[2025 Audit] FSS Chief Lee Chanjin: "Pushing to Incorporate GAs into the Digital Financial Safety Act with FSC"

Political Affairs Committee Audit Held at the National Assembly on the 21st
"Governance Laws for Financial Companies Will Also Be Revised"

Lee Chanjin, Governor of the Financial Supervisory Service, announced on the 21st at the National Assembly in Yeouido, Seoul, during the Political Affairs Committee audit, that corporate insurance agencies (GAs) will be subject to the same level of information protection regulations as institutional insurance companies. He stated that certain provisions regarding information protection in the industry-specific governance laws will be strengthened to a level equivalent to the Financial Consumer Protection Act.

Lee Chanjin, Governor of the Financial Supervisory Service, along with other witnesses, is reporting on business affairs at the 2025 Political Affairs Committee audit held at the National Assembly on the 21st. Photo by Yonhap News

Governor Lee was responding to a question from Min Byungdeok, a lawmaker from the Democratic Party of Korea, who asked, "Shouldn't the Financial Supervisory Service at least present a standard for allocating information protection budgets as a proportion of the total budget for financial companies?"

He replied, "Around the time of the second phase (Digital Asset Basic Act) legislation, we will strongly establish supplementary provisions related to information security within the industry-specific financial company governance laws, raising them to a level equivalent to the Financial Consumer Protection Act. We are actively considering measures to promote related investments and strengthen internal controls of risk-related committees, and we plan to submit the relevant legislation together with the Financial Services Commission soon."

He also stated that legislation related to cyber incidents at corporate insurance agencies (GAs) will be strengthened.

Governor Lee was responding to a question from Lee Jeongmoon, a lawmaker from the Democratic Party of Korea, who asked, "Will the Financial Supervisory Service collaborate with the insurance industry and the GA Association to establish an inspection system and standardized security guidelines so that GAs can develop independent information security systems separate from insurance companies?"

He answered, "Currently, the GA Association is implementing guidelines to encourage GAs to establish information security systems. However, fundamentally, through the Digital Financial Safety Act, we plan to incorporate GAs into the institutional framework so that they are brought under the regulatory system. We will soon work with the Financial Services Commission to develop and announce the relevant legislation."