A. 16 existing regulation reforming tasks in the insurance sector (Articles 2-5, 2-9, 4-4, 4-35-2, 4-35-4, 4-36, 4-37, 4-39, 5-7, 5-24, 6-8, 7-45, 7-45-2, 7-82, 10-3, and attached Table 9)
Revise 16 existing regulations that can be implemented without further review among 23 regulation reforming tasks in the insurance sector that were decided to be reformed as a result of deliberation by the Reforming Existing Regulations Committee.

B. Details of complete sales training (Article 4-5)
In accordance with the amendment of the Enforcement Decree of the Insurance Business Act (pre-announcement of legislation on June 26, 2019), specify the complete sales training that shall be strengthened by separate collective education.

C. Exemption of closed general agencies’(GAs) disclosure obligations (Article 4-12)
Clarify that the GAs that are closed due to the absence of an insurance company, which has concluded solicitation entrustment contracts with them at the end of the last half-year, the disclosure date, are exempted from disclosure obligations.

D. Strengthening of obligations to explain medical consultations (Article 4-35-2 (11))
In case an insurance company conducts medical consultations at the stage of insurance review and insurance payments and, then, reduces the insurance proceeds or pays nothing based on the result, make it mandatory for the company to explain related matters to protect consumer’s right to know and to secure consumers responsiveness to future disputes and other problems.

E. Strengthening of the internal control of large corporate insurance agencies (attached Table 5-6)
In line with the expansion of the roles of large corporate insurance agencies in the insurance solicitation market, their internal control system and compliance officer requirements are strengthened to the level of financial companies.