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Jipyong News
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News Update
Imposition of Liability to Explain Important Matters of Insurance Contract
2010.09.15
<p><strong>- Partial Amendment of the Insurance Business Act -</strong><br /> (Act No. 10394, enforced as of January 24, 2011)<br /> <br /> 1. In order to strengthen the protection of insurance consumers and prevent improper sales of insurance products, Article 95-2 of the Insurance Business Act (the "Act") has been newly established, imposing liability on insurance companies to explain important matters of the insurance contract and confirm that consumers understand such explanation by having them sign to that effect, etc, when selling insurance products.<br /> <br /> 2. Article 96-5 of the Act has been newly established, under which insurance companies or their employees should check whether consumers who wish to enter into the insurance contracts they are soliciting are already covered by other insurance contracts they had already entered into and upon such finding, they should immediately inform the insurance contractors thereof.<br /> <br /> 3. Article 96 (2) of the Act has been newly established, under which insurance contactors may terminate the insurance contract by using the means of telecommunications in case they have consented to the termination of insurance contracts by using such means prior to the execution of the contract.</p>
News Update
Jisung Horizon advised Establishment of 'Global Dynasty Overseas Resources Development Private Equity Fund' in which Korea Investment & Securities Co. Ltd., LG International Corporation and Barclays participated as Joint General Partners
2010.10.05
News Update
Decision on whether or not Mobile Phone Agency has a duty to pay the purchase price for unsold mobile phone handsets
2010.09.15
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Insurance