(1) Reasons for Proposal

□ Prevent consumers from having to receive lengthy insurance policies which include unapplied-for special conditions

□ Prevent the use of insurance product names that may mislead consumers and to prevent indiscriminate application of special conditions

(2) Major Provisions

□ Amendment to the standard policy (attached Table 15)

※ Scope of application (6 types in total): Standard policy for life insurance, fire insurance, disease and accident insurance, private health insurance, private health insurance for overseas travel, and liability insurance

○ For contracts entered into through telemarketing, an insurance policy including only the special conditions the policyholder actually applied for shall be delivered, and in other cases, upon request of the policyholder, an insurance policy including only the applied-for special conditions shall be delivered.

* For contracts solicited using cybermalls, a new principle of delivering insurance policy through electronic means shall be applied (in reflection of the amendment to Article 7-45-2 of the regulations on supervision)

□ Amendment to the Insurance Product Examination Criteria (attached Table 18)

○ The insurance product name shall include product characteristics that consumers need to know and the type of insurance, and shall not include expressions, etc., which do not conform to the insurance contents, etc., or which may mislead consumers.

○ Special conditions with excessively low enrollment rates (below 5%), special conditions unrelated to the product name, and special conditions including security with no history of insurance payment shall not be added.