한ㆍ미 생명보험 정보공시제도의 역사적 고찰

A historical approach to the life insurance information disclosure system of U.S. and Korea

Through providing adequate information, the insurance information disclosure system makes insurance buyers purchase appropriate insurance products and Increases price competition in insurance markets which drives out inefficient insurance companies from the markets. Before “Life Insurance Solicitation Model Regulation” (hereafter referred to as “1976 model regulation”) was enacted in 1976, in the U.S. life Insurance industry life insurance information disclosure system had been discussed only in relation to cost disclosure of life insurance products. In addition to cost disclosure problem “1976 model regulation” deals with other problems related to rational purchase decision and asks insurance companies to provide adequate material to insurance applicants including buyers’s guide, policy summary, and policy data. “1976 model regulation” was revised in 1990, but major contents didn’t change. In “1990 Life Insurance Disclosure Model Regulation” regulation relating to universal life insurance and life insurance advertisement was added to “1976 model regulation”. In Korea, life Insurance information disclosure system was first made in 1991. The system had three categories of life insurance disclosure: general disclosure, individual disclosure, and disclosure by insurance supervisory authority. General disclosure requires companies to provide general insurance policyholder insurance company’s management-related information, products-related information, and application-related information, Individual disclosure asks insurance companies to provide individual policyholders information about his or her existing insurance contacts. Disclosure by insurance supervisory authority refers to information disclosure about solution results pertaining to insurance disputes. The system first introduced in 1991 was revised three times. In the first revision made in 1992, general disclosure and individual disclosure were differentiated in “terminology section”. In the second revision made in 1995, special disclosure was added. Special disclosure is related to information about insurance companies’ bankruptcy. In the third revision made in 1997, disclosure related to Internet and PC was dealt with and insurance contract confirmation system was introduced.