The financial authorities decided to push a plan to let low-income and low-credit individuals enroll in insurance free of charge. The financial authorities plan to select operators in March in cooperation with local governments.

The Financial Services Commission held a meeting of the "inclusive finance council for the insurance sector" on the 29th with the Financial Supervisory Service, the Korea Life Insurance Association, the General Insurance Association of Korea, Samsung Life Insurance, Hanwha Life Insurance, Kyobo Life Insurance, Shinhan Life, Samsung Fire & Marine Insurance, DB Insurance, Hanwha General Insurance, and NongHyup Property & Casualty Insurance, among major insurers.

Lee Eog-weon, chair of the Financial Services Commission, delivers his opening remarks at a meeting with insurance company CEOs held at the General Insurance Association of Korea in Jongno-gu, Seoul, on the morning of the 16th. The meeting discusses plans to align discount rates with reality, introduce duration regulations, and operate a three-pronged support package for low birth rates. /Courtesy of News1

At the meeting, participants discussed ways to support insurance enrollment and retention for ordinary people's economic circumstances through various methods such as free enrollment, premium discounts, and premium payment deferrals. The authorities decided to work with local governments to improve, free of charge, access to insurance for small business owners and vulnerable groups who need coverage. Accordingly, in March, they will select operators for local government win-win insurance, for which a public call is underway, and push full-scale enrollment in win-win insurance.

They also plan to develop various support measures, such as premium discounts and premium payment deferrals, so that policies can be maintained without cancellations despite financial difficulties. They will also improve indemnity and auto insurance, which cover the entire population, and products tied to ordinary people's livelihoods.

The authorities are also reviewing a plan to actively encourage ordinary people to use insurance payouts as a key source of funds when they need a lump sum in daily life due to childbirth, illness or injury, and accidents or disasters.

Local government win-win insurance, which enables small business owners and ordinary people to enroll free of charge in coverage they need through cooperation with local governments, is accepting public applications from local governments for operator selection through the end of this month. Next month, they plan to convene an operator selection committee to choose outstanding local governments and to push for the signing of a memorandum of understanding (MOU) between the local government head (or deputy) and the life and non-life insurance associations to support local governments.

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