The council was formed — the first of its kind in the financial sector — as regulators step up consumer-protection efforts. The association said the group will work to strengthen consumer rights and advance a “consumer-centered transformation” of the nonlife insurance industry. It is expected to propose industrywide consumer-friendly improvement tasks and directions, with the goal of boosting trust in the sector.
Lee Byeong-rae, chairman of the association, said it was meaningful to launch a self-regulatory body to lead fundamental change in response to growing demands for stronger financial consumer protection.
He said the industry needs to move away from responding after issues arise and instead identify and resolve improvement tasks from the consumer’s perspective. He added that he hopes the council will help restore trust in the nonlife insurance sector and support sustainable growth by strengthening competitiveness.
The association said the council will pursue practical change through a four-step process: agenda discovery, in-depth discussion, task implementation and follow-up management, rather than limiting its work to collecting opinions.
It said it will actively reflect views raised by the council. For matters requiring legal revisions or policy support, it will consult closely with relevant agencies. For steps that can be implemented immediately at the industry level, it plans to urge swift action through meetings of chief consumer protection officers, or CCOs.
* This article has been translated by AI.
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