[2023 National Audit] Financial Supervisory Service Chief "Promoting Guidelines for Prompt Insurance Payouts to the Elderly"

National Assembly Audit of the Financial Supervisory Service on the 17th

Lee Bok-hyun, Governor of the Financial Supervisory Service, is attending the Foreign Financial Companies CEO Meeting held at the Fairmont Hotel in Yeouido, Seoul on the 12th, delivering opening remarks. Photo by Dongju Yoon doso7@

Lee Bok-hyun, Governor of the Financial Supervisory Service, regarding disputes over insurance claim payments, stated, "The main complaints are related to the elderly, and it is clear that claims that should be paid must be prioritized for payment," adding, "We are internally organizing this and plan to create revised guidelines within the year."

Governor Lee made these remarks on the 17th during the National Assembly's Financial Services Committee audit, responding to Assemblyman Park Jae-ho's criticism that "there are no fundamental measures to address consumer damages from unpaid claims related to cataracts and other indemnity insurance."

He further stated, "We will identify commonalities among costly items such as elderly medical care and surgeries at advanced hospitals, which require prompt payment, and push forward with establishing guidelines within the year."

Assemblywoman Yang Jeong-sook also told Governor Lee, "There were 428 applications for insurance-related damage relief in the first half of this year, more than four times the cumulative number over the past three years," adding, "This is due to stricter standards for indemnity insurance and the launch of the 4th generation indemnity insurance, so measures need to be prepared for this."

Governor Lee responded, "I fully agree with the criticism that indemnity insurance has a significant impact on the public and that we must make every effort," adding, "From an industry perspective, it is also related to how the public shares the loss ratio and overall losses of the 4th generation indemnity insurance. We will consider this further."