The Financial Supervisory Service Holds 'Insurance Crime Investigation Council' with 18 Police Agencies Nationwide

FSS and Police to Strengthen Cooperation
Sharing Investigation Know-how on Insurance Fraud

The Financial Supervisory Service (FSS) announced on the 14th that it will hold the 'Insurance Crime Investigation Council' at police agencies in 18 cities and provinces nationwide.

The police plan to conduct a special crackdown on insurance crimes starting in May to focus investigative efforts on insurance fraud, a representative crime that infringes on public livelihood. Accordingly, the FSS, the Life and Non-life Insurance Associations, and related organizations will provide the police with recent trends in insurance fraud and accumulated investigation techniques, and discuss systematic and efficient investigation support measures.

Starting with the Gyeonggi Southern Provincial Police Agency and Gyeonggi Northern Provincial Police Agency on the 15th, the council meetings will be held sequentially at police agencies in 18 cities and provinces nationwide. They plan to share analysis results of recent insurance fraud trends, including key characteristics of intentional car accidents and organized insurance fraud involving hospitals and clinics. Customized investigation support measures considering the jurisdictional characteristics of each city and provincial police agency will also be discussed.

The FSS will share the progress of cases referred to the police for investigation on suspicion of insurance fraud. Broad discussions on support measures for smooth investigation progress will also take place.

To respond to increasingly specialized and sophisticated insurance fraud, plans include actively sharing recent fraud methods and detection techniques, and discussing ways to enhance the expertise of insurance fraud investigators.

Following the amendment of the Special Act on the Prevention of Insurance Fraud in August last year, the FSS was granted the right to request data from related organizations. Accordingly, the National Police Agency will discuss measures to promptly conduct investigations by receiving specific evidence on insurance fraud suspects collectively through the FSS.

They will also discuss constructive measures to ensure strong cooperation among related organizations by listening to suggestions from each institution.

The FSS and the National Police Agency will actively promote the proposals discussed at the council meetings and share the results with related organizations and the insurance industry to organically discover cases and support investigations during the special crackdown period.

An FSS official stated, "Through this council, we will share information on insurance fraud suspects among institutions and discuss efficient investigation support measures to enhance the police's expertise in investigating insurance crimes and lead to substantial arrests." He added, "We will firmly establish the determination of the FSS, the National Police Agency, and related organizations to continue strict responses without exception to insurance fraud both domestically and internationally."