"Joint Response to Insurance Fraud"... Financial Supervisory Service Holds Meeting with Insurance Industry Executives

On the afternoon of the 17th, the Financial Supervisory Service (FSS) announced that it held a meeting with executives in charge of the Special Investigation Unit (SIU) for insurance fraud at the Life Insurance Education and Culture Center in Jongno-gu, Seoul.

This meeting was organized to discuss key initiatives for eradicating insurance fraud that harms the public and to establish an effective response system. The main topics discussed included ▲2024 insurance fraud response measures ▲excellent cases of insurance fraud detection ▲strengthening internal controls related to insurance fraud investigations.

Kim Junhwan, Deputy Director in charge of Consumer Finance at the FSS, stated, "Insurance fraud is a representative financial crime that infringes on the public by increasing economic burdens such as premium hikes. The insurance industry must cooperate to build an efficient insurance fraud response system and actively respond to increasingly organized and large-scale insurance fraud."

At the meeting, the FSS also announced its 2024 insurance fraud response plan and key initiatives. Discussions were held on specific cooperation measures with the insurance industry. It was decided to strengthen planned investigations into organized insurance fraud involving brokers and hospitals, as well as vulnerable areas of insurance fraud. To effectively operate the memorandum of understanding signed on the 11th with health authorities such as the National Health Insurance Service, a joint public-private investigation council will be regularized. Additionally, through holding investigative councils, the FSS plans to systematically support law enforcement agencies' investigations into insurance crimes.

Excellent cases of insurance fraud detection were also shared. The FSS shared cases from last year's planned investigations into insurance fraud and award-winning cases from the '2023 Insurance Fraud Prevention Competition' with the insurance industry.

An FSS official said, "This meeting was a meaningful communication opportunity to share this year's insurance fraud response plans and to strengthen investigation capabilities and response systems. Going forward, we will actively respond to insurance fraud harming the public by strengthening cooperation not only with the insurance industry but also with law enforcement and health authorities."