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Do-Not-Call Right

Article 21-2 of the Financial Consumer Protection Act and Article 16-2 of the Enforcement Decree (Compliance requirements for door-to-door and telemarketing sales)

Financial product sellers must notify general financial consumers of the following matters in writing, by electronic document, or verbally.

The fact that general financial consumers may request that financial product sellers cease contacting them for the purpose of introducing financial products or soliciting contracts.

Submission method Details Attached Documents
Website Submission Electronic signature
Document attachment Attach a copy of ID and the personal information processing consent form. Download
Mail Registered mail Attach a copy of ID and the personal information processing consent form. Download

(※ Please mask the last digits of the resident registration number and the address on the ID copy before sending. Submissions without masking will not be accepted.)
Contact: 1544-8141

Do-Not-Call Request Submission

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Please refer to the following when sending by registered mail.

  • Please provide the name, date of birth, and phone number of the customer requesting the do-not-call.
  • Attach a copy of ID and the personal information processing consent form.
    (※ Please mask the last digits of the resident registration number and address on the ID copy before sending.)
  • Recipient:
    iFA Inc., Do-Not-Call Request Officer
    5F Jungyoo Bldg., 14 Teheran-ro 22-gil, Gangnam-gu, Seoul
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iFA Inc. (hereinafter 'the Company') values users' personal information and complies with the personal information protection provisions of laws and regulations including the Personal Information Protection Act and the Act on Promotion of Information and Communications Network Utilization and Information Protection.
The Company distinguishes between mandatory information for providing basic services such as financial planning consultations, job applications, and various services, and optional information for providing customized services, and collects, retains, and processes the minimum personal information necessary for the performance of its duties.
Through this Privacy Policy, we inform you of how the personal information you provide is used, for what purposes, and how it is managed and protected.

[Article 1] Items of Personal Information Collected and Purpose of Processing

Users may use the website without any separate procedures. However, additional personal information may be collected during the use of the following services.

  1. 1. For personal consultation requests

    Required: name, date of birth, mobile phone number, gender, email address

    Optional: area of residence

  2. 2. For corporate consultation requests

    Required: company name, contact person's name, mobile phone number, email address

    Optional: industry, region, position, number of people

  3. For recruitment inquiries

    Required: name, email

  4. For job applications

    Photo, field of application, name, resident registration number, mobile phone number, gender, marital status, address, email address, certifications, education, employer, tenure, position/duties

  5. 5. For event entries

    Required: name, date of birth, mobile phone number, gender, email address

  6. 6. For customer center inquiries

    Required: name, mobile phone number, email address

Sensitive personal information that may infringe upon the basic human rights of data subjects (race, ideology, political orientation, criminal records, medical information, etc.) is not collected.
However, service usage records such as IP addresses, cookies, visit dates and times, improper usage logs, and device information may be automatically generated during the use of services.

[Article 2] Methods of Collecting Personal Information

The minimum personal information is collected directly from users through methods including completing consultation request forms on the website, insurance contract applications, job application forms, service use, event entries, and collection through data generation frameworks. Personal information may also be collected in writing at offline events and seminars.

[Article 3] Processing and Retention Period of Personal Information

The Company retains and uses users' personal information only for the period during which services are provided. When consent to the collection and use of personal information is withdrawn, or when the purpose of collection and use has been achieved or the retention and use period has expired, the relevant personal information will be destroyed without delay.

However, the following information will be retained for the specified period for the reasons stated below.

Retained items: name, date of birth, gender, home address, mobile phone number, resident registration number
Legal basis: prevention of service use confusion, cooperation with relevant authorities for investigation of illegal users, preparation for disputes and investigation cooperation requests related to reports/consultations (Personal Information Protection Act)
Retention period: 5 years

In addition, where retention is required under applicable laws and regulations, the Company retains user information for the periods prescribed by such laws as follows.

Retained items: service use records, access logs, access IP information Legal basis: Communications Privacy Protection Act Retention period: 3 months Records of labeling/advertising: 6 months (Act on Consumer Protection in Electronic Commerce, etc.)


[Article 4] Provision of Personal Information to Third Parties

In principle, the Company processes personal information of data subjects within the scope specified for collection and use purposes, and does not process it beyond the original purpose or provide it to third parties without the prior consent of the data subject, except in cases prescribed by Article 18, Paragraph 2 of the Personal Information Protection Act.

  • (1) Where separate consent has been obtained from the data subject
  • (2) Where there are special provisions in other laws
  • (3) Where the data subject or their legal representative is unable to express their intent, or prior consent cannot be obtained due to unknown address, etc., and it is clearly necessary for the urgent interests of the life, body, or property of the data subject or a third party
  • (4) Where personal information is provided in a form that does not identify a specific individual, for purposes such as statistics compilation or academic research
  • (5) Where other duties prescribed by law cannot be performed without using personal information for purposes other than the original purpose or providing it to a third party, and the matter has been deliberated and resolved by the Protection Committee
  • (6) Where it is necessary to provide information to a foreign government or international organization for the implementation of treaties or other international agreements
  • (7) Where it is necessary for the investigation of crimes and the filing and maintenance of prosecution
  • (8) Where it is necessary for the court to perform its judicial duties
  • (9) Where it is necessary for the execution of sentences, custody, and protective measures

[Article 5] Entrustment of Personal Information Processing

In principle, the Company does not entrust the processing of personal information to others without the consent of the data subject.

[Article 6] Rights and Obligations of Data Subjects and Legal Representatives, and Methods of Exercising Such Rights

  1. 1. Data subjects may exercise the following rights related to the protection of personal information at any time.
    • Request for access to personal information
    • (2) Request for correction in case of errors, etc.
    • Request for deletion
    • Request for suspension of processing
  2. 2. The rights under Paragraph 1 may be exercised by contacting the Company in writing, by phone, email, fax, etc., and the Company will take action without delay.
  3. 3. When a data subject requests correction or deletion of errors in personal information, the Company will not use or provide such personal information until the correction or deletion is completed.
  4. 4. The rights under Paragraph 1 may be exercised through a legal representative or an authorized agent of the data subject. In such cases, a power of attorney in the form prescribed by Attached Form No. 11 of the Enforcement Rules of the Personal Information Protection Act must be submitted.
  5. 5. Data subjects shall not infringe upon their own or others' personal information or privacy being processed by the Company in violation of the Personal Information Protection Act and other applicable laws.
  6. 6. When a data subject wishes to request access to their personal information, they must submit a personal information access request form indicating the items they wish to access among the following:
    • (1) Items and content of personal information
    • (2) Purpose of collection and use of personal information
    • (3) Retention and use period of personal information
    • (4) Status of provision of personal information to third parties
    • (5) Facts and details of consent to processing of personal information
  7. 7. When a data subject wishes to request access to their personal information through the Minister of the Interior and Safety, they must submit a personal information access request form to the Minister, who shall forward the request to the Company without delay.
  8. 8. When a personal information processor receives a personal information access request form under Paragraph 6, it shall, within 10 days, notify the data subject via an access notification in the form prescribed by Attached Form No. 9, specifying the personal information to be accessed, and the date, time, and place of access. Where only partial access is granted, the reasons and methods of objection shall also be included.
  9. 9. A personal information processor may restrict access to certain items among the requested items, and shall allow access to the remaining items that are not restricted.
  10. 10. When a personal information processor intends to postpone or refuse a data subject's access request, it shall notify the data subject of the reasons for postponement or refusal and methods of objection via a postponement/refusal notification within 10 days of receiving the access request.
  11. 11. When a data subject wishes to request correction or deletion of their personal information, they must submit a personal information correction/deletion request form in the form prescribed by Attached Form No. 8 to the personal information processor.
  12. 12. A personal information processor that processes personal information files by receiving personal information from another personal information processor shall, upon receiving a correction or deletion request, either correct or delete the relevant personal information accordingly, or forward the correction/deletion request form to the head of the institution that provided the personal information without delay and take necessary measures based on the processing results.
  13. 13. When a personal information processor has taken corrective or deletion measures within 10 days of receiving the correction/deletion request form under Paragraph 12, it shall notify the data subject of such measures. Where it has not complied with a deletion request, it shall notify the data subject of the reasons and methods of objection via a correction/deletion result notification in the form prescribed by Attached Form No. 10.
  14. 14. When a data subject wishes to request suspension of processing of their personal information, they must submit a processing suspension request form in the form prescribed by Attached Form No. 8 to the personal information processor.
  15. 15. When a personal information processor has taken processing suspension measures within 10 days of receiving the processing suspension request form under Paragraph 14, it shall notify the data subject of such measures. Where it has not complied with the suspension request due to the proviso of the same paragraph, it shall notify the data subject of the reasons and methods of objection via a processing suspension result notification in the form prescribed by Attached Form No. 10.

[Article 7] Scope of representatives, etc.

  • (1) Legal representative of the data subject
  • (2) A person authorized by the data subject

[Article 8] Verification of data subjects or representatives

  1. 1. When a personal information processor receives a request for access, correction/deletion, or suspension of processing (hereinafter "access request, etc."), it shall verify whether the person making the request is the data subject themselves or a legitimate representative.
  2. 2. Where verification can be made through the shared use of administrative information, it shall be verified through such means. However, this shall not apply where the shared use of administrative information is not available or the data subject does not consent to the verification.
  3. 3. Where the person making the access request, etc. is the data subject themselves, they must present one of the following identification documents:
    • Resident registration card
    • Driver’s license
    • Passport
    • Public official ID
    • (5) Other certificates officially recognized by administrative agencies that cannot be easily forged or misused
  4. 4. Where the person making the access request, etc. is a representative, they must present a power of attorney under Article 7, Paragraph 2 and an identification document proving the identity of the representative under Paragraph 3.

[Article 9] Destruction of Personal Information

The Company destroys personal information without delay in accordance with relevant laws upon expiration of the retention period and after the purpose of processing has been achieved.

  1. Destruction Procedure
    Personal information is destroyed immediately after its purpose has been achieved, or transferred to a separate storage space and destroyed after a specified period in accordance with internal policies and applicable laws. Personal information transferred to separate storage is not used for any other purpose unless required by law.
  2. 2. Destruction deadline and methods
    When personal information becomes unnecessary due to expiration of the retention period, achievement of the processing purpose, discontinuation of the relevant business, etc., it shall be destroyed without delay. Electronic file-format information is destroyed using technical methods that prevent the records from being reproduced. Personal information printed on paper is destroyed by shredding or incineration.

[Article 10] Measures to Ensure the Security of Personal Information

The Company has taken the following measures to ensure the security of personal information.

  1. 1. Establishment and implementation of internal management plans
    The Company has established and implemented internal management plans in accordance with personal information protection laws for the safe processing of personal information.
  2. 2. Minimization and training of personnel handling personal information
    Employees handling personal information are designated and managed to the minimum number necessary, and training on safe management is provided to such employees.
  3. 3. Restriction of access to personal information
    Necessary measures for access control over personal information are taken through the granting, modification, and revocation of access rights to database systems that process personal information, and unauthorized external access is controlled.
  4. 4. Retention of access logs and prevention of forgery/alteration
    Access logs to the personal information processing system (web logs, summary information, etc.) are retained and managed for a minimum of 6 months, and measures are taken to prevent forgery, alteration, theft, or loss of access logs.
  5. 5. Encryption of personal information
    Personal information is securely stored and managed through encryption and other measures in accordance with the standards of personal information protection laws.
  6. 6. Installation and periodic inspection/update of security programs
    Security programs are installed and periodically updated and inspected to prevent the leakage and damage of personal information caused by hacking or computer viruses.
  7. 7. Access control for unauthorized persons
    Physical storage locations for personal information systems are maintained separately, and access control procedures for such locations have been established and are in operation.

[Article 11] Personal Information Protection Officer

Data Protection Officer

Name: Hyeonguk Lee

Title: Senior Managing Director


Data Protection Department Dept.: Compliance Team Tel: 02-2051-5281 Email: risk@ifa.co.kr

[Article 12] Remedies for Infringement of Rights

Data subjects may contact the following organizations for remedies, consultations, and other inquiries regarding personal information infringement.

Personal Information Infringement Report Center (operated by KISA)

Jurisdiction: reporting personal information infringement, consultation

Website: privacy.kisa.or.kr

Tel: 118 (no area code)

Address: (138-950) Personal Information Infringement Report Center, Korea Internet & Security Agency (KISA), 135 Jungdae-ro, Songpa-gu, Seoul

Personal Information Dispute Mediation Committee (operated by KISA)

Jurisdiction: personal information dispute mediation, collective dispute resolution (civil settlement)

Website: privacy.kisa.or.kr

Tel: 118 (no area code)

Address: (138-950) Personal Information Infringement Report Center, Korea Internet & Security Agency (KISA), 135 Jungdae-ro, Songpa-gu, Seoul

Supreme Prosecutors' Office Cybercrime Investigation Division: 02-3480-3573 (www.spo.go.kr) National Police Agency Cyber Terror Response Center: 1566-0112

[Article 13] Changes to the Privacy Policy

This Privacy Policy has been effective since November 1, 2016.

Chapter 1 General Provisions

Article 1 (Purpose)

The purpose of these standards is to establish basic procedures and criteria that employees of the Company must comply with when performing their duties, in order to protect financial consumers through the prevention of complaints and prompt post-remedy, pursuant to Article 32, Paragraph 3 of the Financial Consumer Protection Act.

Article 2 (Definitions)

  • ①Unless otherwise defined in these standards, terms used herein shall have the meanings defined in the Financial Consumer Protection Act (hereinafter "the Act") and its subordinate regulations.
  • “Financial Consumer Protection Internal Control Standards” means the internal control standards established by the Company pursuant to Article 16, Paragraph 2 of the Financial Consumer Protection Act.
  • ③Matters not covered by these standards or subordinate regulations delegated hereunder in relation to financial consumer protection shall be governed by the financial consumer protection laws and regulations.
  • ④"Employees, etc." refers to the Company's officers, employees, and affiliated insurance planners.

Chapter 2 Rights of Financial Consumers and Related Guidance

Article 3 (Basic Rights of Financial Consumers)

Financial consumers have the following basic rights:

  1. 1. The right to be protected from property damage caused by illegal business practices of financial product sellers, etc.
  2. 2. The right to receive necessary knowledge and information in the process of selecting and consuming financial products.
  3. 3. The right to receive appropriate compensation through prompt and fair procedures for damages suffered from consuming financial products.
  4. 4. Other rights of financial consumers as prescribed by the financial consumer protection laws and regulations.

Article 4 (Methods of informing financial consumers of their rights)

  • ①When informing financial consumers of their rights under the financial consumer protection laws and regulations or contracts, the Company shall do so in accordance with the methods prescribed by the applicable laws and regulations or terms and conditions.
  • ②In relation to Paragraph 1, where no method is prescribed by the applicable laws, regulations, or terms and conditions, notification shall be made by document, fax, email, telephone, or equivalent electronic means. However, where a financial consumer requests notification by a specific method, the Company shall make its best efforts to accommodate such request.

Chapter 3 Organization and Personnel for Operating the Financial Consumer Protection Standards

Article 5 (Organization and personnel for operating the financial consumer protection standards)

  • ①The Company shall establish and operate an organization responsible for operating the financial consumer protection standards (hereinafter "Consumer Protection Team").
  • ②The Company shall appoint and operate an appropriately sized team of supervisors and officers within the Consumer Protection Team to carry out the operations of the financial consumer protection standards.
  • ③The financial consumer protection general department, chief officer, and officers shall be regarded as the financial consumer protection department, supervisors, and officers under Paragraphs 1 and 2.

Chapter 4 Procedures for Handling Complaints and Disputes and Establishment of an Electronic Information Processing System

Article 6 (Procedures for handling complaints and disputes)

  • ①The Company shall establish and operate independent and fair complaint handling and remedy procedures, and shall ensure that financial consumers can use them in a timely, efficient, and cost-effective manner.
  • ②The Company may establish standards and procedures for complaint and dispute handling that include the following matters to ensure the efficient implementation of complaint and dispute management procedures for financial consumers:
    1. Organizations and bodies responsible for complaint and dispute affairs
    2. Receipt and processing of complaints and disputes
    3. Prevention and follow-up management of complaints and disputes
    4. Investigation of complaint and dispute affairs
  • ③The Company and its employees, etc. shall handle complaints promptly and smoothly when they arise, and shall endeavor to reduce complaints through ethical business practices and customer management and to prevent recurrence of similar cases.
  • ④When a complaint is received at a business unit or branch, it must be reported to the Consumer Protection Team, and the business unit or branch shall cooperate with the Consumer Protection Team for smooth complaint handling.
  • ⑤Fact-finding statements and documents to be submitted to external agencies and insurance companies in connection with complaint affairs must be submitted with the approval of the Consumer Protection Team.
  • ⑥The Consumer Protection Team shall immediately identify and respond to customer complaints when complaints or disputes arise, and may prepare a complaint and dispute handling manual that includes the following matters:
    1. Key rights of financial consumers
    2. Complaint and dispute procedures and timeframes
    3. Complaint and dispute cases and related precedents
    4. Response guidelines for each type of complaint and dispute
    5. Complaint and dispute prevention checklist
    6. How to access the work reference materials
    7. Key work Q&A
    8. Contact information of officers in charge
  • ⑦The Consumer Protection Team may request the submission of documents, request attendance of relevant employees, and conduct investigations in connection with complaint and dispute handling. Business units and employees, etc. that receive such requests shall comply in good faith. However, where prompt action is difficult, the reasons shall be documented in writing and reported to the Consumer Protection Team.
  • ⑧The Consumer Protection Team shall provide complaint receipt details to the relevant business units in real time and shall endeavor to fundamentally resolve consumer complaints by establishing a system for institutional improvement.
  • ⑨The Consumer Protection Team shall report to the Chief Financial Consumer Protection Officer and the CEO on the results of handling significant complaints through document submission requests, employee attendance requests, and investigations.

Article 7 (Establishment of electronic information processing systems)

  • ①The Company shall establish an electronic information processing system to efficiently and systematically manage the following matters:
    1. Progress and results of financial consumer complaints
    2. Progress and results of dispute mediation and litigation with financial consumers
  • ②The electronic information processing system under Paragraph 1 shall be categorized by stage of progress, specifying the timeframe and officer in charge for each stage, and shall provide a means of informing and notifying financial consumers of the key details of complaint and dispute progress and results through the method requested by the financial consumer.
  • ③The Company shall present explicit grounds such as applicable laws and regulations and fact-finding investigation results so that financial consumers can accept the complaint handling results, and shall use terminology that is easy for financial consumers to understand. After complaint handling is completed, the Company shall notify financial consumers of the results by document, fax, email, text message, telephone, or other methods.

Article 8 (Inspection and evaluation of compliance with the financial consumer protection standards)

Article 8 (Inspection and evaluation of compliance with the financial consumer protection standards)

  • ①The supervisor of the Consumer Protection Team shall periodically inspect employees' compliance with the financial consumer protection standards, taking into account the importance and risk level of the duties involved.
  • ②The supervisor of the Consumer Protection Team may, through the Chief Financial Consumer Protection Officer, have each business unit head inspect whether the financial consumer protection standards have been violated in their respective organizations and duties, in accordance with the methods determined by the supervisor of the Consumer Protection Team.
  • ③When a business unit head has conducted an inspection under Paragraph 2, the inspection results shall be reported to the supervisor of the Consumer Protection Team.
  • ④The supervisor of the Consumer Protection Team may directly investigate or, where necessary, refer the investigation to the inspection division upon discovery of illegal or improper conduct in the course of inspecting compliance with the financial consumer protection standards.
  • ⑤The supervisor of the Consumer Protection Team shall evaluate the inspection results under Paragraphs 1 and 3 and report them to the CEO and the Financial Consumer Protection Internal Control Committee.

Article 9 (Handling violations of the financial consumer protection standards)

  • ①The supervisor of the Consumer Protection Team may, after reporting violations of the financial consumer protection standards to the Chief Financial Consumer Protection Officer, request relevant departments and business units to take corrective or improvement measures, and may request disciplinary or other necessary personnel actions for matters resolved by the Financial Consumer Protection Committee. In such cases, the relevant business unit head shall comply with the request unless there are special circumstances.
  • ②The supervisor of the Consumer Protection Team may report to the Chief Financial Consumer Protection Officer or the Financial Consumer Protection Internal Control Committee when necessary, such as upon discovery of significant illegal or improper conduct.

Chapter 6 Education and Training for Responding to Complaints and Disputes

Article 10 (Employee education and training)

  • ①The Consumer Protection Team shall regularly conduct training courses for employees, etc. on the use of the business processing manual and electronic information processing system in relation to complaint and dispute response.
  • ②The Company shall establish a compensation system including tenure, rotational assignments, and incentives, taking into account the level of difficulty of duties performed by employees involved in complaint and dispute response.

Chapter 7 Procedures for Establishing and Amending the Financial Consumer Protection Standards

Article 11 (Establishing and amending the financial consumer protection standards)

  • The Company shall apply the financial consumer protection internal control standards mutatis mutandis with respect to matters related to the procedures for establishing and amending these standards. However, in the case of minor amendments falling under any of the following, the approval of the CEO may be substituted:
    1. Matters that must be amended in connection with the enactment or amendment of laws or related regulations
    2. Follow-up measures for matters resolved by the Board of Directors
    3. Other matters equivalent to those in Items 1 and 2

Chapter 8 Responses to the Exercise of Financial Consumer Rights

Article 12 (Standards and procedures for document access requests by financial consumers)

  • ①Financial consumers may request access to documents recorded and maintained by the Company pursuant to Article 28, Paragraph 1 of the Financial Consumer Protection Act, for the purpose of exercising their rights such as dispute mediation under Article 36 of the Act or litigation, by submitting an access request form that includes the purpose, scope, and method of access, as prescribed by the financial consumer protection laws and regulations.
  • ②The Company may establish the necessary procedures and standards to respond to financial consumers' document access requests under Paragraph 1.
  • ③The Company may restrict or refuse access after notifying the financial consumer of the reasons in any of the following cases:
    1. Where access may be restricted or refused under applicable laws
    2. Where there is a risk of harm to the life or body of another person, or a risk of unfairly infringing upon the property or other interests of another person
    3. Where there is a risk of significantly infringing upon trade secrets
    4. Where there is a risk of unfairly infringing upon the privacy or freedom of an individual due to the disclosure of personal information
    5. Where it is clear that the documents sought for access are unrelated to the purpose of access

Article 13 (Standards and procedures for withdrawal of contract applications by general financial consumers)

  • ①When a general financial consumer as defined in Article 2, Item 10 of the Financial Consumer Protection Act withdraws an application for a contract on a financial product in accordance with the financial consumer protection laws and regulations, the Company shall inform them of the following:
    1. The fact that withdrawal of the application is possible at the insurance company
    2. The method of expressing the intention to withdraw to the insurance company (contact information, etc.)
  • ②The Company shall establish the necessary standards and procedures related to withdrawal of applications, including the matters in Paragraph 1.

Article 14 (Standards and procedures for requests to terminate unlawful contracts by financial consumers)

  • ①When employees, etc. violate the suitability principle, appropriateness principle, duty of explanation, prohibition of unfair business practices, or prohibition of improper solicitation as prescribed by the Financial Consumer Protection Act, and a request is made to terminate a contract on a financial product, the Company shall inform the following:
    1. The fact that termination of the contract is possible at the insurance company
    2. The method of requesting termination of the contract from the insurance company (contact information, etc.)
  • ②When an insurance company receives a request from a financial consumer to terminate an unlawful contract pursuant to Article 47 of the Financial Consumer Protection Act and requests the Company to submit documents regarding the violation, the Company shall actively cooperate and shall comply with the deadline requested by the insurance company unless there are special reasons.

Chapter 9 Inspection of Matters Necessary to Protect Financial Consumers After Contract Execution and Improvement of Related Systems

Article 15 (Inspection of matters necessary for protecting financial consumers after contract execution and institutional improvements)

  • ① When complaints and disputes related to financial products occur frequently, the Consumer Protection Team shall identify the main causes, derive institutional improvement measures, request the relevant departments and business unit heads to take improvement actions, and manage whether improvements have been made.
  • ② The relevant departments and business unit heads that have been requested to make institutional improvements shall promptly report improvement plans and results to the Chief Financial Consumer Protection Officer, and the Consumer Protection Team shall manage the progress and results of such improvement plans.
  • ③ Where the relevant department that has been requested to make improvements does not accept the request, the reasons and factors shall be analyzed, and measures shall be taken such as referring the matter to the Financial Consumer Protection Committee or separately reporting to the CEO.

Article 16 (Detailed guidelines)

  • Detailed matters necessary for the implementation of these standards shall be determined separately by the CEO.

Addendum

Article 1 (Effective Date)

These standards shall be effective from September 25, 2021.

Chapter 1 General Provisions

Article 1 (Purpose)

The purpose of these standards is to enhance the effectiveness of financial consumer protection and improve consumer trust by establishing iFA Inc.'s (hereinafter "the Company") internal control standards for financial consumer protection, compliance requirements for business operations, and other matters for protecting the rights and interests of financial consumers, as prescribed by the Financial Consumer Protection Act (hereinafter "the Act") and related laws and regulations (hereinafter "the Act and Regulations").

Article 2 (Scope of application)

  • ①These standards apply to the Company's internal control for financial consumer protection. However, for insurance planners affiliated with the Company, these standards apply within the scope of their entrustment.
  • ②Matters not covered by these standards or subordinate regulations delegated hereunder (hereinafter "these standards, etc.") in relation to financial consumer protection shall be governed by the Act and Regulations.

Article 3 (Relationship with other internal rules)

Matters related to financial consumer protection, including the sale of financial products and the handling of complaints and disputes with financial consumers, shall be governed by these standards, etc., except where otherwise specifically provided for in the Company's other internal rules.

Article 4 (Definitions)

  • ①The definitions of terms used in these standards are as follows. However, terms not defined herein shall have the meanings defined in the Act and Regulations.
  • ②"Employees, etc." refers to the Company's officers, employees, and affiliated insurance planners.
  • ③"Financial consumer protection standards" refers to the basic procedures and criteria established by the Company pursuant to Article 32, Paragraph 3 of the Act, which employees must comply with when performing their duties, in order to protect financial consumers through the prevention of complaints and prompt post-remedy.
  • ④"Internal control standards" refers to the standards and procedures that employees, etc. must comply with when performing their duties in order to comply with the Act and Regulations and faithfully carry out management duties so as not to undermine sound transaction order.
  • ⑤"Advertising of financial products, etc." refers to the act of widely informing or presenting consumers with matters concerning financial products or services.

Article 5 (Basic policy on financial consumer protection)

  • ①The Company shall endeavor to protect financial consumers, including promoting their rights and interests and supporting sound financial transactions.
  • ②The Company shall actively secure the human and material resources necessary for effective financial consumer protection.
  • ③The Company shall actively cooperate with the management duties of insurance companies with which it has entered into business entrustment agreements.

Chapter 2 Allocation of Duties and Organizational Structure

Article 6 (Division of duties and organizational structure)

  • ①The Company shall clarify the roles and responsibilities of its employees, etc. for compliance with the financial consumer protection laws and regulations, and shall establish a division of duties and organizational structure that ensures business efficiency and mutual checks and balances between duties, taking into account the types and nature of duties and the degree of conflicts of interest.
  • ②The division of duties and organizational structure under Paragraph 1 shall include the following matters:
    1. Approval procedures for decision-making (delegation of authority rules)
    2. Roles and responsibilities of employees, etc.
  • ③When establishing or amending internal rules on the division of duties and organizational structure, the Company shall faithfully reflect the contents of Paragraph 1.

Chapter 3 Organization and Personnel for Operating the Financial Consumer Protection Internal Control Standards

Article 7 (Financial consumer protection internal control organization)

The Company's financial consumer protection internal control organization shall consist of the Board of Directors, the CEO, the Internal Control Committee, the Financial Consumer Protection General Department, and the Chief Financial Consumer Protection Officer.

Article 8 (Board of Directors)

  • ①The Board of Directors shall establish the basic policies for the establishment and operation of the Company's internal control system for financial consumer protection.
  • ②The Board of Directors shall establish the internal control standards and financial consumer protection standards for the protection of financial consumers.

Article 9 (CEO)

  • ①The CEO shall establish, maintain, and operate the financial consumer protection internal control system in accordance with the basic policies established by the Board of Directors for the establishment and operation of the financial consumer protection internal control system.
  • ②The CEO shall create the conditions for internal control, including establishing and operating organizational structures to ensure that the Company's financial consumer protection internal control system is properly operated, and shall inspect the system to ensure that its effectiveness is maintained in response to changes in the business environment.
  • ③The CEO shall regularly inspect the status of the financial consumer protection internal control system and its operations at least once a year.
  • ④The CEO shall establish preventive measures to prevent violations of these standards by employees, etc., shall inspect compliance with these standards, and shall establish measures and criteria commensurate with the violations in the event of a breach of these standards.
  • ⑤The CEO may delegate the duties under this Article to an executive officer in charge of financial consumer protection. In such cases, the specific scope of delegation shall be documented, and procedures for regular management and supervision shall be established.

Article 10 (Financial Consumer Protection Internal Control Committee)

  • ① The Company shall establish the Financial Consumer Protection Internal Control Committee (hereinafter "the Committee") as a decision-making body necessary for carrying out financial consumer protection internal control.
  • ② The Committee shall consist of the CEO, the Chief Financial Consumer Protection Officer, in-house executives, and the Compliance Officer.
  • ③ The Committee shall coordinate and resolve the following matters:
    1. Management direction regarding financial consumer protection
    2. Major institutional changes related to financial consumer protection
    3. Matters concerning the sales methods of financial products and related information disclosure
    4. Monitoring and measures from a financial consumer protection perspective regarding the sale and post-management of financial products
    5. Evaluation of the employee performance compensation system from a financial consumer protection perspective
    6. Results of inspections and measures regarding the adequacy and compliance status of the financial consumer protection internal control standards under Article 16, Paragraph 2 of the Act and the financial consumer protection standards under Article 32, Paragraph 3 of the Act
    7. Matters concerning follow-up actions on financial consumer-related inspection results among the financial consumer protection status evaluation under Article 32, Paragraph 2 of the Act, supervision under Article 48, Paragraph 1 of the Act, and inspection results under Article 50 of the Act
    8. Results of responses to significant complaints and disputes
    9. Standards and procedures for advertisement production and internal review of advertisements
    10. Matters requiring consultation between the Financial Consumer Protection General Department and departments related to the sale and post-management of financial products
    11. Other matters deemed necessary for internal control
  • ④ The Committee shall hold meetings at least once per half-year, chaired by the CEO, and shall report the matters deliberated and resolved by the Committee to the Board of Directors.
  • ⑤ The Company shall record and maintain the results of Committee meetings in written form, such as meeting minutes, for a period of 5 years.
  • ⑥ The Compliance Officer may not attend meetings where the matters under Paragraph 3 are unrelated to their primary duties.

Article 11 (Financial Consumer Protection General Department)

  • ①The Company shall establish and operate an organization that performs internal control for financial consumer protection (hereinafter "Consumer Protection Team") under the direct supervision of the Chief Financial Consumer Protection Officer, so that internal control for financial consumer protection can be carried out independently from financial product sales operations.
  • ②The Consumer Protection Team shall be equipped with the personnel necessary to perform financial consumer protection internal control duties.
  • ③The Consumer Protection Team shall perform the following duties:
    1. Establishing management direction regarding financial consumer protection
    2. Planning and operating education related to financial consumer protection
    3. Institutional improvements related to financial consumer protection
    4. Monitoring and measures from a financial consumer protection perspective
    5. Managing the status and results of actions on complaints and disputes
    6. Operating the Committee and other duties prescribed by these standards and other internal rules (including the duty of reporting the matters in Items 1 through 5 to the Committee)
  • ④Matters related to financial consumer protection internal control shall be handled by the Consumer Protection Team. However, taking into account organizational and personnel considerations, the Compliance Team may handle such matters, in which case the authority and responsibilities between the two departments shall be clearly distinguished.

Article 12 (Authority of the Financial Consumer Protection General Department)

  • ①The Consumer Protection Team may request relevant departments and business units to make institutional improvements for financial consumer protection and complaint prevention. In such cases, the relevant departments and business units that receive the request shall carry out the institutional improvement duties promptly. However, where it is impossible to carry out the institutional improvement duties due to unavoidable reasons, the reasons shall be explained through the Committee.
  • ②The Consumer Protection Team may request the submission of documents, request attendance of employees, etc., and conduct on-site inspections (which may be referred to the compliance or audit department when necessary) upon discovering violations of internal rules related to consumer protection, where there is a risk of significant consumer damage, or for the purpose of complaint handling. Those who receive such requests shall comply in good faith.
  • ③Where the Consumer Protection Team determines that measures such as education for employees, etc. or requests for document submission are necessary in relation to the financial consumer protection system, it may take such measures directly or request cooperation from the relevant departments and business units. The relevant departments and business units that receive such cooperation requests shall cooperate unless there are special circumstances.
  • ④The Consumer Protection Team shall report to the CEO the results of actions taken through document submission requests, employee attendance requests, and on-site inspections under Paragraph 2.

Article 13 (Chief Financial Consumer Protection Officer)

  • ①The Company shall designate one or more Chief Financial Consumer Protection Officers to perform the duties of the Financial Consumer Protection General Department.
  • ②A person who has received measures equivalent to or exceeding a disciplinary warning or salary reduction request from the Financial Services Commission or the Financial Supervisory Service for violations of financial-related laws within the past 5 years shall not be appointed as the Chief Financial Consumer Protection Officer under Paragraph 1.
  • ③The Chief Financial Consumer Protection Officer shall oversee the duties of the Consumer Protection Team for the purpose of financial consumer protection.
  • ④The Chief Financial Consumer Protection Officer shall report to the CEO without delay when an infringement or significant risk of infringement of financial consumer rights and interests occurs. The CEO shall confirm the reported matters and promptly carry out and support all necessary actions.
  • ⑤When evaluating the work performance of the Chief Financial Consumer Protection Officer, the Company shall ensure that no disadvantages in personnel evaluation, such as job category discrimination or promotion exclusion, occur compared to other job categories, except in special cases such as disciplinary action.

Article 14 (Financial consumer protection officers)

  • ①The Company shall appoint and operate an appropriately sized team of financial consumer protection officers to perform the duties of the Financial Consumer Protection General Department.
  • ②Financial consumer protection officers shall, considering the nature and expertise of the duties of the Financial Consumer Protection General Department, be dedicated to financial consumer protection duties for at least 3 years, except in special cases. However, exceptions may be made in cases of promotion-related transfers or with the approval of the Chief Financial Consumer Protection Officer.
  • ③The Company shall provide financial consumer protection officers with opportunities to participate in internal and external education related to consumer protection, and shall actively provide opportunities to obtain certifications for developing professional competencies in financial consumer protection.
  • ④When evaluating the work performance of financial consumer protection officers, the Company shall, except in special cases such as disciplinary action, grant personnel evaluation merit points to officers with excellent consumer protection performance records.
  • ⑤Article 13, Paragraph 5 shall apply mutatis mutandis to financial consumer protection officers.

Article 15 (Employees) Employees bear primary responsibility for financial consumer protection internal control in relation to their duties, and shall understand their roles, familiarize themselves with the relevant laws, regulations, and rules, and faithfully comply with them when performing their duties.

Chapter 4 Standards and Procedures to Be Followed by Executives and Employees in Performing Their Duties

Article 16 (Advertisement production and internal review of advertisements)

  • ①When advertising financial products, etc., the Company shall comply with the financial consumer protection laws and regulations and other applicable rules, and shall deliver content clearly and fairly so that financial consumers do not misunderstand the content of financial products.
  • ②When advertising financial products, etc., the Company shall comply with the Insurance Association's regulations on life (general) insurance advertising and publicity, and shall carry out the pre-review procedures in accordance with such regulations for advertisements subject to pre-review by the Insurance Association.
  • ③The Company shall establish reasonable detailed standards and procedures for the production and internal review of advertisements for financial products, etc., and shall operate them fairly.
  • ④When the Company advertises financial products, etc., it shall obtain prior review from the Chief Financial Consumer Protection Officer or the Compliance Officer.
  • ⑤When the Company advertises financial products, it shall obtain prior review from the relevant Chief Financial Consumer Protection Officer or the Compliance Officer.
  • ⑥When the Company advertises financial products, it shall obtain prior confirmation from the insurance company to which the relevant financial product is entrusted.
  • ⑦When the Company advertises its services, it shall carry out the prior confirmation procedures of the Korea Insurance Agency Association.

Article 17 (Solicitation, contract execution, and other duties toward financial consumers)

  • ①The Company shall comply with the relevant laws and make its best efforts to maintain sound financial transaction order in the recruitment, development, education, and management of employees, etc. who are responsible for performing duties toward financial consumers, including soliciting and executing contracts on financial products.
  • ②When soliciting or executing contracts on financial products with financial consumers, employees, etc. shall comply with the financial consumer protection laws and regulations, including the suitability principle, appropriateness principle, duty of explanation, prohibition of unfair business practices, prohibition of improper solicitation, and advertising compliance, and shall make their best efforts to prevent incomplete sales in violation of the applicable regulations.
  • ②Where financial consumers suffer damages attributable to employees, etc. in the course of selling financial products, the Company shall make its best efforts for prompt remediation of such damages.
  • ④The Company shall comply with the sales guidelines for each financial product of the insurance companies in order to protect financial consumers.

Article 18 (Prevention of conflicts of interest with financial consumers)

Where a conflict of interest with a financial consumer arises or is anticipated, employees, etc. shall take necessary measures to ensure that no issues arise in financial consumer protection.

Article 19 (Education related to financial consumer protection)

  • ①The Company shall provide education related to financial consumer protection, including compliance with the financial consumer protection laws and regulations, to employees, etc. on a regular and ad-hoc basis.
  • ②The Financial Consumer Protection General Department shall oversee the planning and operation of education related to financial consumer protection under Paragraph 1.

Article 20 (Management of financial consumers' credit and personal information)

  • ①Employees, etc. shall comply with the applicable laws including the Personal Information Protection Act and the Act on the Use and Protection of Credit Information when handling financial consumers' credit and personal information.
  • ②The Company shall manage financial consumers' credit and personal information with the duty of care of a prudent manager, and shall not use it for purposes other than the permitted purposes.

Article 21 (Business entrustment and commission payments for financial products)

  • ①The Company shall establish standards for business entrustment and commission payments applicable when entrusting financial product-related duties to affiliated insurance planners, and shall establish internal procedures to inspect compliance.
  • ②The business entrustment standards under Paragraph 1 shall include the following:
    1. Procedures for entering into and terminating entrustment agreements
    2. Matters concerning restrictions on business entrustment for those who have not completed continuing education
    3. Evaluation criteria for the performance of entrusted duties
    4. Sanctions and indemnification criteria in the event of violations of company regulations
  • ③The commission payment standards under Paragraph 1 shall include the following:
    1. Matters concerning standards and procedures for commission payment and recovery
    2. Evaluation criteria for the performance of entrusted duties by financial product sales agents/brokers
    3. Matters concerning the reflection of evaluation results under Item 2 in commissions
    4. Other matters necessary for compliance with applicable laws and regulations

Article 22 (Prohibited acts)

  • ①The Company and its employees, etc. shall not engage in the following acts as provided in Article 25, Paragraph 1 of the Act:
    1. Receiving insurance premiums or mutual aid fees from financial consumers as performance of contracts
    2. Having third parties perform agency or brokerage duties, or paying commissions, compensation, or other consideration for such acts
    3. Other acts that may harm financial consumer protection or sound transaction order, including:
      a. Executing contracts on behalf of an insurance company. However, this excludes cases where the insurance agency has received authority from the insurance company to make declarations of intent regarding contracts pursuant to Article 646-2 of the Commercial Act.
      b. Executing contracts on behalf of a financial consumer
    c. Using a trade name in advertising or business that could cause financial consumers to mistake the entity for an insurance company or financial product advisory firm
    d. Coercing an insurance company to entrust agency duties exclusively or not to entrust them to other insurance agencies
      e. Using the name of another insurance agency or allowing another insurance agency to use one's own name
      f. Other acts equivalent to those in items a through e, including:
    g. Using financial consumer information obtained in the course of performing duties for one's own or a third party's benefit
      h. Soliciting the purchase or sale of shares issued by an insurance company with which an entrustment agreement has been entered into
  • ②The Company and its employees, etc. shall not demand or receive monetary gifts or other financial benefits from insurance companies beyond the prescribed commissions when performing product sales agency duties, as provided in Article 25, Paragraph 2 of the Act. The specific financial benefits are as follows:
    1. Payment or lending of money, etc.
    2. Reimbursement of costs or losses incurred in performing insurance agency duties
    3. Preferential benefits when executing contracts for financial products handled by the insurance company
    4. Other financial benefits equivalent to those in Items 1 through 3 as determined and publicly announced by the Financial Services Commission

Chapter 5 Inspection, Measures, and Evaluation of Compliance with the Financial Consumer Protection Internal Control Standards

Article 23 (Inspection and evaluation of compliance with the internal control standards)

  • The Chief Financial Consumer Protection Officer shall periodically inspect compliance with the Financial Consumer Protection Internal Control Standards by executives, employees, and others, taking into account the importance and risk level of the relevant duties.
  • The Chief Financial Consumer Protection Officer may require business unit representatives to inspect whether the Financial Consumer Protection Internal Control Standards have been violated within their organizations and duties, according to methods prescribed by the Chief Officer.
  • ③When a business unit head has conducted an inspection under Paragraph 2, the inspection results shall be reported to the Chief Financial Consumer Protection Officer.
  • When unlawful or improper conduct is discovered during an inspection of compliance with the Financial Consumer Protection Internal Control Standards, the Chief Financial Consumer Protection Officer may conduct a direct investigation or request an investigation by the inspection organization when necessary.
  • ⑤The Chief Financial Consumer Protection Officer shall evaluate the inspection results under Paragraphs 1 and 3 and report them to the CEO and the Financial Consumer Protection Internal Control Committee.
  • ⑥The Company shall establish and implement detailed standards including matters such as inspection methods and actions to be taken upon confirmation of violations under Paragraphs 1 through 4.

Article 24 (Handling Violations of the Financial Consumer Protection Internal Control Standards)

  • ①The Company shall establish measures for relevant departments and employees, etc., taking into account the degree, frequency, motive, and consequences of violations of the financial consumer protection internal control standards.
  • The Chief Financial Consumer Protection Officer may require relevant executives and employees to correct or improve violations of the Financial Consumer Protection Internal Control Standards, request an inspection, or seek necessary personnel measures such as disciplinary action. Unless there are special circumstances, the head of the relevant department shall comply with such requests.

Article 25 (Education level or qualifications of persons performing duties toward financial consumers)

Article 25 (Education level or qualifications of persons performing duties toward financial consumers)

  • ①The Company shall establish education-related guidelines for employees, etc. in charge of selling financial products to familiarize themselves with the content and characteristics of financial products, including their risk and complexity, and to strengthen ethical competencies, and shall regularly conduct related education.
  • ②The Company shall establish detailed standards regarding the education level or qualifications that employees in charge of selling financial products must possess.
  • ③The Company shall regularly verify whether employees, etc. hold the sales qualifications required by laws, regulations, and internal rules.
  • ④The Company shall designate education officers at headquarters and each business unit, and shall inspect and manage through each officer whether sufficient education related to duty performance is being provided.

Chapter 7 Compensation System and Measures to Ensure Accountability for Business Performance

Article 26 (Compensation system and accountability measures)

  • ①The Company shall design evaluation and compensation systems for sales personnel to prevent conflicts of interest between sales personnel and financial consumers in the process of selling financial products.
  • ②The Company shall ensure that a balanced performance compensation system is operated from a consumer protection perspective by reflecting customer satisfaction and internal control items in addition to sales performance in the evaluation and compensation system for sales personnel.
  • ③The Company shall operate the performance compensation system under Paragraph 2 by sufficiently reflecting relevant factors such as the number of incomplete sales, customer returns, consumer satisfaction survey results, completeness of contract-related documents, and appropriateness of sales procedures, so that evaluation results are substantively differentiated.
  • ④The Company shall not link the sales performance of specific financial products to performance evaluation indicators for sales personnel.
  • ⑤Where consumers withdraw or terminate financial transactions due to the fault of sales personnel, such as unsound business practices or incomplete sales, the Company may recover monetary compensation already provided to sales personnel. To this end, a portion of compensation may be provided in installments or deferred over the period during which products and services are provided to consumers.
  • ⑥The Financial Consumer Protection General Department shall review in advance whether the evaluation and compensation systems applied to sales personnel are appropriately designed from a financial consumer protection perspective, and shall report the review results, including the need for improvement of the evaluation and compensation systems, to the CEO and the Internal Control Committee.
  • ⑦For the purposes of Paragraph 6, the department responsible for setting the performance compensation system shall mandatorily obtain the prior opinion of the Financial Consumer Protection General Department.

Chapter 8 Procedures for Establishing and Amending the Financial Consumer Protection Internal Control Standards

Article 27 (Establishing and amending the internal control standards)

  • ①Where there are enactments or amendments of related laws, large-scale consumer damage, authoritative interpretations by supervisory authorities, or improvement requests from the Financial Consumer Protection General Department, the Company shall proceed with the establishment or amendment of these standards to reflect such matters.
  • ②The Financial Consumer Protection General Department shall review the necessity of establishing or amending these standards from a financial consumer protection perspective and report the review results to the CEO.
  • ③When the Company establishes or amends these standards, etc., approval from the Board of Directors shall be obtained. However, in the case of minor amendments falling under any of the following, the approval of the CEO may be substituted:
    1. Matters that must be amended in connection with the enactment or amendment of laws or related regulations
    2. Follow-up measures for matters resolved by the Board of Directors
    3. Other matters equivalent to those in Items 1 and 2
  • ④When the Company has established or amended these standards, etc., it shall post on the website the facts and reasons for the establishment or amendment, the impact on consumers, the effective date, and the scope of application, and shall inform employees through accessible means. Education may be provided when necessary.

Chapter 9 Improving Financial Transaction Accessibility for Older Persons and Persons with Disabilities and Preventing Financial Loss

Article 28 (Enhancing convenience and preventing financial damage for elderly financial consumers)

  • ①The Company shall endeavor to ensure that elderly financial consumers accurately understand financial products and can engage in appropriate financial transactions.
  • ②Elderly financial consumers are, in principle, those aged 65 and over. However, the Company may establish its own classification criteria for elderly financial consumers, taking into account the characteristics of financial products, the financial consumer's level of understanding of financial products, financial transaction experience, and asset and income situation.
  • ③The Company may separately establish detailed matters in guidelines regarding the enhancement of financial transaction convenience and prevention of financial damage for elderly persons.

Article 29 (Enhancing financial accessibility for persons with disabilities)

  • ①The Company shall endeavor to enhance the convenience of financial transactions for persons with disabilities and to prevent financial damage.
  • ②The Company may separately establish detailed matters in guidelines regarding the enhancement of financial transaction convenience and prevention of financial damage for persons with disabilities.

Article 30 (Delegation of detailed guidelines)

  • Detailed matters necessary for the implementation of these standards shall be determined separately by the CEO.

Addendum

Article 1 (Effective Date)

These standards shall be effective from September 25, 2021.

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