The Korea Life Insurance Association (KLIA) was established in February 1950. Since then it has endeavored to advance the mutual interests of life insurance companies and maintain healthy business environment among member companies, while promoting sound life insurance practices. The association is a nonprofit organization established under the Insurance Business Act and the Civil Code of the Republic of Korea.
For the sake of the continued growth and global competitiveness of the insurance industry, the KLIA recommends public policies to the government authorities based on the industry-wide inputs and results of researches or mid- and long-term projects conducted on the current issues faced by the life insurance industry. Another responsibility of the KLIA is to protect insurance consumers by providing them with information of which insurance policies they already own, and offering counseling and consultation services.
The KLIA administers life insurance solicitor qualification exams and registers insurance solicitor licenses as authorized by the Financial Services Commission (FSC), while working to thwart inappropriate sales practices under an industry-wide voluntary agreement for sound solicitation practices and market discipline. In addition, KLIA oversees various life insurance-related projects. Such projects include running public welfare programs, preventing insurance fraud, reviewing life insurance product advertisements, collecting life insurance statistics, and publishing assorted books and data. Managing public relations, hosting academic seminars, disclosing life insurance information, exchanging information with international counterparts and participating in international conferences are also among its roles.
The General Insurance Association of Korea (GIAK), established in 1946, has been working in earnest to create a fair business environment and support healthy development of the Korean general insurance as the representative of the industry.
With its 17 member companies, the non-profit organization is making every endeavor to contribute not only to the industry’s development but to a stronger economy and to a better society.
The GIAK’s mission includes submitting suggestions to the government or policymakers and improving insurance related systems to advance the general insurance industry and to protect public interest. Going further, it conducts research and collect domestic and overseas insurance information and materials. Among its responsibilities are managing public relations, providing consulting services to consumers, disclosing general insurance information, protecting consumers, carrying out road safety campaigns, and preventing insurance frauds. Through such efforts, the association is doing its utmost to raise public awareness on general insurance.
Entrusted by law, the GIAK also handles registrations and alteration reports of solicitors and agencies, inspect insurance agencies, and conducts compensation work for auto damage liability.
Last but not least, the GIAK makes various self-regulatory efforts such as monitoring underwriting practices, reviewing advertisements, and resolving disputes on car insurance claims to uphold the rights and interests of insurance policyholders and to promote fair business practices.