금융소비자보호법 제정이 보험계약에 미치는 영향

Abstract

The Financial Consumer Protection Act(FCPA) was enacted on March 24, 2020, and go into effect on March 25, 2021 (full enforcement will be on September 25, same year). On January 13, the enforcement decree is also passed Financial Service Commission. Although sub-norms, such as enforcement rules and public announcements by the FSC, have not yet been completed, it can be said that the main contents and the structure of the FCPA have been established. Traditionally, financial entities business activity regulation had different attitudes toward the financial consumer depending on the financial companies' type. However, such a regulatory method result in unfair regulatory arbitrage and a blind spot for unexpected consumer protection. The FCPA, thus, introduced 'the same product-same risk- same regulatory principles.' Today, financial consumer protection is the most significant agenda of the G-20 summit. It is also a primary policy goal in each country. Considering the world's strong trend of financial consumer protection, the enactment goal of the FCPA must be achieved successfully. Nevertheless, till now very few countries have enacted the act that applies uniformly to all financial sectors for financial consumer protection. The uniqueness of Korean law suggests that there will be many challenges to the law to be entirely operated to achieve its purpose. The act generally governs various financial products and sectors, but it is expected that it will significantly affect insurance contracts. In fact, many provisions of the Insurance Business Act have been moved to the FCPA, and at the same time the duty of consumer protection of financial institutions has been strengthened. From this point of view, this study attempted to examine the effect of the FCPA's important provisions, especially on the insurance contract. First, the purpose of the enactment and the background information regarding the act will be summarized by examining the debates and discussions surrounding it. Understanding the reasons for enacting the act is meaningful. It will become a substantial standard when deciding the principles for interpretation of the act or when determining the necessity of amendment of the act in the future. As of the end of December 2020, even before this act went into effect, seven revised bills are already pending in the National Assembly. Second, this study is particularly focused on the six sales-principles which the insurance industry is especially interested in(include the principle of suitability, principles of adequacy, the duty of explain, prohibition of unfair business practices, prohibition of unfair solicitation, prohibition against unfair and false labeling or advertising), the right to terminate illegal contracts, and punitive penalties and punitive damages. This study also looks into the reinforced dispute mediation system. The dispute mediation system originally was in the Act on the Establishment, etc. of the Financial Services Commission, is transferred to the FCPA and became more powerful. Transferred and reinforced dispute mediation system is meaningful because the current situations that more than 60% of financial disputes are about insurance disputes. After the regulatory framework of the act and regulations are all settled, the rational interpretation and implementation of the act will be made through active discussions between the academics and industries on various issues regarding the enforcement of the act. It is also expected that, if necessary, legislative supplementation will be made after the debates and discussions on the numerous issues that arise from the act.