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.

“The 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 — including Samsung Life Insurance, Kyobo Life and Korea Life — will be fined a total of 21.2 billion won, or about $19.6 million....
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