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The financial authorities in Korea are tightening their grip on large General Agencies (GA) in the insurance industry to protect consumers from potential harm The financial authorities in Korea are tightening their grip on large General Agencies (GA) in the insurance industry to protect consumers from potential harm. As GAs continue to engage in intense competition, authorities are focusing on preventing "4 major violations" and enhancing inspection processes to maintain market order and minimize consumer risks. Recently, the Financial Supervisory Service (FSS) and other financial authorities have been paying close attention to the large-scale competition occurring within the insurance industry, specifically targeting General Agencies (GA). Despite efforts to curb aggressive sales tactics and protect consumers, violations still persist, particularly among the larger agencies. The FSS has introduced stricter measures to address what they refer to as the "4 major violation...

This year, a change in the Insurance Business Act led to a significant reduction in the delegation of claims adjustment tasks to subsidiaries by major life insurers This year, a change in the Insurance Business Act led to a significant reduction in the delegation of claims adjustment tasks to subsidiaries by major life insurers, even as the total amount of fees paid to these subsidiaries increased. The new regulation aims to curb "self-claims adjustment" practices, but the issue of fee concentration remains persistent. This article explores the current state of subsidiary delegation in the insurance industry, the background of the regulatory changes, and their impact. In 2024, the proportion of claims adjustment work delegated to subsidiaries by major life insurance companies has significantly decreased. This change is largely attributed to the recent implementation of measures to prevent "self-claims adjustment." According to the insurance industry, three major lif...