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[Alpha Biz=(Chicago) Reporter Paul Lee] Samsung Fire & Marine Insurance was fined more than 900 million won by the Financial Supervisory Service for violating insurance contracts.
According to the financial sector on the 10th, the Financial Supervisory Service found the violation of the prohibition on the conclusion or recruitment of insurance contracts, the violation of the obligation to explain important matters of insurance contracts, and the obligation to comply with basic documents, and imposed a fine of 685 million won and notified them of the need for self-processing in an inspection of Samsung Fire & Marine Insurance.
Samsung Fire & Marine Insurance was found to have unfairly eliminated existing insurance by subscribing to new insurance without comparing the insurance period and scheduled interest rates of existing insurance contracts in relation to a total of 522 new insurance contracts.
It was also pointed out that Samsung Fire & Marine Insurance did not explain important matters for a total of 19 (KRW 12.4 million) dementia insurance contracts by omitting insurance exemptions in the product manual used when recruiting insurance contracts while selling insurance products from November 2020 to March 2021.
For a total of 153 insurance contracts, Samsung Fire & Marine Insurance was also found to have unfairly reduced or failed to pay KRW 21 million in insurance money, contrary to what was set out in the insurance terms and conditions.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
