The Party and Government to Review Measures for Waiving Early Repayment Fees and Reducing Auto Insurance Premiums

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 6th, the government and the People Power Party held a party-government consultation at the National Assembly to discuss exempting early repayment fees on bank loans and measures to reduce automobile insurance premiums.

Seong Il-jong, the Policy Committee Chairman of the People Power Party, stated in his opening remarks at the consultation, "Many low-income people are unable to switch to lower-interest financial products due to early repayment fees," adding, "We will consider exempting fees for financially vulnerable groups."

He also said, "The financial sector is making record profits in this era of high interest rates," and urged, "During difficult times, the financial sector should voluntarily and actively support vulnerable groups and financially disadvantaged individuals."

Chairman Seong further said, "As the rate of car accidents has significantly decreased, we will review whether there are additional ways to reduce automobile insurance premiums," adding, "If mandatory liability insurance premiums include advertising costs, this is definitely an item that should be adjusted." He also mentioned that measures to increase transparency in online simple payment fees will be considered to alleviate the fee burden on small business owners.

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