"Customer Signatures Also Falsified"...Mass Sanctions on Insurance Agents

Former Insurance Agency Member Pulled Performance to Receive Bonuses

[Asia Economy Reporter Minwoo Lee] Insurance agencies and insurance planners who committed acts such as forging customers' handwritten signatures when selling insurance products have been sanctioned by financial authorities.

According to the industry on the 5th, the Financial Supervisory Service detected violations of prohibited acts related to insurance contract solicitation and commission payments, imposing institutional warnings or fines on five insurance agencies (GA). Eight current and former insurance planners were also fined and suspended from business.

An insurance planner belonging to Honors Financial Services insurance agency forged a customer's handwritten signature during a non-life insurance contract in 2017. As a result, the agency received an institutional warning, and the insurance planner was suspended from work for 30 days.

An insurance planner from L&L Asset Management insurance agency also forged a customer's handwritten signature during the insurance contract process in 2020. Both the agency and the planner were fined.

An insurance planner from Daehan Financial Insurance insurance agency failed to obtain a customer's handwritten signature in 2019, resulting in a fine of 300,000 KRW for the agency and 200,000 KRW for the planner.

Cases where insurance planners violated commission payment regulations to boost their performance were also uncovered.

An insurance planner from True insurance agency processed a non-life insurance contract made while belonging to another agency in 2018 as if it was concluded at their current agency and received solicitation commissions, resulting in a fine of 200,000 KRW.

Mega insurance agency paid 76.9 million KRW in solicitation commissions in 2017 to two individuals who were not insurance planners belonging to the same agency regarding insurance contract solicitation. Consequently, the agency was fined 14.7 million KRW, and two executives received cautionary warnings.

Two insurance planners formerly affiliated with W Asset insurance agency paid 52.8 million KRW in solicitation commissions to insurance planners belonging to other agencies related to life insurance contracts between 2017 and 2018. Both the agency and the planners were fined.

An insurance planner from InKorea Financial Services insurance agency paid 3.6 million KRW in solicitation commissions to insurance planners from other agencies in 2017 related to insurance contract solicitation. Additionally, it was found that 700,000 KRW in cash was paid to 11 insured individuals. As a result, a fine of 700,000 KRW and a 30-day suspension were imposed.