Financial Supervisory Service Disciplinary Committee Decides on 'Institutional Warning' for Hanwha Life Insurance

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] The Financial Supervisory Service's Sanctions Committee has decided to impose a severe disciplinary action of 'institutional warning' on Hanwha Life Insurance for violating major shareholder transaction restrictions and other charges.

The Financial Supervisory Service announced on the 4th that the sanctions committee held a comprehensive inspection result review for Hanwha Life Insurance and made this decision.

The sanctions committee decided to recommend a fine of 1.7 billion KRW and a penalty to the Financial Services Commission. In addition, disciplinary actions such as reprimands and cautionary warnings will be taken against related executives and employees. This sanction proposal will be finally confirmed through the approval of the Financial Supervisory Service Governor or the resolution of the Financial Services Commission for each sanction.

A Financial Supervisory Service official explained, "Through two meetings, we fully listened to the statements and explanations of the insurance company representatives (including legal representatives) and the inspection bureau," adding, "We carefully examined all relevant facts and evidence and made this decision through a very cautious and in-depth review."

The Financial Supervisory Service detected violations such as major shareholder transaction restrictions and non-payment of suicide insurance benefits during the comprehensive inspection of Hanwha Life Insurance last year.

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