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Biz News Korea(Eng)
Korean insurers ordered to halt some operations over unpaid suicide insurance claims
- Collected
- 2017.02.25
- Distributed
- 2017.02.27
- Source
- Go Direct
The Financial Supervisory Service held a review committee on disciplinary action on Thursday and issued a ‘reprimand’ warning to Kim Chang-soo, president of Samsung Life Insurance and Cha nam-gyu, president of Hanwha Life Insurance, and punitive warning against Shin Chang-jae, chairman and chief executive of Kyobo Life Insurance.
In addition, some of the operations of Samsung Life will be suspended for three months, while some of the operations of Hanwha Life and Kyobo Life would be suspended for two months and one month, respectively.
The FSS will table the decision to the Financial Services Commission. If the ‘reprimand’ warning is finalized, Kim faces setback in his pursuit for second term at the company according to a regulation. The punitive warning against Shin will not affect his executive status.
The three life insurers have been criticized for failing to pay out death claims for subscribers who committed suicide. The insurers had sold policies for accidents that cover suicides that occur two years after contract initiation, but they denied the payouts and failed to explain the reason for denial to families of policyholders who committed suicide.
By Park Joon-hyung, Kim Tae-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]