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The Financial Supervisory Service said on Wednesday that it has slapped the Korean life insurance unit of Netherlands-based ING Group with fines of 452 million won ($393,000) for breaching an insurance business law.
ING Life was found to have over-purchased bonds issued by four companies including Korean Air between October 2010 and February 2012, thereby violating the law banning an insurer from owning too many bonds issued by a particular company.
The FSS said the company formerly held bonds above the purchasing limit by up to 52.48 percent.
The financial regulator also issued a “caution” against three employees of the life insurance firm.
(kys@heraldcorp.com)
ING Life was found to have over-purchased bonds issued by four companies including Korean Air between October 2010 and February 2012, thereby violating the law banning an insurer from owning too many bonds issued by a particular company.
The FSS said the company formerly held bonds above the purchasing limit by up to 52.48 percent.
The financial regulator also issued a “caution” against three employees of the life insurance firm.
(kys@heraldcorp.com)
