"Are the Insurance Premiums Paid by Customers Mine Too?"... Severe Disciplinary Action Against Insurance Agents

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Insurance agents at insurance agencies who misappropriated insurance payments received from customers have been severely disciplined by financial authorities.

According to the financial sector on the 31st, the Financial Supervisory Service's Insurance Sales Inspection Office recently conducted an inspection of insurance agencies and identified three insurance agents who misappropriated insurance premiums received from customers, resulting in the cancellation of their registrations. They were caught after misusing the insurance premiums paid by customers.

Additionally, insurance agencies that violated prohibitions related to insurance contract conclusion and solicitation were also sanctioned by financial authorities.

The Corporate Asset Management Center insurance agency was fined 24.5 million KRW and one executive received a cautionary warning after being caught paying commissions related to 104 life insurance contract solicitations to three individuals who were not affiliated insurance agents.

InsSky insurance agency was penalized with a 90-day suspension of business and a fine of 8.4 million KRW for violations of contract solicitation in this manner. One involved executive was suspended from duty for three months.

WithLife Financial Planning insurance agency and Happy Insurance agency had insurance agents involved who were each suspended from business for 30 days with a fine of 14.4 million KRW, and 90 days with a fine of 28.5 million KRW, respectively.

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