일상생활속 금융, 증권이야기

Yoo Young-kyung, a partner at Deloitte Anjin Accounting Firm, stated on the 26th at the Deloitte Anjin headquarters in Yeouido, Seoul, in an interview with the Korea Economic Daily, Insurance Companies with Assets Over 5 Trillion Won Must Submit Accountability Structure by Next July Executives Cannot Escape Responsibility for Mis-Selling "They Must Exercise Due Diligence in Performing Their Duties" Yoo Young-kyung, a partner at Deloitte Anjin Accounting Firm, stated on the 26th at the Deloitte Anjin headquarters in Yeouido, Seoul, in an interview with the Korea Economic Daily, “Once the accountability structure is introduced in July next year, executives will be responsible for their respective areas concerning any mis-selling that occurs at the frontline. This could lead to a significant shift in the internal control culture within the insurance industry.” Yoo, a partner at Deloitte Anjin, emphasized that the introduction of the accountability structure would require executi...

The Korea Insurance Agents Association plans to reduce the percentage of GAs receiving 'Weak' and 'High-Risk' ratings in internal control evaluations to 20% by introducing a "Visiting Compliance Consulting Service." The Korea Insurance Agents Association (KIAA) is stepping up efforts to improve the internal control standards of the General Agencies (GA) in the industry. Following the recent internal control evaluation results released by the Financial Supervisory Service (FSS), which revealed a significant number of GAs receiving 'Weak' and 'High-Risk' ratings, the association has devised strategies to reduce these ratings to the 20% range. In this post, we'll explore the association's plans and key measures to strengthen internal controls. The Korea Insurance Agents Association plans to reduce the percentage of GAs receiving 'Weak' and 'High-Risk' ratings in internal control evaluations to 20% by introducing a "Vis...

The self-reporting period for written contracts, implemented to establish a healthy competitive order in the General Agency (GA) industry The self-reporting period for written contracts, implemented to establish a healthy competitive order in the General Agency (GA) industry, concluded without significant results. Consequently, financial authorities are now focused on their next steps, with attention on the ongoing task force (TF) for improving the internal control evaluation manual. This article explores the reasons behind the failure of the self-reporting period, the subsequent actions of financial authorities, and the industry’s expectations and demands for the future. In recent months, the Financial Supervisory Service (FSS) operated a self-reporting center for written contracts in the GA industry, aiming to establish a healthy competitive order. However, this initiative ended without notable success, disappointing both the GA industry and financial authorities, and highlighting th...