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South Korean insurers face tighter pricing limits on medical insurance offerings

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South Korean insurers face tighter pricing limits on medical insurance offerings

South Korea's Financial Services Commission approved a set of amendments to insurance industry supervisory regulations to tighten pricing limits on private medical insurance, The Financial News reported Dec. 20.

The annual premium adjustment band will be lowered to plus or minus 25% from plus or minus 35% currently, beginning in January. The pricing band is meant to protect consumers from price gouging by insurers.

This is a rollback of an original plan to abolish pricing intervention by regulators.