the Elderly

Insurance Policy Covering Pre-existing Conditions a Hit Among the Elderly

SEOUL, May 9 (Korea Bizwire) — An insurance policy that covers individuals with current illness, regardless of its gravity, and former patients with previous treatment records has reached over 50,000 subscriptions within a month of its release. According to research results announced by the Financial Service Commission yesterday, seven insurance companies sold a total of [...]

FSS Reveals 3 Task Force Measures

FSS Reveals 3 Task Force Measures

SEOUL, Apr. 26 (Korea Bizwire) — Telemarketers selling insurance over the phone will now have to pace their explanations at a certain speed to ensure consumer protection, one of many other new measures crafted by the Financial Supervisory Service (FSS). The FSS, drawing upon the expertise of external professionals to identify 177 specific tasks, created [...]

Sales of Private Insurance Plans Drop Amid Crackdown on Misleading TV Advertising

Sales of Private Insurance Plans Drop Amid Crackdown on Misleading TV Advertising

SEOUL, June 21 (Korea Bizwire) – New regulations targeting insurance packages sold on shopping channels have seen fewer customers misled by false advertising. The Korea Life Insurance Association said on Tuesday that the measures implemented to counter misleading advertising introduced last year have helped curb what are widely known in South Korea as ‘incomplete sales’, a [...]

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

Over 200,000 Foreign Residents Take out Life Insurance Policies: Data

SEOUL, May 10 (Korea Bizwire) — The number of foreign residents who took out life insurance policies here topped 200,000 in 2015, with their subscriptions rising at an annual rate of 16 percent over the past five years, industry data showed Sunday. According to the data compiled by the Korea Insurance Development Institute, a total [...]

Insurance Companies to Offer Discounts to Non-Smokers

Insurance Companies to Offer Discounts to Non-Smokers

SEOUL, March 21 (Korea Bizwire) – Those insured who don’t smoke or have normal blood pressure will now be able to get discounts on their premiums, as part of the government’s effort to encourage more healthy people to get on board. The government is focused on spreading the word about existing policies of private insurance [...]

ABS Issuance Dips 27 Pct in 2016 on Weak Property Market

ABS Issuance Dips 27 Pct in 2016 on Weak Property Market

SEOUL, March 7 (Korea Bizwire) – The issuance of asset-backed securities (ABS) in South Korea tumbled nearly 27 percent in 2016 from a year earlier as the local property market remained sluggish, data showed Tuesday.  The amount of ABS issues totaled 60.7 trillion won (US$52.6 billion) last year, down 26.8 percent from the previous year, [...]