South Korea to toughen inspection of insurers

Posted On: May. 3, 2019 5:52 AM CST

South Korea's financial regulator is recommencing random inspections of financial firms including insurers to reduce fraud and strengthen corporate governance, financial stability, risk management, and consumer protection measures, Asia Insurance Review reported. The regulator recently said that the value of fraudulent insurance claims totaled $698 million in 2018, up more than 9% from 2017.