1. Reason for the Amendment
To enhance insurance contract retention rates, a new maintenance and management commission system has been introduced, which pays over a 7-year period. Additionally, the insurance sales commission system is being restructured to expand the disclosure of insurance sales commission information to consumers. Furthermore, the role of insurance company product committees is being defined, and the obligations of large corporate insurance agencies to compare and explain similar or identical products are being strengthened.

2. Main Contents

a. Introduction of maintenance and management commission and rational setting of limits for each insurance sales commission (New Articles 4-32, Paragraphs 6, 7, 11, 12, 13, 15, and Article 7-46, Paragraph 1, Item 2, Sub-item a).
b. Application of the regulation on initial-year payment limits of insurance sales commissions to insurance agencies as well (New Article 4-32, Paragraph 14).
c. Clarification of the role and operational details of the insurance company product committees (New Articles 7-72-1, Paragraph 1, Item 3, and 7-72-2).
d. Expansion of the scope and targets for product comparison and explanation by large corporate insurance agencies (New Annex 5-6).