Regulator backs life insurers’ outreach in healthcare

regulator backs life insurers outreach in healthcare

Sumary of Regulator backs life insurers’ outreach in healthcare:

  • Financial Supervisory Service (FSS) Governor Jeong Eun-bo, top row third from left, speaks during a meeting with CEOs of local insurance companies held at Millennium Hilton Seoul in central Seoul, Thursday.
  • YonhapFinancial regulator urges insurers to strengthen internal control for consumer protection By Anna J.
  • ParkIn a meeting, Financial Supervisory Service (FSS) Governor Jeong Eun-bo urged leaders of the country’s life insurers to raise their level of consumer protection, while stressing the need to seize opportunities to further expand the market with fast-changing technological developments.
  • During their talks held at the Millennium Hilton Seoul, Thursday, Jeong called on the insurers to respond swiftly to global economic uncertainties and the increasing level of housing debt, as well as fiercer competition with big-tech companies encroaching on the insurance market.
  • “The FSS will conduct preliminary inspections on insurers which are vulnerable to system risks, while it induces stronger voluntary internal controls for insurance companies that have little system risk concerns,” Jeong said.
  • Financial Supervisory Service (FSS) Governor Jeong Eun-bo speaks during a meeting with CEOs of local insurance companies held at Millennium Hilton Seoul in central Seoul, Thursday.

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