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Samsung Life, Mirae Asset among those punished for collusion
Twelve life insurance companies were fined a total of 365.3 billion won ($315 million) by the antitrust regulator for engaging in price-fixing.
The Fair Trade Commission unveiled the list of the companies Friday ― Samsung, Kyobo, Korea, Mirae Asset, Shinhan, Tongyang, KDB, Heungkuk, ING, AIA, Metlife and Allianz.
According to the antitrust regulator, the companies had sought to raise the burden of insurance premium charged on customers and slash insurance payments to the customers through collusion.
The practice was conducted through fixing interest rates including the “expectation interest,” which determines the level of insurance premium between 2001 and 2006.
Six big companies such as Samsung Life, Korea Life and Kyobo Life, had taken the lead in the collusion, an FTC official said.
Samsung was given the highest penalties of 157.8 billion won, followed by Kyobo with 134.2 billion won, Korea with 48.6 billion won, Allianz with 6.6 billion won. Heungkuk with 4.3 billion won and Shinhan with 3.3 billion won.
The others were Tongyang Life (2.4 billion won), AIA Life (2.3 billion won), Mirae Asset (2.1 billion won), ING Life (1.7 billion won), Metlife (1.1 billion won) and KDB Life (900 million won).
In the meantime, there is a possibility that one or more of the big three companies -- Samsung, Korea and Kyobo -- could enjoy a reduction or exemption of their fines under the under the “leniency” program.
An insurance company, which confessed collusion voluntarily, could see their penalties slashed or exempted thanks to the leniency.
There is speculation that at least one of the three firms voluntarily notified the regulator of the practice after the probe was launched.
The regulator’s sanction on the insurance industry came about four years after it took punitive action against the non-life insurance sector in 2007.
In June 2007, the FTC fined 10 non-life insurance companies 50.8 billion won for colluding in a price-fixing scheme.
The insurers had formed a cartel in 2002 to fix premiums on eight types of insurance schemes, including those covering damages caused by fire and industrial accidents, it said.
The cartel was formed as a measure to minimize losses that may have occurred through competition for lowering prices following the deregulation of insurance premiums in April 2000, according to officials.
The price-fixing scheme was operated until the FTC began its investigation in June 2006.
Samsung Fire and Marine Insurance was fined 11.9 billion won, Dongbu Insurance 10.9 billion won, LIG Insurance 8.3 billion won and Hyundai Marine and Fire Insurance 7.4 billion won for taking part in the scheme.
The other six insurers were ordered to pay fines between 800 million won and 5.4 billion won.
The watchdog said that the exposure of the scam, which had acted to prevent the deregulation of insurance premiums from serving its intended purpose of promoting competition among insurance companies, will increase the quality of services and the competitiveness of local insurers.
By Kim Yon-se (kys@heraldcorp.com)
Twelve life insurance companies were fined a total of 365.3 billion won ($315 million) by the antitrust regulator for engaging in price-fixing.
The Fair Trade Commission unveiled the list of the companies Friday ― Samsung, Kyobo, Korea, Mirae Asset, Shinhan, Tongyang, KDB, Heungkuk, ING, AIA, Metlife and Allianz.
According to the antitrust regulator, the companies had sought to raise the burden of insurance premium charged on customers and slash insurance payments to the customers through collusion.
The practice was conducted through fixing interest rates including the “expectation interest,” which determines the level of insurance premium between 2001 and 2006.
Six big companies such as Samsung Life, Korea Life and Kyobo Life, had taken the lead in the collusion, an FTC official said.
Samsung was given the highest penalties of 157.8 billion won, followed by Kyobo with 134.2 billion won, Korea with 48.6 billion won, Allianz with 6.6 billion won. Heungkuk with 4.3 billion won and Shinhan with 3.3 billion won.
The others were Tongyang Life (2.4 billion won), AIA Life (2.3 billion won), Mirae Asset (2.1 billion won), ING Life (1.7 billion won), Metlife (1.1 billion won) and KDB Life (900 million won).
In the meantime, there is a possibility that one or more of the big three companies -- Samsung, Korea and Kyobo -- could enjoy a reduction or exemption of their fines under the under the “leniency” program.
An insurance company, which confessed collusion voluntarily, could see their penalties slashed or exempted thanks to the leniency.
There is speculation that at least one of the three firms voluntarily notified the regulator of the practice after the probe was launched.
The regulator’s sanction on the insurance industry came about four years after it took punitive action against the non-life insurance sector in 2007.
In June 2007, the FTC fined 10 non-life insurance companies 50.8 billion won for colluding in a price-fixing scheme.
The insurers had formed a cartel in 2002 to fix premiums on eight types of insurance schemes, including those covering damages caused by fire and industrial accidents, it said.
The cartel was formed as a measure to minimize losses that may have occurred through competition for lowering prices following the deregulation of insurance premiums in April 2000, according to officials.
The price-fixing scheme was operated until the FTC began its investigation in June 2006.
Samsung Fire and Marine Insurance was fined 11.9 billion won, Dongbu Insurance 10.9 billion won, LIG Insurance 8.3 billion won and Hyundai Marine and Fire Insurance 7.4 billion won for taking part in the scheme.
The other six insurers were ordered to pay fines between 800 million won and 5.4 billion won.
The watchdog said that the exposure of the scam, which had acted to prevent the deregulation of insurance premiums from serving its intended purpose of promoting competition among insurance companies, will increase the quality of services and the competitiveness of local insurers.
By Kim Yon-se (kys@heraldcorp.com)
(한글기사)
보험료 담합 12개 생보사 과징금 3천600억
생명보험시장에서 종신보험, 연금보험, 교육보험 등 개인보험상품의 이자율을 담합한 12개 생명보험회사에 대해 공정거래위원회가 총 3천600여억원의 과징금을 부과키로 했다.
공정위는 지난 2001년부터 2006년까지 생명보험사업자들이 개인보험상품의 적립금의 이자율을 상호 합의하에 공동으로 결정, 담합해온 사실을 적발해 12개사에 3천653억원의 과징금을 부과하고, 4개사에는 시정명령만 내렸다고 14일 밝혔다.
회사별 과징금 액수는 삼성 1천578억원을 비롯해 교보 1천342억, 대한 486억, 미래에셋 21억, 신한 33억, 동양 24억, KDB 9억, 흥국 43억, ING 17억, AIA 23억, 메트라이프 11억, 알리안츠생명 66억원(이하 공정위 발표순) 등이다.
공정위는 지난 2001년부터 2006년까지 생명보험사업자들이 개인보험상품의 적립금의 이자율을 상호 합의하에 공동으로 결정, 담합해온 사실을 적발해 12개사에 3천653억원의 과징금을 부과하고, 4개사에는 시정명령만 내렸다고 14일 밝혔다.
회사별 과징금 액수는 삼성 1천578억원을 비롯해 교보 1천342억, 대한 486억, 미래에셋 21억, 신한 33억, 동양 24억, KDB 9억, 흥국 43억, ING 17억, AIA 23억, 메트라이프 11억, 알리안츠생명 66억원(이하 공정위 발표순) 등이다.
공정위는 또 동부, 우리아비바, 녹십자, 푸르덴셜생명 등에는 시정명령조치만 내렸다.
공정위에 따르면 이들은 담합 초기엔 삼성, 대한, 교보, 흥국, 제일(알리안츠생명 전신), 동아(금호생명에 흡수합병) 등 6개 기존사가 먼저 이율을 합의한 뒤 이를 다른 생보사에 전파하는 방식으로 담합이 이뤄졌다.
하지만 이런 구조가 정착된 이후엔 이율을 최종 확정하기 전에 각 사의 이율결정내역을 상호 전달ㆍ교환하는 방식으로 담합을 진행했다.
이번 조치는 지난 2000년 4월부터 실시된 보험가격 자유화 취지에 역행해 보험사의 수익감소 방지라는 공동의 목적을 위해 개인보험시장에서 장기간에 걸쳐 관행적으로 이뤄져왔던 담합행위를 적발해 시정조치한 것이라고 공정위는 설명했다.
공정위는 "생보사들은 주기적, 반복적으로 이율 결정이 이뤄지기 때문에 별도의 조직적ㆍ집합적 형태의 대면합의 방식 뿐만아니라 상호간의 전화연락 등을 통한 비공식적ㆍ개별적인 정보교환방식으로 담합을 병행했다"고 밝혔다.
생보업계에는 ▲금융당국이 의견수렴 및 제도설명을 위해 소집하는 공식적 회의 ▲상품담당임원회의ㆍ상품부서장협의회ㆍ실무과장협의회과 같은 자발적인 협의체 ▲기존 6개사 상품부서장모임ㆍ외국사마케팅담당자모임와 같은 비공식협의체 등 다양한 협의채널이 있어 합의가 쉽게 형성ㆍ전파될 수 있었다는 게 공정위의 분석이다.
공정위는 "이번 제재는 보험업계의 오랜 담합 관행을 타파하고 고착화된 형태의 보험료 결정구조를 와해시켰다는데 의미가 있다"면서 "가격경쟁이 활성화되고 보험가입자가 부담할 보험가격도 낮아질 것으로 기대된다"고 덧붙였다.
현재 국내 생명보험 시장규모는 2010년 3월 기준으로 국내 생보사 2개, 외국계 생보사 10개 등 22개사가 영업을 하고 있으며 총 자산은 372조 5천247억원에 달한다.
공정위에 따르면 이들은 담합 초기엔 삼성, 대한, 교보, 흥국, 제일(알리안츠생명 전신), 동아(금호생명에 흡수합병) 등 6개 기존사가 먼저 이율을 합의한 뒤 이를 다른 생보사에 전파하는 방식으로 담합이 이뤄졌다.
하지만 이런 구조가 정착된 이후엔 이율을 최종 확정하기 전에 각 사의 이율결정내역을 상호 전달ㆍ교환하는 방식으로 담합을 진행했다.
이번 조치는 지난 2000년 4월부터 실시된 보험가격 자유화 취지에 역행해 보험사의 수익감소 방지라는 공동의 목적을 위해 개인보험시장에서 장기간에 걸쳐 관행적으로 이뤄져왔던 담합행위를 적발해 시정조치한 것이라고 공정위는 설명했다.
공정위는 "생보사들은 주기적, 반복적으로 이율 결정이 이뤄지기 때문에 별도의 조직적ㆍ집합적 형태의 대면합의 방식 뿐만아니라 상호간의 전화연락 등을 통한 비공식적ㆍ개별적인 정보교환방식으로 담합을 병행했다"고 밝혔다.
생보업계에는 ▲금융당국이 의견수렴 및 제도설명을 위해 소집하는 공식적 회의 ▲상품담당임원회의ㆍ상품부서장협의회ㆍ실무과장협의회과 같은 자발적인 협의체 ▲기존 6개사 상품부서장모임ㆍ외국사마케팅담당자모임와 같은 비공식협의체 등 다양한 협의채널이 있어 합의가 쉽게 형성ㆍ전파될 수 있었다는 게 공정위의 분석이다.
공정위는 "이번 제재는 보험업계의 오랜 담합 관행을 타파하고 고착화된 형태의 보험료 결정구조를 와해시켰다는데 의미가 있다"면서 "가격경쟁이 활성화되고 보험가입자가 부담할 보험가격도 낮아질 것으로 기대된다"고 덧붙였다.
현재 국내 생명보험 시장규모는 2010년 3월 기준으로 국내 생보사 2개, 외국계 생보사 10개 등 22개사가 영업을 하고 있으며 총 자산은 372조 5천247억원에 달한다.
(연합뉴스)
