Bae, Kim & Lee’s insurance practice group represents a number of major foreign and domestic insurance companies and reinsurance organizations on all its legal matters. The group offers its clients with a comprehensive approach to the regulatory and claims issues specifically affecting the insurance business. Calling on its large reserve of experience, BKL’s insurance team regularly advises clients on insurance policies and products, claim administration, negotiation and defense, and reinsurance treaties.

The practice group has also, in close cooperation with specialists from other practice groups, assisted insurer clients on a wide range of corporate transactions, including mergers and acquisitions and joint ventures, as well as issues of commercial lending and other financial services. BKL recently handled, on behalf of the Korean government, a restructuring project involving seven life insurance companies, which was the largest restructuring of its kind in Korea. The practice group also assisted several multinational life insurance companies in their mergers and acquisitions in Korea.

As an important supplement to its advice and assistance to private clients, the insurance practice group is a legal advisor on policymaking to the Financial Supervisory Service, which is the government agency in Korea primarily responsible for oversight of the insurance industry.

Representative matters:

• Advised a major multinational insurer in incorporating a local branch and obtaining an insurance business license;
• Advised Mirae Asset Life in obtaining approvals and licenses to engage in trust business and Samsung Fire Insurance in incorporating a subsidiary to engage in an incidental business;
• Advising Korea Specialty Constructor Financial Cooperative in launching the employer liability mutual-aid business;
• Advised a major multinational insurer in acquiring interest equity in local life and non-life insurance companies;
• Defended leading domestic insurers on a claim alleging cartel activity in dealing with severance pay and group accident insurances;
• Defended Samsung Fire Insurance in claims dispute related to auto loans extended by Samsung representing the biggest claim amount (approximately 100 billion Won) sought by plaintiffs in Korea.