@article{ART002054866},
author={Jung SeChang and Eun-Kyung Kim and Kim, Hunsoo},
title={The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2015},
volume={26},
number={4},
pages={39-75}
TY - JOUR
AU - Jung SeChang
AU - Eun-Kyung Kim
AU - Kim, Hunsoo
TI - The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market
JO - Journal of Insurance and Finance
PY - 2015
VL - 26
IS - 4
PB - Korea Insurance Research Institute
SP - 39
EP - 75
SN - 2384-3209
AB - The purpose of this paper is to suggest the regulatory measures for responsible and professional General Agent, which is required as the channel growth. In order to propose the regulatory measures, we study the distribution channel in Germany, the UK, the US, and Australia.
The measures are suggested into two categories: the responsibility measures and the expertise measures. With regard to the responsibility measures; firstly, an executive of GA has to be fit and proper, and it must consider introducing the SBC(Sales Based Capital) as a capital requirement. Secondly, the GA evaluation criteria, which contribute to lower the buyer's information asymmetry, should be introduced. The criteria are customer satisfaction, financial performance, financial soundness, regulatory compliance, and excellence of the sales force.
With regard to the expertise measures, the first one is that the acceptance level of the qualification test should be higher than current levels, the constructed response questions should also be included, and the advanced stages of the certification scheme as the UK should also be established. Second, in house learning should be carried out to improve the problem of cyber education for higher mis-selling sellers.
KW - GA;Sales Based Capital;Mis-selling
DO -
UR -
ER -
Jung SeChang, Eun-Kyung Kim and Kim, Hunsoo. (2015). The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market. Journal of Insurance and Finance, 26(4), 39-75.
Jung SeChang, Eun-Kyung Kim and Kim, Hunsoo. 2015, "The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market", Journal of Insurance and Finance, vol.26, no.4 pp.39-75.
Jung SeChang, Eun-Kyung Kim, Kim, Hunsoo "The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market" Journal of Insurance and Finance 26.4 pp.39-75 (2015) : 39.
Jung SeChang, Eun-Kyung Kim, Kim, Hunsoo. The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market. 2015; 26(4), 39-75.
Jung SeChang, Eun-Kyung Kim and Kim, Hunsoo. "The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market" Journal of Insurance and Finance 26, no.4 (2015) : 39-75.
Jung SeChang; Eun-Kyung Kim; Kim, Hunsoo. The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market. Journal of Insurance and Finance, 26(4), 39-75.
Jung SeChang; Eun-Kyung Kim; Kim, Hunsoo. The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market. Journal of Insurance and Finance. 2015; 26(4) 39-75.
Jung SeChang, Eun-Kyung Kim, Kim, Hunsoo. The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market. 2015; 26(4), 39-75.
Jung SeChang, Eun-Kyung Kim and Kim, Hunsoo. "The Regulatory Measures Strengthening Responsibility and Expertise of GA for a Sound Improvement in the Insurance Market" Journal of Insurance and Finance 26, no.4 (2015) : 39-75.
