Joint Campaign with Insurance Industry from March 4 to 31
Penalties for GAs Not Participating in the "Pledge to Comply with Advertising Review Regulations"
The Financial Supervisory Service (FSS) announced on the 26th that it will hold a joint campaign with the insurance industry from March 4 to 31 to establish a sound advertising order in the corporate insurance agency (GA) sector.
With the enforcement of the Financial Consumer Protection Act, a regulatory framework has been established for product advertising and business advertising by GAs and insurance planners. When advertising, GAs must obtain prior review from the compliance officers of insurance companies and GAs or from the Advertising Review Committee of the Life and Non-life Insurance Associations. However, illegal advertisements that have not undergone review or have been improperly reviewed are being indiscriminately exposed through online media such as YouTube and social networking services (SNS).
Accordingly, the FSS plans to conduct a 'Pledge to Comply with Advertising Review Regulations' and a 'GA Self-Advertising Voluntary Inspection and Correction Campaign' next month in cooperation with the Life and Non-life Insurance Associations and the Insurance GA Association to establish a sound advertising order in the GA industry.
The FSS intends to select large GAs (with 500 or more planners) that do not participate in the pledge, as well as medium and small GAs that frequently post advertisements, as special management targets. These will be subject to penalties such as intensive inspections of illegal advertisements and priority selection for audits. For illegal advertisements still remaining online due to non-participation in the campaign, the Life and Non-life Insurance Associations will conduct direct inspections. For serious or large-scale suspected violations confirmed through inspections, the FSS plans to carry out on-site inspections.
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