"Let's Remove Insurance Industry Regulations"... Ruling Party Meets with Insurance Industry (Comprehensive)

The Life Insurance Association and the General Insurance Association announced on the afternoon of the 22nd that they held a meeting on insurance industry issues with the People Power Party Policy Committee at the National Assembly Main Building.

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

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

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

The insurance industry requested policy support from the National Assembly related to the relaxation of the separation between finance and industry, such as expanding subsidiary business sectors, and improvements to the one-company-one-license regulation to foster innovation and strengthen competitiveness in the insurance industry.

They also proposed 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 was attended by Kwon Seong-dong, floor leader of the People Power Party, Sung Il-jong, chairman of the People Power Party Policy Committee, Yoon Chang-hyun, chairman of the Digital Asset 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 participated.

Floor leader Kwon said, "All citizens have a deep relationship with life and general insurance, but since the Insurance Act itself is very complex, there are many difficulties in legal disputes related to insurance, and because of this, it feels like the policy authorities keep producing regulations. We will listen to opinions on how to resolve and ease various regulations that cause inconvenience to the public and the insurance industry, and address this issue as part of the regulatory reform pursued by the Yoon Seok-yeol administration."

Policy Committee chairman Sung 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 necessary for people's lives, must actively participate in recent changes such as digital innovation and ESG (environment, social, governance) to leap forward as 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, "To overcome the crisis in the insurance industry, efforts by the life insurance sector 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 citizens through computerization of indemnity insurance claims, block insurance fund 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.