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Recently, the GA (General Agency) industry has implemented its own "Internal Control Standards for Briefing Insurance Sales" to prevent mis-selling,  Recently, the GA (General Agency) industry has implemented its own "Internal Control Standards for Briefing Insurance Sales" to prevent mis-selling, setting stricter guidelines for insurance agents during sales activities. However, there are concerns that these measures do not sufficiently consider the current sales environment, resulting in an unfair regulatory burden. In this post, we will explore the background of the same-day subscription restrictions in "Briefing Sales," the associated controversies, and why these rules may need reconsideration. "Briefing Insurance Sales" refers to a method where insurance agents use educational or seminar sessions within companies or organizations to introduce and promote insurance products to groups. Due to the short time frame for product explanations, there...

The Best Practices for Settlement Support Funds, established by the Korea Insurance Agency Association (GA Association) and financial authorities to eradicate unfair practices in the GA industry, The Best Practices for Settlement Support Funds, established by the Korea Insurance Agency Association (GA Association) and financial authorities to eradicate unfair practices in the GA industry, will be officially implemented this month. This guideline aims to strengthen the operating standards for settlement support funds and internal controls to establish fair competition within the GA industry. In this blog, we will explore the key aspects of the Best Practices for Settlement Support Funds, the reasons for their implementation, and their potential impact on the GA industry. 1. Background of the Implementation of Best Practices for Settlement Support Funds The GA industry has been providing excessive settlement support funds to attract insurance agents, which has led to unfair business prac...

Kim Yong-tae, the chairman of the Korea Insurance GA Association, recently shared his vision and strategy for the introduction of Insurance Sales Specialist Companies in an interview.  Kim Yong-tae, the chairman of the Korea Insurance GA Association, recently shared his vision and strategy for the introduction of Insurance Sales Specialist Companies in an interview. He emphasized enhancing consumer trust and protecting the rights of insurance agents as key to strengthening the position of GAs within the financial industry. This blog post delves into the key points of Chairman Kim's interview, discussing the necessity of Insurance Sales Specialist Companies, industry expectations and concerns, and the plans for future implementation. In June, Kim Yong-tae marked his first anniversary as the chairman of the Korea Insurance GA Association. Coinciding with this milestone, the GA self-regulation agreement aimed at preventing excessive scout fees will also celebrate its first anniversary...

The GA industry is on the brink of enforcing new guidelines designed to curb the excessive practices in settlement support fund payments The imminent implementation of the GA (Corporate Insurance Agency) industry's new guidelines on settlement support funds has drawn significant attention from within and outside the industry. This marks the first time that financial authorities have actively stepped in to address the excessive practices surrounding settlement support payments. In this post, we'll explore the key aspects of these new guidelines and how they are expected to impact the insurance industry. The GA industry is on the brink of enforcing new guidelines designed to curb the excessive practices in settlement support fund payments. Earlier this year, financial authorities recommended that the GA industry establish its own standards for these payments, prompted by concerns over the inappropriate calculation methods used by some GAs. These guidelines emphasize preventing lu...

The Korea Insurance Agency Association (KIAA) is taking significant steps to introduce specialized sales companies within the GA (General Agency) industry The Korea Insurance Agency Association (KIAA) is taking significant steps to introduce specialized sales companies within the GA (General Agency) industry, a long-held goal. The association is preparing relevant legislation and plans to promote this initiative through a global symposium. This article examines the potential impact and importance of introducing specialized sales companies to the GA industry. The GA industry is on the cusp of a transformative change. The Korea Insurance Agency Association is leading the charge to introduce specialized sales companies—a long-desired objective of the GA sector. The concept of specialized sales companies involves GAs transitioning from merely facilitating insurance contracts to becoming financial firms that handle contract execution. If this system is implemented, GAs will evolve from simp...