Kyobo Life-fine
Kyobo Life fined for letting subsidiaries use trademark for free
SEOUL, Dec. 24 (Yonhap) -- South Korea's financial watchdog has ordered Kyobo Life Insurance Co. to pay a fine of 350 million won (US$295,000) for letting its subsidiaries use its brand for free, sources said Friday.
The Financial Supervisory Service (FSS) also issued warnings to five officials, including a retired employee of the insurer, in connection with the matter, according to the sources.
Kyobo Life Insurance, No. 3 insurer in South Korea, was accused of providing undue support to the subsidiaries by letting them use the Kyobo brand without paying fees from 2016 to 2019. The unpaid fees are estimated to be billions of won.
Kyobo Life Insurance holds the trademark rights to its brand and had been advised to receive fees for the use of the rights by other subsidiaries, given its economic value.
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