Will Insurance Regulation Reform Including Simplified Indemnity Claims Happen? ... National Assembly Meeting to Be Held

[Asia Economy Reporter Changhwan Lee] The People Power Party Policy Committee and the insurance industry will hold a meeting to discuss improvements in insurance industry systems and regulations.

The Life Insurance Association and the General Insurance Association announced that on the afternoon of the 22nd, they will hold a meeting on current issues between the People Power Party Policy Committee and the insurance industry at the National Assembly main building.

The photo shows the exterior of the National Assembly Building. Photo by Yonhap News

This meeting was organized to bring together the National Assembly and financial authorities to discuss related laws and system improvements regarding major issues in the insurance industry.

The insurance industry requested policy support from the National Assembly related to easing the separation of banking and insurance businesses, such as expanding subsidiary business lines, as well as improvements to the one-license-per-company regulation to promote innovation and competitiveness in the insurance industry.

They also plan to propose strengthening measures to eradicate insurance fraud, improving the non-reimbursed medical expenses system to reduce the national medical cost burden, computerizing claims for indemnity health insurance to enhance public convenience, and establishing a reasonable regulatory framework for big tech companies.

The meeting will be attended by Seong Il-jong, chairman of the People Power Party Policy Committee, Yoon Chang-hyun, chairman of the Digital Assets Special Committee, Hong Seok-jun, head of the Regulatory Reform Promotion Team, and other Policy Committee officials.

From the insurance industry, Jeong Hee-soo, chairman of the Life Insurance Association, Jeong Ji-won, chairman of the General Insurance Association, and executives from major insurance companies will attend.

Chairman Seong Il-jong of the Policy Committee emphasized, "The financial industry is the sector most affected by regulations in the economic field. The insurance industry, which has served as a safety net essential to the public’s life, must actively participate in recent changes such as digital innovation and ESG to become an industry trusted by the public in the future society. The government and ruling party will unite their will and strength to innovate financial regulations."

Jeong Hee-soo, chairman of the Life Insurance Association, said, "For the insurance industry to overcome crises, efforts to enhance soundness, strengthen competitiveness, pioneer new markets, and improve the rights and interests of insurance consumers are important. However, legal and institutional support is urgently needed, including actively revising various regulations that hinder innovation to strengthen the competitiveness of the insurance industry."

Jeong Ji-won, chairman of the General Insurance Association, stated, "We hope that related laws such as the Insurance Business Act and the Special Act on the Prevention of Insurance Fraud will be promptly amended to enhance the convenience of the majority of the public through computerization of indemnity insurance claims, block insurance money leakage by eradicating insurance fraud, and reduce the burden of insurance premiums on the public."

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