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South Korea: New rules threaten survival of small insurers

April 2, 2014 - 6:00am


South Korea's financial watchdog has implemented new rules, wherein insurers cannot call a customer for sales purpose unless the customer has previously agreed to be contacted for such activities, The Korea Times reported.

The rule threatens the survival of many small and mid-sized insurers as they rely heavily on telemarketing.

The General Insurance Association of Korea and the Korea Life Insurance Association said most small insurers make more than 50% of their sales through telemarketing.

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