News - South Korea: Insurers Not Allowed to Reject Motor Insurance Applications
Source: Asia Insurance Review | Feb 2008
It will be harder for non-life insurers to reject motor insurance applications starting this year. The Financial Supervisory Service (FSA) has sent out notification letters to companies advising them that they are to accept all motor insurance applications except for exceptional cases such as if the applicants have had more than three accidents in the past three years or those with insurance fraud records.
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