By Yonhap | April 25, 2022<\/p>\n
South Korea’s antitrust regulator said Sunday it has decided to impose a combined fine of 1.76 billion won ($1.42 million) on eight insurance companies for colluding to fix bidding prices.<\/p>\n
KB Insurance Co., six other non-life insurers and a local insurance consultancy colluded for the rental housing-related insurance bidding put forward by state housing developer Korea Land & Housing Corp. (LH) in 2018, according to the Fair Trade Commission (FTC).<\/p>\n
They colluded to intentionally offer low bidding prices or drop out of the bidding in order to let No. 4 industry player KB Insurance win contracts from LH twice.<\/p>\n
Through the collusion, KB Insurance aimed to recoup 10 billion won in losses from a strong earthquake that struck the southeastern city of Pohang in 2017.<\/p>\n
Along with the fine, the FTC has decided to lodge a complaint with the prosecution against KB Insurance and an insurance consultancy, as well as three of their executives.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Yonhap | April 25, 2022 South Korea’s antitrust regulator said Sunday it has decided to impose a combined fine of 1.76 billion won ($1.42 million) on eight insurance companies for colluding to fix bidding prices.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-873","post","type-post","status-publish","format-standard","hentry","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=873"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/873\/revisions"}],"predecessor-version":[{"id":874,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/873\/revisions\/874"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}