1.

Expansion of "Simple Insurance Agency" Framework
 

• The scope of insurance products that may be sold through "simple insurance agencies," currently limited to non-life products, will be expanded to include life insurance and third-sector insurance products (i.e., accident and health products).

• For example, real estate brokers and nursing hospitals registered as simple insurance agencies will be able to sell credit life insurance and accident insurance products, respectively.
   

2.

Streamlined Process for Simple Inquiries and Complaints
 

• With respect to consumers' simple inquiries or complaints, such as requests for change to premium payment methods, the Financial Supervisory Service (FSS) will now only handle the initial processing of such matters, while the insurance industry association will assume responsibility for consultations and resolution of them.
   

3.

Expansion of Permitted Business for Subsidiaries
 

• The permissible business activities of insurance company's subsidiaries will now include the leasing of registered private rental property pursuant to the Special Act on Private Rental Housing.
   

4.

Rationalization of Solvency Ratios for Overseas Subsidiary Debt Guarantees
 

• The minimum K-ICS ratio applicable to insurers to guarantee the liabilities of overseas subsidiaries will be lowered from the current 200% to 130%.