Based on the 10 major strategies, the Insurance Reform Council, which began its work, will transition to a permanent system after concluding about a year of activities. Twenty-three projects have already been institutionalized and are currently being implemented, while the remaining projects will continue to be pursued through separate consultative bodies.
On the 11th, the Financial Services Commission and the Financial Supervisory Service conducted the 7th Insurance Reform Council meeting, which included over 130 participants ranging from working-level officials involved in the council to chief executive officers of insurance companies, academics, experts, and representatives from life and non-life insurance associations and agencies. The meeting was held in a forum format where attendees freely suggested supplementary measures and additional discussion points regarding the reform projects conducted thus far.
During the meeting, participants noted, "There is a need to complete the reform of real insurance through close consultation with the medical community," and emphasized that "there needs to be a review on strengthening norms to increase participation rates related to the second stage of the computerization of real insurance claims."
Regarding the new accounting standard (IFRS 17), concerns were raised that "too much financial disclosure information could lead to a decrease in understanding," and there was a suggestion that "consideration should be given to ways to alleviate the practical burden when introducing sensitivity disclosures for the enhancement of basic capital."
The financial authorities stated that they would provide separate communication opportunities regarding the opinions presented at the meeting. They plan to operate an insurance reform inspection team centered on associations and insurance companies to focus on enhancing consumer trust and addressing public sentiment.
Some undecided projects, such as the introduction of sales specialized companies, activation of data utilization for customized product development, stimulation of small short-term insurers, and review of special profit regulation improvements, will proceed with follow-up measures such as short-term research and consultations with relevant agencies.
Yeo Seung-joo, CEO of Hanwha Life, stated, "Since the essence of the insurance industry is trust, I highly appreciate that measures to enhance the trustworthiness of the insurance industry were discussed in depth at this Insurance Reform Council," and added, "Internal controls within the industry must be strengthened." Hong Won-hak, CEO of Samsung Life Insurance, evaluated, "Through future-oriented discussions at the Insurance Reform Council, we established a new framework for the insurance industry, achieving meaningful outcomes that lay the foundation for restoring customer trust."
Kim So-young, Vice Chairperson of the Financial Services Commission, urged, "Let us not forget the commitment to change the long-standing practices and perceptions established at the launch of the Insurance Reform Council and work together to transform the insurance industry into one that the public can trust."