South Korean financial regulator to lower entry barriers in insurance industry
South Korean financial regulator
Seoul - Yonhap
The South Korean financial regulator is expected to lower entry barriers for small specialized insurance firms to meet diversified demand and boost competition in the already-saturated industry, industry sources said Monday.
The Financial Services Commission (FSC) is considering revising local rules to ease the current minimum capital requirements for the establishment of a non-life insurance company in a bid to encourage smaller financial firms to sell travel, bicycle or glasses insurance policies, the sources said.
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