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The introduction of the Insurance Sales Specialist Company system is imminent, with strengthening the responsibilities of General Agencies (GAs) becoming a key issue.  The introduction of the Insurance Sales Specialist Company system is imminent, with strengthening the responsibilities of General Agencies (GAs) becoming a key issue. Due to the intense competition among GAs for scouting insurance agents and the resulting consumer harm, the Financial Services Commission is reviewing plans to assign GAs responsibilities at the level of financial institutions. In this blog, we will take a closer look at the background of introducing the Insurance Sales Specialist Company system, the current status of GAs, and the future outlook. 1. Background and Necessity of Introducing the Insurance Sales Specialist Company The influence of GAs in the insurance industry has been steadily increasing. Due to their ability to sell products from multiple insurance companies simultaneously, many insurance...

The Insurance Reform Council, led by the Financial Services Commission and the Financial Supervisory Service The Insurance Reform Council, led by the Financial Services Commission and the Financial Supervisory Service, has prioritized restoring consumer trust and is pursuing various measures to reduce incomplete sales. The council aims to enhance consumer protection through industry-wide voluntary agreements. However, there are mixed opinions from both GA (General Agency) and insurance sectors, with expectations and concerns about practical follow-up measures. The Insurance Reform Council, which is set to continue until the end of 2024, has identified 'restoring consumer trust in insurance' as its top priority. To address issues related to scout recruitment of insurance agents and frequent job changes leading to replacement contracts, the Financial Services Commission has proposed several regulatory measures. A notable example is the establishment of 'Guidelines for Settlem...