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 links for more news on

Samsung Life

cancer insurance claims

Korea Financial Services Commission

South Korea Financial Supervisory Service

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

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