As the implementation of the fourth stage bancassurance originally scheduled for April is anticipated to be held back, domestic banking industry is hectic to prepare countermeasures.
The fourth stage bancassurance allows selling of insurance products such as car insurance and life insurance products “over the counter” at banks. Banks had been rest assured when the Ministry of Finance and Economy clarified its position in the revised insurance business bill presented at the end of last year to execute the fourth stage as intended.
However, when the situation suddenly reversed with the political circle deciding to hold back the execution as per request of the insurance businesses, fearing large unemployment of insurance planners and sales reduction, banks are in a panic turmoil.
According to banking industry sources on January 18, the Korean Federation of Banks (KFB) is to hold a meeting of commercial bank heads in the morning of January 21 at Myeongdong, Seoul to present a statement urging the execution of the fourth stage bancassurance.
only liaison officials or vice presidents had attended previous bancassurance meetings but as the situation takes a serious turn, the presidents decided to take direct actions.
Along with announcing the statement, KFB is to suggest to the presidential transition team to execute the fourth stage bancassurance as scheduled.
Such agitated sentiment of the banking industry was triggered with the Grand National Party (GNP) also settling to oppose the execution of the fourth stage, subsequent to the United New Democratic Party (UNDP).
GNP Policy Committee Chief Lee Han-gu had disclosed on January 16, “The revised insurance business bill was submitted as the party platform for the recent special National Assembly session so that the fourth stage bancassurance will be temporarily suspended from being executed.” Meanwhile, UNDP had already presented the withdrawal of fourth stage bancassurance as one of the pledges during the presidential election.
[Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
The fourth stage bancassurance allows selling of insurance products such as car insurance and life insurance products “over the counter” at banks. Banks had been rest assured when the Ministry of Finance and Economy clarified its position in the revised insurance business bill presented at the end of last year to execute the fourth stage as intended.
However, when the situation suddenly reversed with the political circle deciding to hold back the execution as per request of the insurance businesses, fearing large unemployment of insurance planners and sales reduction, banks are in a panic turmoil.
According to banking industry sources on January 18, the Korean Federation of Banks (KFB) is to hold a meeting of commercial bank heads in the morning of January 21 at Myeongdong, Seoul to present a statement urging the execution of the fourth stage bancassurance.
only liaison officials or vice presidents had attended previous bancassurance meetings but as the situation takes a serious turn, the presidents decided to take direct actions.
Along with announcing the statement, KFB is to suggest to the presidential transition team to execute the fourth stage bancassurance as scheduled.
Such agitated sentiment of the banking industry was triggered with the Grand National Party (GNP) also settling to oppose the execution of the fourth stage, subsequent to the United New Democratic Party (UNDP).
GNP Policy Committee Chief Lee Han-gu had disclosed on January 16, “The revised insurance business bill was submitted as the party platform for the recent special National Assembly session so that the fourth stage bancassurance will be temporarily suspended from being executed.” Meanwhile, UNDP had already presented the withdrawal of fourth stage bancassurance as one of the pledges during the presidential election.
[Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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