South Korea:Regulator to allow digital platform operators into insurance mart

The Financial Services Commission (FSC) will draft a policy framework this month to allow local platform operators, including Naver and Kakao, to enter the insurance market to expand customer access to digitised financial products.

Under the plan, the financial regulator will ease the current regulations to enable the Internet companies to develop and sell microinsurance products, in accordance with its “sandbox” programme. The regulatory framework is aimed at temporarily lifting regulations to test-run new technologies or promising ventures, reported The Korea Herald.