Insurance
"They have expertise in insurance transactions and they have good litigation capability."
- Chambers & Partners Asia-Pacific
Overview
BKL advises leading global and domestic insurers and reinsurers on complex insurance transactions, disputes, governance, licensing and investigations by regulatory authorities in Korea. We work with clients across the world on transactions, governance and contentious issues.
Our clients benefit from our sector expertise and collaboration between attorneys and other professionals with practical experience in insurance regulation, product development, accounting and insurance policy.
We are committed to a thorough understanding of our clients’ businesses and developments in the industry. As well as major global and domestic insurers and reinsurers, we serve insurance federations, insurance development institutes and associations of insurance agents of Korea.
In addition to advising private insurance businesses, BKL’s expertise extends to trade insurance provided by Korea Trade Insurance Corporation, Korea Post’s postal savings insurance and other mutual-aid projects. We have close working relationships with Financial Services Commission and Financial Supervisory Service and provide advice on interpretation of regulations affecting the industry as well as research and policy consultations.
Key Services
Advice on insurance business
Advice on legal regulations regarding insurance business including the Insurance Business Act, the Act on Corporate Governance of Financial Companies and Financial Holding Companies Act
Advice on compliance for insurance company, GA, financial institution and insurance agent
Advice on authoritative interpretation and no-action letters by financial authorities
Advice on legitimacy of insurance clause and policy
Claims and disputes on insurance
Represents claims and disputes on life insurance, fire insurance, marine insurance and surety(credit) insurance
Represents claims and disputes on corporate insurance (package insurance, directors and officers liability insurance, contractors’ all risks insurance, erection all risks insurance) and reinsurance
Represents claims and disputes on asset management of insurance company and recourse claim
Advises on claim for interpretation of insurance clause
Establishment and acquisition of insurance companies
Provides related services including structuring of acquisition and joint venture and due diligence
Provides services related to authorization by financial authorities including license for insurance business, approval of merger of insurance company, approval of change of major shareholder, approval of transfer of insurance contract, acquisition of subsidiary of insurance company and registration of insurance agent
Represents and provides advice in relation to inspection and investigation conducted by regulatory authorities
Represents and advises in relation to Financial Supervisory Service’s comprehensive and partial inspection
Represents and advises in relation to Financial Supervisory Service’s regular inspection
Represents in Financial Supervisory Service’s disciplinary decision committee proceedings
Represents and advises in relation to administrative litigation regarding Financial Supervisory Service’s disciplinary action
Practice Areas
Representative Cases
Advised on claim for immediate annuity
Advised on establishment of new insurance company
Represented and advised in relation to Financial Supervisory Service’s comprehensive inspection for Hanwha Life Insurance/Samsung Life Insurance/Kyobo Life Insurance
Advice on insurance business
Advised on amendment of standard clauses of automobile insurance
Research on reorganization of commission system of medical indemnity insurance
Advised on change in regulation on commission of insurance planners
Advised on authoritative interpretation on REITs AMC’s consolidation of insurance company
Advised on reference clause of primary cancer for TongYang Life Insurance, Hanwha Life Insurance, Mirae Asset Life Insurance and ABL Life Insurance
Advised on application for innovative financial service of Mirae Asset Life Insurance’s open shared platform for insurance service and SCOR’s platform for support of health promoting insurance product
Advised DB Life Insurance on asset management
Advised MetLife on RBC system
Advised on authoritative interpretation on applicability of beneficiary certificate as share under Article 111(2) of Insurance Business Act
Advised on ways to expand out-of-pocket payment of auto insurance
Advised KB Insurance on response to cancellation notice on war risks of reinsurer in cargo insurance
Advised on launch of RV insurance product in meat loan
Advice on various special options of Carrot Insurance’s auto insurance
Advised on launch of RV insurance product for mobiles
Advised Lotte Insurance on directors and officers liability insurance
Advised KB Insurance on product liability insurance of battery
Claims and disputes on insurance
Advised on claim for reinsurance regarding recall of batteries
Advised on claim for reinsurance regarding National Federation of Fisheries Cooperatives’ aquaculture insurance
Advised on claim for insurance regarding duty to pay claim on implant removal surgery for hallux valgus
Advising on recovery claim regarding fire case of apartment in Asan
Advised on damages claim against insurer on the ground of insurance planner’s fraud
Advised on claim for contractors’ all risks insurance regarding collapse of retaining wall
Advised on claim for retrocession on contractors’ all risks insurance regarding Company S’s accident during bridge construction in Brunei
Advised on claim for product liability insurance regarding fire case of air conditioner
Advised on claim for directors and officers liability insurance regarding scalper case
Advised on claim for immediate annuity
Advised on claim involving erection all risks insurance regarding explosion case of turbine at thermoelectric power plant in Dangjin
Advised on and represented a claim for status of employee of insurance planners of ABL Life Insurance, Meritz Fire & Marine Insurance and Hanwha Insurance
Represented an arbitration case regarding disputes on NH Insurance’s insurance claim of nuclear power plant in Weolseong
Represented Korea Trade Insurance Corporation in a claim involving export insurance against Moneual’s 600-billion-won fraud
Represented a foreign reinsurer in its recovery claim regarding fire case of Goyang terminal and warehouse in Namyangju
Represented a major insurer in its recovery claim regarding explosion case of turbine at cogeneration plant in Byeollae
Represented major insurers involving a claim for accidental death benefit under insurance
Establishment and acquisition of insurance companies
Advising on merger between Shinhan Life Insurance and OrangeLife
Advised on acquisition of The-K insurance
Advised on acquisition of Lotte Insurance
Advised Samsung Fire & Marine Insurance on share investment in Lloyd’s Insurance
Advised IBK Insurance on change of condition of permission
Advised Hyundai Life on change of major shareholder
Advised on establishment of new insurance company
Represent and provide advice in relation to inspection and investigation conducted by regulatory authorities and disciplinary decision committee
Represented and advised in relation to Financial Supervisory Service’s comprehensive inspection for Hanwha Life Insurance/Samsung Life Insurance/Kyobo Life Insurance
Represented and advised in relation to Financial Supervisory Service’s partial inspection regarding operation for Lina Life Insurance
Represented and advised in relation to disciplinary decision committee for Hanhwa Life Insurance/Samsung Life Insurance
Advised DB Insurance and Meritz Fire & Marine Insurance on major issues regarding comprehensive inspection
Response to disciplinary decision committee regarding meat loan for TongYang Life Insurance
Represented Hanhwa Life Insurance in the disciplinary decision committee proceedings regarding accidental death benefit
Key Contacts
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Jaiyoung KimPartnerT. +82-2-3404-0168 -
Jongmin AnPartnerT. +82-2-3404-6514 -
Soohyun KimPartnerT. +82-2-3404-0957 -
Daljae ParkAssociateT. +82-2-3404-0294 -
Joo Eun LeeAssociateT. +82-2-3404-1964 -
Jeongwoo ChoiAssociateT. +82-2-3404-5885 -
Moonhwan JungAssociateT. +82-2-3404-5891 -
Yoon Jeong ParkSenior Foreign AttorneyT. +82-2-3404-7596
