[Insurance] Legal review of whether violation of Financial Consumer Protection Act occurred in insurance product comparison platform.

Law firm Veat received a request from insurance product platform A and reviewed whether it violated the “Act on the Protection of Consumers of Financial Products” regarding insurance products.

Law firm Veat reviewed whether advertising and recommending insurance products on comparison platforms based on the recent press releases and guidelines of the Financial Supervisory Service constitutes restricted agency and brokerage activities under the “Act on the Protection of Consumers of Financial Products”.

Considering the correlation with platform revenue, whether there was active provision of increased sales services, etc., regarding A’s services, we reviewed whether it was an unregistered brokerage activity or an advertising activity violating Article 22 of the “Act on the Protection of Consumers of Financial Products” and explained the results, and comprehensively reviewed the service of providing and comparing A’s insurance products so that they could be provided smoothly.

The “Act on the Protection of Consumers of Financial Products” is a law to protect consumers and allow them to engage in cautious financial activities, protecting them from financial risks. Therefore, it imposes a sense of responsibility on companies, including six sales principles, so it is important to conduct legal reviews in advance before providing services.

If a company is preparing insurance services, you need to comply with laws such as the “Act on the Protection of Consumers of Financial Products” in order not to neglect these obligations, and it is necessary to consult with experienced lawyers and conduct detailed reviews of the services.

Law firm Veat provides solutions by carefully reviewing the law with Veat’s meticulous legal review regarding the “Act on the Protection of Consumers of Financial Products”.

If you have any questions regarding insurance services or the “Act on the Protection of Consumers of Financial Products”, please contact Law firm Veat.

Thank you.

Law firm Veat.