Financial Authorities Hold Online Briefing on New Small-Sum Short-Term Specialized Insurance System

[Asia Economy Reporter Kwangho Lee] Financial authorities will hold an online briefing session on the newly introduced Small-Amount Short-Term Specialized Insurance Business system.

The Financial Services Commission and the Financial Supervisory Service announced on the 16th that, ahead of the enforcement of the revised 'Insurance Business Act' (June 9), they plan to hold an online briefing session at 3 PM on the 30th of this month to help insurance consumers and market participants understand the purpose of the system, licensing requirements, and more regarding the Small-Amount Short-Term Specialized Insurance Business.

The introduction of the Small-Amount Short-Term Specialized Insurance Business system aims to promote competition and innovation in the insurance industry by encouraging the entry of businesses handling small and simple insurance products closely related to consumers' daily lives with small-scale capital.

The capital requirement has been set at 2 billion KRW for businesses specializing in small-amount and short-term insurance, compared to 30 billion KRW for existing comprehensive insurance companies.

The types of insurance handled include life (life), non-life (liability, expense, weather, theft, animal, glass), and third insurance (disease, injury), among others.

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