Korea Insurance Agents Association Aims to Reduce 'Weak' and 'High-Risk' Ratings to 20% Through Enhanced 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 "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...