Financial Blog

State Auditor Launches Evaluation On Monetary Regulator For Allowing ...

SEOUL, Sept. 3 (Yonhap)-- South Koreas state audit agency has actually introduced an evaluation on the financial regulator for its decision giving regional life insurance companies access to personal wellness records for use as credit details, monetary sources stated Wednesday.

According to the sources, a group of inspectors from the Board of Audit and Inspection (BAI) has been at the Financial Services Commission (FSC) because Monday for a probe expected to continue approximately 15 days.

The BAI sees the FSCs idea as somewhat problematic, the sources said.

Local insurance companies had acquiredaccessed to and got approval to collect clinicalcase histories of people based on the conclusions by the regulatory authority that such records can be considered as monetary credit details.

The Korea Life Insurance Association has collected even unneeded personal medical records. Dealing with criticism, it has actually disposed of a few of the data, said among the sources. The BAI inspection is targeting the FSCs choice on the interpretation of the status of clinical records.

Civic groups, including the Korea Finance Consumer Federation, had actually lodged a petition with the BAI, arguing that the FSC misinterpreted the principle of clinical records being made use of as monetary info.

They state that a people clinical records are unimportant to his or her solvency, and that health records are not financial information.

The BAI has actually already carried out 2 audits on the FSC since the start of the year after the regulator failed to keep track of and oversee irregularities and huge data breaches at monetary business that prompted public anger and confusion. The information of more than 100 million customers were leaked from 3 significant charge card business earlier this year, leading to the resignations of the heads of the companies and a three-month business suspension for each business.

lt; All rights booked by Yonhap News Agencygt;

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