SOUTH KOREA CAUTIONS THREE OVER BUSINESS-CODE BREACH

South Korea's Financial Supervisory Commission (FSC) has warned three locally registered units of foreign insurers for violating South Korea's business code of conduct by looking to attract new business without first reporting to the regulator. The three errant operations are owned respectively by Germany's Allianz, French reinsurer SCOR and Cosmos Services of Hong Kong. Meanwhile the FSC has said that it plans to take steps aimed at limiting insurance fraud, which has recently increased sharply in South Korea.