Last Updated: 27 July 2022

Credit Information Protection Management Statement

I. Types of Credit Information & Purpose of Use

1. Types of Credit Information

1) Identification Information (Including but not limited to:)

  • Corporate clients: Incorporation registration numberㆍBusiness registration numberㆍHQ and branch office locationsㆍDate/month/year of establishmentㆍ Purpose of business, executives, and contact information

2) Transaction Information

  • Contractual Information: Refers to credit information details related to the contractual arrangements generated and created during the entire lifespan of the insurance from signing of the contract and during its effective period
  • Settlement information : All types of credit information generated as per the occurrence of loss events and/or claim settlements
  • Act of Disrupting Financial Market information : Information on any acts of disrupting financial markets including subscription of the insurance via unlawful and/or fraudulent methods.

2. Purpose of Credit Information Usage

1) To determine whether to establish and manage commercial transactions such as financial transactions etc. as requested by the Party to the corresponding credit information.

2) Introduce and provide insurance-related financial products and various associated services

3) Utilize the information for internal analysis including collection of statistics or as reference for policymaking by public organizations

4) When prescribed in the Credit Information Use and Protection Act or other applicable regulations.

II. Provision of Credit Information to Third Parties

1. Types of the credit information to be provided

  • Credit Information identified in Article 1 above as relevant to the Purpose of Use.

2. Data Recipient and Purpose of Use

Insurance Transactions

Data Recipient Purpose of Use
Credit companies, (re)insurance companies, actuarial firms, Korea Insurance Development Institute, and etc. To determine whether to conclude an (re)insurance contract, investigate loss events, maintain sound insurance solicitation practice, calculate/validate insurance premium rates or to use for policymaking by public organizations
Those who are partnered or delegated with subscription, maintenance, and management of the insurance (Agencies who investigate the eligibility for insurance subscription and loss events, conduct research, and provide services) To investigate the eligibility for insurance subscription and loss events, evaluate and review the claims, manage insurance contracts, conduct research and development, and provide services

III. Retention, Period for Usage of Credit Information, and Disposal Procedures and Methods

1. Retention and Usage Period of Credit Information

1) Provision of Credit Information & Period of Information Retention and Its Usage

  • Effective periods of contracts (from inception to cancellation/termination, including contract renewal)

2) Period of Credit Information Retention & Its Usage

  • Until the retention is allowed according to related laws and/or internal standards

2. Procedures and Methods of Credit Information Disposal

1) The credit information shall be disposed of when required by the relevant regulations

2) Hard copies shall be shredded or incinerated

3) Soft copies (electronic copies) shall be deleted or physically destroyed in an irreversible way

IV. Delegation & Responsibilities

What can be delegated Delegated to
Retention, management, and electronic processing of the credit information stored in the electronic system IT management tasks including system maintenance to be handled by FMIC HQ and Singapore Office

V. How to Exercise Rights on Credit Information

1. Notifications

1) The owner of credit data can request for notification when their credit information is shared (including the data recipient, purpose of use, date, details of information shared).

2) The request can be made via a visit, call, or through website after authentication and the Company shall provide details of the credit information shared for the past one year within 7 days upon the request.

2. Review and Correction Request

1) The Party to the credit data may request retrieval or review of the credit information retained by the credit companies. If the information is not correct, he/she can request for a correction.

2) The request of notification can be made via a visit, call or other ways after authentication and the company shall accommodate the request via hard copy, soft (electronic) copy and etc.

3) When the correction request is deemed legitimate, the Company shall suspend the provision of the incorrect information without delay and conduct an investigation. The Company is to take appropriate measures and to provide the processing result in 7 days. When the Party to the data has any objection to the result, she/he may contact the Financial Services Commission and request for a correction.

3. Inquiries

Please contact the person specified below if you have any suggestion or complaint regarding provision, search, use of the credit information and the exercise of your rights on the credit information.

1) Department in Charge

  • Address : 27F, West Tower, 26 Eulji-ro 5-gil, Jung-gu, Seoul, South Korea (Mirae Asset Center One Building, Suha-dong)
  • Phone: 82-2-6370- 6016

2) General Insurance Association of Korea: 02-3702-8679 (6F, KoreanRe Building, 80 Susong-dong, Jongno-gu, Seoul, South Korea)

3) Financial Supervisory Service: 1332 - Area code NOT required (27 Yeouido-dong, Yeongdeungpo-gu, Seoul, South Korea)

VI. Person-In-charge of credit information management/protection

1. Name: Cho, Suyoung

2. Department: Corporate Affairs department

3. Contact: 82-2-6370-6016

4. Date of Disclosure: 27 July 2022