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The Influence on Reform of the Insurance Business Law with regard to Customer Protection Caused by the Enactment of the Financial Investment Services Law

  • Journal of Insurance and Finance
  • 2007, 18(2), pp.159-179
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

Han Ki-Jeong 1

1이화여자대학교

Accredited

ABSTRACT

The Korean Government is seeking to reform the Insurance Business Law as soon as the National Assembly passed the Financial Investment Services Law(FISL). The FISL introduced functional regulatory approach and enhanced customer protection, following the path made by U.k. and Japan. The new Insurance Business Law needs to adopt such a desirable approach and protection in the FISL. It is suggested that the fiduciary duty, the duty to explain material facts to retail customers, self-regulatory guides of solicitation, agent’s duty to inform their legal identity, duty to deliver contract documents, and the right to cancel contracts, which are included in the FISL, be also introduced into new Insurance Business Law. On the other hand, the duty to classify customers, the principle of suitability, unwanted solicitation, and the duty to disclose commission do not have enough consensus to be included in the new Insurance Business Law.

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