Implementation of Best Practices for Settlement Support Funds in the GA Industry: Ending Unfair Practices
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...