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Insurance
Overview
Yoon & Yang’s Finance Practice presents optimal answers to clients that can substantially assist their decision-making process based on its high level of expertise and work experience related to a wide range of complicated legal and institutional issues faced by large insurance companies and their customers. Through a group of experts consisting of attorneys, senior advisors, and expert advisors who obtained multifaceted work experience in insurance while formerly serving in financial supervisory authorities, the Practice accurately identifies and addresses regulatory risks that arise in the insurance sector while facilitating clients’ communication with financial supervisory authorities in the course of conducting their insurance business.
Key Services
Licenses/permits and new businesses related to the insurance business
- Advising on the establishment requirements and procedures of insurance companies, digital-only insurance companies, and short-term micro-insurance companies
- Reviewing acquisition structures related to insurance company M&As and advising on legal due diligence
Insurance business conduct
- Reviewing insurance business-related regulations under the Insurance Business Act and the Act on the Protection of Financial Consumers
- Advising on governance and internal control systems under the Act on Corporate Governance of Financial Companies
- Advising on compliance related to insurance agencies, the insurance agencies of financial institutions, insurance brokers, and claim adjusters
Insurance disputes and interpretation of terms and conditions
Responding to financial supervisory authorities, such as inspections and sanctions
- Offering integrated advice on full-scope inspections and constant inspections of insurance companies
- Responding to sanction procedures of the Sanctions Review Committee and the Financial Services Commission
- Advising clients on authoritative interpretations and applications for no-action letters
Representative Cases
Licenses/permits and new businesses related to the insurance business
- Advised Hanwha Life Insurance on the spin-off of its sales organization and establishment of an insurance agency as a subsidiary
- Advised Hanwha Life Asset (insurance agency) on its merger with Hanwha Financial Asset (insurance agency)
- Advised Hanwha Life Insurance on its acquisition of a fintech company as its subsidiary
- Advised Samsung Life Insurance on its participation in the My Data business
- Advised Orange Life Insurance on its healthcare service provision
Insurance business conduct
- Advised NAVER on its insurance product comparison service
- Advised Hana Bank on its engagement in the insurance solicitation business as a consignment company
- Advised Hanwha Life Insurance on the sanction against policy switching by insurance solicitors and commission agreements
- Advised Meritz Fire & Marine Insurance on the method of calculating the RBC ratio
- Advised KB Insurance on the additional interest incurred on insurance contract loans
- Advised Hanwha Life Insurance on whether it must report the basic documents of the special terms and conditions of an insurance product
- Advised Kyobo Life Insurance on ways to outsource its claim adjustment business
Insurance disputes and interpretation of terms and conditions
- Advised AIG Insurance on the obligation to pay insurance proceeds related to a liability insurance policy
- Advised Samsung Life Insurance on the interpretation of the terms and conditions of the primary site clause of a cancer insurance policy
- Advised KB Insurance on the interpretation of the terms and conditions of a retirement pension product
- Represented KB Insurance in a cardssurance dispute
Responding to inspections and sanctions by financial supervisory authorities
- Represented Heungkuk Fire & Marine Insurance in litigation seeking the revocation of a Financial Services Commission disposition to impose penalty charges
- Responded to the warning and penalty surcharge sanction procedure related to an insurance company’s alleged breach of the terms and conditions and restricted transactions with large shareholders
- Responded to the inspection and sanction procedures related to a major insurance company’s alleged violation of regulations related to credit extensions to large shareholders
- Responded to the inspection and sanction procedures related to a major insurance company’s alleged omission of insurance proceeds payment and breach of its business manual
