[Invest&Law] Law Firm Hwawoo Holds 1st Insurance Seminar

"Monitoring Insurance Reform Council Discussions, Must Respond Quickly to Regulatory Environment Changes"

Lee Myung-su, Chief Attorney of Law Firm Hwawoo, delivering the welcome address. Legal News

"Regulatory authorities are expected to actively pursue detailed tasks based on policy goals such as consumer protection, strengthening soundness, and discovering future growth engines for the insurance industry. Since these changes are anticipated to have a significant impact on the overall insurance industry and the management of individual insurers, it is necessary to closely monitor the discussions of the Insurance Reform Council and promptly respond to changes in the regulatory environment."

These are the words of Changhoon Han, head of the insurance team at Hwawoo Financial Group.

Hwawoo Law Firm (CEO Myungsoo Lee) held the 1st Insurance Seminar on the 22nd at the 34th-floor seminar room of Hwawoo headquarters in Samseong-dong, Gangnam-gu, Seoul.

The Insurance Reform Council, a permanent consultative body between financial authorities and related organizations launched in May this year, is seeking ways to overcome stagnation in the insurance industry. The council reviews issues across the entire management spectrum, including insurance sales, accounting and capital regulations, and insurance products, while actively discussing new topics such as the introduction of insurance sales specialized companies.

Attorney Han explained, "If the introduction of insurance sales specialized companies becomes a reality, significant changes in the market are expected. Instead of corporate insurance agencies (GA) bearing responsibility for incomplete sales, key issues will include ▲authority over policyholder information management ▲permission for investment brokerage in collective investment securities ▲and whether to grant premium negotiation rights." He added, "Regulatory authorities are expected to focus on the operation status and compliance of matters discussed and decided by the Insurance Reform Council when establishing the 2025 insurance company supervision and inspection plan."

Attorney Sangoh Jeon, speaking in the fair trade session, said, "The responsibility of key managers is increasingly emphasized," and suggested ▲pre-inspections ▲establishment of compliance guides ▲and preparation for CP rating evaluations as effective response measures.

Attorney Sukyung Lee presented on 'Investigation and Disposition by the Personal Information Protection Commission,' while Attorney Juminseok spoke on 'Key Issues and Implications of the Credit Information Act Related to the Insurance Industry.' Attorney Jaehong Hwang delivered a presentation on 'Recent Issues and Implications of Insurance Case Law' in the insurance industry and litigation session, highlighting notable trends in insurance litigation precedents.

CEO Attorney Myungsoo Lee said in his welcoming remarks, "I hope this event will be helpful to all of you striving to establish business models that adapt to changes in demographic structure and customer demand while responding to the expansion of business convergence and digital finance."

About 100 insurance industry stakeholders attended the seminar both online and offline.

Hyun Ahn, Legal Times Reporter