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Article 16-1 For the insurance products, an internet-only non-life insurance company may commence sale only after applying for and receiving prior approval from the competent authority.
The insurance enterprise sales of an insurance product referred to in the preceding paragraph shall apply for approval of the insurance product from the competent authority prior to its sale.
For an insurance product that has already passed review, if there is subsequently an amendment to its policy provisions, proposal, or pricing actuarial memorandum, or if its premium rates are restructured, shall commence sale only after applying for and receiving
prior approval from the competent authority, unless otherwise provided by the competent authority.
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