Healthcare Services from Insurance Companies Available Even Without Signing an Insurance Contract

Financial Services Commission Develops Plan to Revitalize Healthcare Services in Insurance Sector
Services Such as Blood Pressure, Blood Sugar, and Diet Management Provided Even to Non-Policyholders
Approval Procedures for Subsidiary Ownership in Healthcare to Be Streamlined

[Asia Economy Reporter Kim Hyo-jin] In the future, even those who have not signed an insurance contract will be able to receive healthcare services from insurance companies. On the 16th, the Financial Services Commission announced a plan to promote healthcare services in the insurance sector that includes this content.

Currently, insurance companies can provide health management services as ancillary business to existing policyholders. These include health information management such as blood pressure and blood sugar control, diabetes prevention, obesity and diet management, provision of pharmaceutical information, and operation of exercise support platforms. The Financial Services Commission plans to improve these regulations to expand the scope of ancillary business to allow insurance companies to provide such services to the general public as well as policyholders.

If an insurance company reports the service as ancillary business, the Financial Supervisory Service will review and approve it. The Financial Services Commission expects that through this, consumers will be able to use diverse and high-quality healthcare services, and in the long term, insurance premium expenditures will be reduced through health promotion effects.

The Financial Services Commission will also clarify that insurance companies can own subsidiaries engaged in healthcare, personal credit information management (MyData), and will streamline overlapping approval procedures. Currently, insurance companies can only own subsidiaries that primarily engage in businesses stipulated by the Insurance Business Act.

Due to unclear legal regulations related to this, there is uncertainty regarding ownership of subsidiaries in new industry fields such as healthcare and MyData, and even when attempting to own such subsidiaries, overlapping approvals must be obtained. The Financial Services Commission’s plan is to improve this to activate insurance companies’ investments in healthcare and provide more comprehensive services through linkage with MyData and others.

Extension and legalization of guidelines for health promotion-type insurance products will also be pursued. The guidelines, which have been operated in the form of administrative guidance to establish specific standards for health promotion-type insurance products, expired on the 7th of this month. The Financial Services Commission plans to extend the operation period by one year based on discussions by the administrative guidance review committee and others, and legalize the main contents of the guidelines to further activate health promotion-type insurance products.

Establishment of Legal Basis for Using the 'Administrative Information Joint Use Network'
Expected Improvements such as Simplification of Consumer Enrollment Procedures

A legal basis will also be established for insurance companies to use the 'Administrative Information Joint Use Network' system. Currently, when enrolling in health promotion-type insurance products, consumers must directly issue and submit administrative documents such as resident registration certificates and bankbook copies. Unlike banks, savings banks, and card companies, insurance companies face restrictions on using the government-operated Administrative Information Joint Use Network.

Additionally, the Financial Services Commission has decided to operate a 'Insurance Sector Healthcare Activation Task Force (TF)' to establish strategies for healthcare activation and identify regulatory improvement tasks. The TF will include the Financial Services Commission, Financial Supervisory Service, major insurance companies, Insurance Association, Insurance Development Institute, Insurance Research Institute, Credit Information Agency, medical and healthcare experts, fintech companies, and big tech companies.

The expansion of the scope of ancillary business for insurance companies will be implemented immediately. Improvements to subsidiary ownership regulations and utilization of the insurance sector administrative information joint use network will be promoted through amendments to enforcement ordinances in the first half of next year. The Insurance Sector Healthcare Activation TF plans to prepare and announce detailed promotion plans by the first half of next year.

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