ING LIFE KOREA BACKS BANCASSURANCE DEREGULATION

ING Life Korea, which is 80% owned by Netherlands-based financial services group ING, has distanced itself from other assurers in South Korea by backing a governmental plan to allow banks to sell a greater range of insurance products from next April. The South Korean Insurance Association has opposed the plan, claiming that insurers have been disadvantaged compared with banks in the implementation of bancassurance. However, ING Life Korea CEO Ron van Oijen said that “we are very much looking for further deregulation”. He claimed that the changes would give consumers more choice and that, although non-professional agents would see their market share eroded, full-time professional agents would not suffer. Meanwhile, ING Life Korea confirmed that it would be extending its sports marketing activities. It is an official sponsor of the 2007 Asian Cup football competition, and is also scheduled to sponsor the Formula One race to be held in South Korea in 2010.