Insurance

"They have expertise in insurance transactions and they have good litigation capability."

- Chambers & Partners Asia-Pacific

Overview Key Services Practices Representative Cases Key Contacts Related Content

Overview

BKL draws on its extensive experience and expertise in the full spectrum of the insurance industry to provide comprehensive and integrated solutions for various needs related to the insurance industry, including advisory services for insurance disputes and regulations, approvals and licenses for insurers and underwriting, and response to inspections and investigations from financial supervisory authorities.

One-stop integrated services across the insurance industry

BKL provides effective legal services enabled by seamless cooperation between professionals well versed in their practice and high-caliber attorneys with long years of extensive experience in the field of insurance, including insurance regulations, plans, channels, personal (credit) information, accounting, actuarial science, and risk.

BKL leverages its insurance capabilities to provide prompt and comprehensive legal services that cater to the needs of its clients across the full spectrum of insurance including conventional litigation and advisory services for insurance, as well as approvals and licenses, M&As, regulations, and response to inspections and investigations from supervisory authorities. Our clients include major Korean insurers and reinsurers, as well as related organizations such as insurance associations and the Korea Insurance Development Institute and prestigious foreign insurers.

BKL provides research and policy advisory services for insurance-related organizations. 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.

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

Our Team

Insurance

Overview

Key Services

Practice Areas

Representative Cases

Key Contacts

Related Content

Practice Areas

Share