Insurance GA Association Holds Financial Consumer Protection Practice Agreement Ceremony for Agencies

Seven Key Commitments Including Establishment of Internal Control Systems

The Korea Insurance General Agency Association (Insurance GA Association) announced on January 29 that it held the "Financial Consumer Protection Practice Agreement Ceremony for Insurance General Agencies" at the Press Center in Jung-gu, Seoul.

Kim Yongtae, Chairman of the Insurance GA Association, is holding a New Year's press conference at the headquarters located in Jongno-gu, Seoul on the 20th, explaining the key promotion plans for this year. Photo by Choi Donghyun

The ceremony was attended by representatives from 72 large corporate insurance general agencies (GAs) with more than 500 affiliated planners each, as well as officials from the Financial Supervisory Service and the Life and Non-Life Insurance Associations. As of September last year, the number of planners affiliated with large GAs stood at 261,466.

The GA Association explained that the agreement ceremony was organized to publicly declare the GA sector's commitment to making financial consumer protection its top priority and to implementing this in practice at the field level.

On this day, representatives from the 72 large GAs pledged the "Seven Key Commitments for Practicing Financial Consumer Protection."

The seven commitments are: ▲ Establishing an internal control system with financial consumer protection as the highest management goal ▲ Enhancing consumer rights by supporting timely and accurate insurance payouts ▲ Preventing illegal activities through training to strengthen professionalism and ethical awareness ▲ Supporting rational choices by improving the comparison and explanation of insurance products ▲ Prompt and fair handling of complaints and prevention of recurrence ▲ Strengthening the protection of personal and credit information ▲ Participating in self-regulatory activities to avoid excessive competition and establish a sound insurance sales order.

The representatives of the 72 large GAs pledged to set these seven commitments as their highest management priorities and to strictly adhere to them. They also declared their determination to enhance financial consumer trust.

Kim Yongtae, Chairman of the GA Association, stated, "From planners who are on the front lines with customers to all GA employees, we will internalize the DNA of financial consumer protection and put it into practice in the field. With this agreement as a turning point, the association will continue to provide practical support to further establish itself as a trusted sales channel."

The GA Association plans to focus on enhancing consumer trust in the future by strengthening financial consumer protection education for complete sales, supporting internal controls within GAs, and reinforcing self-regulatory activities.

This content was produced with the assistance of AI translation services.