KFTC Fines Domestic Insurers For Price-Fixing

Law360, New York (August 28, 2008, 12:00 AM EDT) -- Making good on a recent vow to step up efforts to root out price-fixing, South Korea's Fair Trade Commission has issued fines to several of the country's insurers for fixing prices on insurance products.

β€œThe government hopes to spur competition in the insurance industry through this measure,” the KFTC said in a statement, Dow Jones reported.

A group of domestic life insurers β€” including Samsung Life Insurance, Kyobo Life and Korea Life β€” will be fined a total of 21.2 billion won, or about $19.6 million....
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