(1) Reasons for Proposal

This amendment aims to improve the deficiencies in the operation of insurance fraud-related systems and correct errors in provisions, such as taking follow-up measures according to the revision of Article 128-4 (Evaluation on Understanding of Insurance Policies, etc.) of the Insurance Business Act; adding the Korea Credit Information Services to the insurance investigation committee members; and collecting information on the self-disciplinary record of insurance fraud-related solicitors.

(2) Major Provisions

A. Follow-up measures according to the revision of Article 128-4 of the Insurance Business Act (Evaluation on Understanding of Insurance Policies, etc.) (Article 7-82)

Include the addition of product descriptions to the insurance guide materials as one of the evaluation items in determining the degree of understanding of insurance clauses.

B. Improve insurance fraud-related systems (Articles 8-1 and Article 9-4-2)

Add the Korea Credit Information Services, which concentrates and manages insurance credit information, to the insurance investigation committee members and improve provisions so that the insurance association may collect, manage, and provide the history of insurance solicitors who were self-disciplined by a suspension of business for at least 3 months by insurance companies for insurance fraud

C. Improve provisions, etc. (Article 7-73, attached Table No. 7-5, and attached Table No. 11-3)

Correct errors in citations that occurred when Article 7-73 (3) of the Regulations on Supervision of Insurance Business (November 2018) was newly inserted as well as rearrange Forms of insurance agency registration certificate and certified insurance broker registration certificate