A plan to encourage innovation in Korea’s insurance industry has been put on hold until next year. The Insurance Industry Innovation Plan was temporarily placed on ice by the Financial Supervisory Service (FSS) due to difficulties in balancing consumer protection with more oversight from industry regulators.
Earlier in the year, FSS Governor Yoon Suk-heon gave top priority to the plan, which is seen as a way to jumpstart innovation within Korean’s insurance sector. A taskforce was given unprecedented leeway in studying and launching the plan, reported Business Korea, and it was to be unveiled this year.
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