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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
SEOUL, March 2 (Korea Bizwire) – South Korea’s top-three life insurers – Samsung, Hanwha and Kyobo – have decided to pay all overdue suicide claims, giving in to regulators’ punitive steps, industry officials said Thursday. Samsung will pay a total of 174 billion won (US$152 million) in respect of its policyholders who committed suicide on [...]