The Financial Supervisory Service plans to wrap up this week's regular inspection of Samsung Fire & Marine Insurance. As this was the first regular inspection since the agency set "consumer protection" as a key task for the insurance sector this year, it reportedly increased staffing and closely examined the entire process before product sales.
According to the financial authorities on the 8th, the Financial Supervisory Service plans to conclude on this day the regular inspection of Samsung Fire & Marine Insurance that began in late March. However, because this week includes a holiday, the period could be extended if there are additional matters to review.
Inspections of non-life insurers are handled exclusively by the "Insurance Inspection Department 2" within the Financial Supervisory Service. In this inspection, however, personnel from the "Insurance Product Dispute Department 1," which handles dispute mediation between corporations and policyholders, also took part. Working-level staff in Insurance Product Dispute Department 1 were said to have examined the entire process related to consumer protection, including product development and claims.
The inspection proceeded with Financial Supervisory Service staff receiving necessary materials from Samsung Fire & Marine Insurance and then verifying the facts with the responsible personnel.
Lee Chan-jin, governor of the Financial Supervisory Service, met with insurance company chief executive officers in February and said, "To restore trust in insurance, a culture that recognizes consumer protection as a core management principle must take root," adding, "Please reflect consumer protection indicators across the entire product life cycle in KPIs and link dispute-reduction strategies to the employee performance compensation system." The Financial Supervisory Service's move to expand staffing and strengthen its operating framework in this inspection is seen as reflecting its consumer protection stance.
The Financial Supervisory Service has also delivered advance inspection schedules to non-life insurers slated for regular inspections in the second half. After compiling the results of the Samsung Fire & Marine Insurance inspection, the agency plans to finalize the second-half schedule. An official at the Financial Supervisory Service said, "Multiple departments collaborated on the inspection to review the overall status of consumer protection."