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South Korea: Financial regulators to tighten controls on insurance agencies

June 16, 2014 - 6:02am


South Korea's financial regulators said they would hold insurance agencies more accountable for damages to clients because of improper sales, The Korea Times reported.

The regulators said more than 40% of nonlife insurance policies are sold by insurance agencies. A Financial Supervisory Service official said the agencies have "been loosely controlled" and "so we are considering forcing small agencies to register with the association so that the authorities effectively monitor them."

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