News Life and Health21 May 2018

South Korea:Rules being drafted for insurance telemarketers to read at a certain speed

21 May 2018

The Financial Supervisory Service (FSS) will be creating guidelines this quarter for telemarketers trying to sell insurance plans over the phone. The move aims to enhance consumer protection.

The guidelines are to include reading the explanatory script at a certain speed, while disallowing the mention of high amounts of insurance paybacks that could be unlikely, reports Korea Bizwire.

Insurance plans that may confuse consumers will be modified while a new search function allowing consumers to expand their search on an online portal to allow for a “birds’ eye view” will be implemented to include second-tier financial institutions.

The insurance telemarketing guidelines are one of many new measures crafted by the FSS. The regulator, drawing on the expertise of external professionals to identify 177 specific tasks, created three major task force objectives last year, for innovation in FSS inspections and sanctions; HR and corporate culture; and financial consumers’ rights. The tasks are set to be fully completed by next year.



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