[Korea gimmingyeong financial newspaper reporters - life insurers to pension insurance dividends earned collapse, revealed the context of paid financial authorities started to investigate. Consumer groups have raised their voices that the Finance Committee should be directly investigated the Financial Supervisory Service (FSS) and life insurers.
Finance 5, including Consumers Union, defining financial solidarity, consumer finance network group has opened offices in Seoul 29 days before the Finance Committee 'life insurance annuity reserves reduced dividend secondary operations accounting scandals survey called and condemned "the press conference.
These groups are criticized as "The life insurers accounting scandals are not forsaken consumer confidence in the crucial event that the accounting fraud by manipulating the computerized course crucial missing endanger the life insurance business itself moral hazard behavior. He also emphasized that "there is a financial supervisory responsibilities, too, even though measures are not followed by life insurance claims payable suicide incident knew the annuity dividend reserves shrink earn.
According to the insurance industry recently FSS life insurers have confirmed that low paid a dividend of one annuity product sales from mid-1990 until 2003 and requires the relevant documents submitted to the insurer.
The financial authorities have to be applied over the expected interest rate on dividend reserve since 2003. It is a problem because it had changed the rules to apply the planned rate since 1997, the insurer is a voluntary transfer agreement in 2003.
Life insurers naesewoomyeo the participating pension plan adds that the dividends of the income tax exemption and deduction of up to 72 million yuan, higher interest rate on pension income from 1994 to 2000 raised a lot of sales.
Participating annuity is was designed to return to the contractor when you start receiving the expected rate of basic pension and the pension is made separately from the second year to earn as much as expected dividend rate plus the difference in return on asset management.
What matters is this 'second dividend'. Secondary dividend is calculated by multiplying the difference between the asset management company and the expected rate of return on pension reserves and expected interest rate products is mostly about 7.5%. Past era of high interest rates, the product is not operating return on assets of insurance companies have to go beyond this area, but yields move beyond it entered the era of low interest rates do not cause secondary dividends.
The second dividend reserves occurred in the past nwatda build and apply an interest rate of 7.5% dolryeojwoya intact, but insurers are built to the customer less the dividend to reflect the asset management ratio.
FSS 'are currently identifying information' seems to be the problem surfaced as a difference in interpretation of the scheduled rate 'said he said.
According to the Financial Consumer Federation of insurers sold the 1990 Pension Insurance Samsung Life Insurance is estimated to have accrued a dividend of 180 billion won to 10 years to earn a second dividend reduction of more than 200 billion annually. Kyobo Life 62400000000, Hungkuk Life is 8,100,000,000 scale.
Hanwha Life and Allianz Life is also revealed that the Asset Return fallen below the expected rate that has paid an interest rate applied to the dividend reserves as planned rate.
Joyeonhaeng Finance Consumer Federation representative said said "the basis for dividend payments to contractors is a standard life insurance business bangbeopseo the 3-23000000000000, definitely gotta portion timely 3-41000000000000 the standard terms such as' It is apparent wrongdoing.
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