은행 보험대리업 규제의 개선 과제

In Korea, a bank is allowed to engage in selling insurance products to consumers, which is called as‘bancassurance’ business, as permitted in other countries such as France, United States of America,United Kingdom, and Japan. This bancassurance scheme provides more benefits to the relevant parties,including insurance companies as insurance underwriters, banks as agents, and consumers as purchasersof insurance products in that the bancassurance system takes advantage of huge branch networks of abank and so allows lower premium or costs in selling insurance products. However, the current regulations on the bancassurance need to be improved as suggested as follows. First, term life insurance and vehicle insurance products need to be permitted to sell because it providesmore benefits to consumers. Second, the so-called ‘25% rule’ that a bank agent is only permitted to sella specific insurance company’s insurance products within 25% of total insurance products a bank sellsduring one year needs to be abolished because it gives obstacles to small and medium-sized insurancecompany’s growth and competitiveness and further it may violate the constitutional principles suchas a principle of competition enhancement, a principle of a firm’s free activity, and a principle of aconsumer’s free choice of products. Third, the regulation that maxim two staff are only allowed tosell insurance products at a business office needs to be flexibly adjusted. Fourth, distribution channelsthrough telemarketing, internet and other electronic media need to be permitted. Specifically, it isimportant that a bank’s unfair selling or mis-selling of insurance products should be prevented by takingmore tightened regulations and harsh sanctions on such behaviors as well as enhancing product sellingstaff’s expertise.