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Recently, the competition to recruit agents in the General Agency (GA) industry has intensified, sparking controversy over settlement bonuses. Recently, the competition to recruit agents in the General Agency (GA) industry has intensified, sparking controversy over settlement bonuses. Excessive settlement bonuses have led to consumer harm, prompting the Financial Supervisory Service (FSS) and the GA Association to establish new standards and strengthen self-regulation. In this article, we examine the issues surrounding settlement bonuses in the GA industry and the efforts to address them. Over the past two years, a total of 259 billion won in settlement bonuses has been paid to 14,901 experienced agents affiliated with General Agencies (GAs), averaging 17.4 million won per agent. However, data shows that the more settlement bonuses an agent receives, the more likely they are to be involved in unfair contract transfers. This finding came from a recent investigation by the Financial Supe...

The intense competition among General Agencies (GAs) to recruit insurance agents has created instability in the market.  The intense competition among General Agencies (GAs) to recruit insurance agents has created instability in the market. Frequent agent movement between GAs has led to increased consumer complaints and damage. In response, the GA industry has introduced new self-regulatory measures to enhance transparency and manage its operations more effectively. This article explores the recent changes in the GA industry and their expected impact. The market for General Agencies (GAs) has grown significantly in recent years, matching the size and influence of traditional insurance companies. This growth has fueled fierce competition among GAs to recruit insurance agents. Given that larger agent organizations translate to greater sales power, GAs have offered high commissions and settlement bonuses to attract top agents. However, this intense competition has led to frequent agen...