Financial Services Commission Selects 5 Key Tasks Including Korean New Deal and Simplification of Indemnity Insurance

Incentives for Outstanding Cases of Proactive Administration Also Dramatically Strengthened

[Asia Economy Reporter Kim Jin-ho] On the 6th, the Financial Services Commission held the '3rd Proactive Administration Committee of 2021' chaired by Secretary-General Kim Tae-hyun and announced the selection of five key tasks for this year, including support for the Korean New Deal and simplification of claims for indemnity insurance.

After gathering internal and external opinions, the Financial Services Commission included the creation of a policy-type New Deal fund to support the Korean New Deal, as well as ▲computerization of indemnity medical insurance claims ▲acceleration of data and digital finance innovation ▲financial support for innovative companies for innovative growth ▲enhancement of consumer rights and protection of vulnerable groups.

Secretary-General Kim emphasized, "We will review performance quarterly and focus support on tasks through the proactive administration support system," adding, "We will actively collect opinions from the public monitoring group and others to discover additional tasks that the public can feel directly."

In addition, incentives granted when selected as an excellent case of proactive administration will be strengthened. Six outstanding public officials (3 excellent, 3 encouraging) will be selected each in the first and second half of the year, with the 'excellent' receiving exceptional incentives such as the highest grade of performance pay. For the first time, one 'excellent department' in the second half of the year will have all its members selected as outstanding public officials and rewarded.

Furthermore, to strengthen the deliberation function of the Proactive Administration Committee, the number of private members such as financial experts will be significantly expanded from the existing 8 to 35. Members from academia, the legal profession, research institutes, and audit experts were appointed in a balanced manner.