캐피탈사 영업규제 완화를 통한 소비자 선택권 강화 : 자동차 보험판매·통신판매 부수 업무 허용 = Enhancing Consumer Choice through Deregulation of Capital Companies : Permitting Auto Insurance Sales and Ancillary Telecommunication Services

다국어 초록 (Multilingual Abstract)

This study empirically analyzes the impact of easing business regulations—in particular, allowing capital companies to engage in insurance agency operations and ancillary telecommunication sales—on consumer choice and financial market innovation in South Korea. With recent digitalization of financial markets and the blurring of boundaries between financial sectors, there is an increasing need to expand the business scope of capital companies. However, current laws restrict capital companies from participating in insurance and telecommunication sales, limiting market competition and consumer benefits. Focusing on the auto insurance market, the study employs consumer & SMIC (small and medium-sized insurance companies) surveys and dynamic panel GMM regression models to verify that deregulation leads to lower insurance premiums, reduced market concentration, and fewer consumer complaints and disputes. Comparative analyses with advanced countries such as the United States, Japan, and Europe emphasize that regulatory fairness among financial sectors and activation of innovative platforms are essential to enhancing consumer welfare in finance. Policy implications highlight the importance of permitting ancillary businesses for capital companies, strengthening information transparency, expanding consumer protection mechanisms, and adopting an integrated supervisory framework for the financial industry."