FSC slaps KR₩155m fine to Samsung Life over unpaid insurance claims

FSC found the insurance firm in violation of the Insurance Business Act.

Korea’s Financial Services Commission has fined Samsung Life Insurance KR₩155m ($130k) for unfairly refusing to pay a subset of cancer insurance claims.

According to FSC, they found Samsung Life guilty in violating the Insurance Business Act for rejecting a number of claims for cancer hospitalisation, arguing instead that it did not fall directly under its ‘direct cancer treatment’ policy.

This decision comes a year and two months after the Financial Supervisory Service issued a warning to Samsung Life in December 2020 for refusing to pay for cancer insurance to patients treated at a nursing hospital

Aside from the fine, FSC will also restrict Samsung Life from entering new businesses that will require their approval for the next year.

Follow the link s for more news on

Samsung Life

cancer insurance claims

Korea Financial Services Commission

South Korea Financial Supervisory Service

Also Read

APAC emerges as leader in renewables insurance

Only 14% of rich people prioritise life insurance despite awareness

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

APAC emerges as leader in renewables insurance

RE is projected to account for 45% of global electricity generation by 2030.

Insurance

6 hours ago

Only 14% of rich people prioritise life insurance despite awareness

41% of SEA saw potential family disputes from lack of a plan as top concern.

Insurance

6 hours ago

Zurich eyes to surpass 23% ROE in next three years

It also aims to achieve core EPS with a CAGR of over 9%.

Insurance

7 hours ago

IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold

The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold.

Insurance

7 hours ago