The Ministry of Employment and Labor said, “We have a close management and supervision system in place so that the pre-designated operation system (default option) can be established.”
[기사 내용]
□ 7.12.(Tue) E-Daily, “Default option departure without safety device” related to the article
ㅇ Although default options will be introduced from the 12th, it is raising concerns as it does not include regulations on the management or supervision of future returns of products included in default options.
ㅇ (omitted) However, there are no clear regulations on management after product approval.
[고용부 설명]
□ The government has a close management and supervision system to protect subscribers as well as to increase profitability so that the pre-designated operation system can be smoothly established in the field.
① Disclosure
-In order to guarantee subscribers’ choice and to enhance competition among retirement pension providers, the operating status and yield of the pre-designated management method are disclosed on a quarterly basis through the website of the Ministry of Employment and Labor and the integrated pension portal of the Financial Supervisory Service, and* “Article 13-5
– We plan to cross-verify data such as ‘Retirement Pension Handling Performance’ submitted by retirement pension service providers to the Ministry of Employment and Labor on a quarterly basis to prevent false or inaccurate disclosure.
② Cancellation of approval
– Approval may be revoked* if the pre-designated management method is approved in a false or unlawful way, or if the requirements at the time of approval are not met.
-All approved products are subject to regular evaluation at least once every three years to determine whether they continuously meet the requirements for approval.
– Since the expected revenue of the product also meets the approval requirements, if there is an excessive difference between the expected revenue at the time of approval and the actual revenue without a reasonable reason, it will be a reason for cancellation of approval.
-In case of revocation of approval, the retirement pension service provider must immediately notify the insured of the reason for the cancellation, etc. Enforcement Decree of the Security Act Article 13-6 Paragraphs 2 through 7
③ Supervision
– Retirement pension service providers are subject to supervision and criminal punishment if they have obtained approval and operated by fraudulent or fraudulent methods, or have provided or notified erroneous information or discriminated against subscribers. Paragraph 1 No. 8
□ The government will monitor the site at all times even after approval of the pre-designated operation method and focus on management and supervision to protect subscribers by cooperating with related organizations such as the Financial Supervisory Service.
Inquiries: Retirement Pension Welfare Division, Labor Standards Policy Division, Ministry of Employment and Labor (044-202-7554)
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* ‘언론보도 해명’ 코너 게시물은 해당 부처가 공식적으로 발표한 설명ㆍ해명자료를 바탕으로 작성되었으며, 원문을 함께 전재 합니다.
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