April 25, 2024
Finance
Home shopping channels mandated to spell out insurance products
[THE INVESTOR] The financial watchdog said on Sept. 11 it will require home shopping channels to spell out insurance and annuity products, in a move that would make it easier for consumers to understand terms and conditions of a contract.
Under the move, home shopping channels will be required to use larger text to explain terms of an insurance contract, the Financial Supervisory Service said in a statement.
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Home shopping channels will also be required to use simple and easy to comprehend words, rather than industry or legal jargon, when they sell insurance products, the FSS said.
The new guidelines will take effect in December this year, according to the statement.
Last week, FSS Gov. Yoon Suk-heun called on insurance firms to make more efforts to clarify their policy clauses, saying that consumers have a hard time understanding some of them.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
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