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Regulators took disciplinary action against Samsung Life Insurance for its irregular business practices.
The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.
The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement.
"Samsung Life also opened several cash management accounts without the consent of customers, which were handed over to brokerage firms," it said.
Other improper practices included the company’s failure to keep internal controlling standards and to provide some customers with obligatory data for insurance premiums, according to the FSS.
The Financial Services Commission, the decision-making panel of the FSS, confirmed the sanction on Samsung Life by holding a discussion.
By Kim Yon-se (kys@heraldcorp.com)
The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.
The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement.
"Samsung Life also opened several cash management accounts without the consent of customers, which were handed over to brokerage firms," it said.
Other improper practices included the company’s failure to keep internal controlling standards and to provide some customers with obligatory data for insurance premiums, according to the FSS.
The Financial Services Commission, the decision-making panel of the FSS, confirmed the sanction on Samsung Life by holding a discussion.
By Kim Yon-se (kys@heraldcorp.com)
