Dormant Insurance Funds Near 10 Billion Last Year
Checkable via Insurance Development Institute System
Last year, the unpaid dormant insurance funds for automobile insurance were found to amount to 10 billion KRW. It is advised to use the Insurance Development Institute's system to check and receive refunds for overpaid premiums and claim dormant insurance funds.
According to the Insurance Development Institute on the 21st, the dormant automobile insurance funds unclaimed by policyholders as of last year totaled 9,835,080,000 KRW (110,000 cases). This represents a 38.3% increase compared to 7,110,440,000 KRW in 2021.
Therefore, the Insurance Development Institute urged the active use of the integrated inquiry system for overpaid premiums and dormant insurance funds. The Institute has been operating this system since 2012.
By using this system, one can check whether there are any insurance payments left unclaimed due to suspicion of voice phishing despite receiving notification from the insurer, or payments that could not be made because the policyholder was unreachable.
Overpaid premiums can also be checked. This applies to cases where military driving experience proof was not submitted or where insurance premiums were overpaid due to automobile insurance fraud. It also includes additional recognition of insurance subscription history, correction of surcharge grades due to foreign residence, recognition of overseas driving experience, and employment in driving positions at workplaces. Since 2019, the Insurance Development Institute has linked its system with the Military Manpower Administration to provide a 'Military Driving Experience Inquiry Service' that allows verification of related experience without submission of supporting documents.
An official from the Insurance Development Institute explained, "To protect insurance consumers, we will promptly refund overpaid premiums and provide information on unclaimed insurance funds."
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