LIG OF SOUTH KOREA FINED OVER ILLICIT POLICY SALES

South Korean assurer LIG has been fined 10m won for employing non-qualified sellers of policies, the Financial Supervisory Commission (FSC) has said. Three of its staff have received a salary cut or a suspension from work as a result of the FSC decision. The regulator said that LIG had signed contracts with two foreign consultancies to pay 863m won in fees for having them sell LIG policies. LIG has also been ordered to pay 33mwon for giving unauthorised discounts to a local electronics company.