Establishment of Business Presence: Major American, European and Japanese insurance companies regularly seek our advice in connection with the establishment of their subsidiary or branch in Korea. We provide assistance with respect to all aspects of the regulatory approval process for such establishment, including preparing regulatory filings to obtain the required licenses, and registering newly established companies.
Regulatory Compliance: The Korean insurance industry is a highly regulated industry, which is subject to regulatory supervision at all key phases of business operation, including product development, insurance solicitation, solvency and asset management/investment.
Accordingly, compliance with applicable laws and regulations is essential to the success of the business, and we help our clients identify and comply with such laws and regulations in the face of a continuously evolving regulatory framework. Furthermore, we regularly advise clients on identifying any gaps in compliance programs and developing adequate compliance programs. We also advise insurance brokers with respect to applicable regulations and compliance.
Regulatory Audit: Insurance companies and other entities engaged in insurance-related businesses are subject to strict regulatory audits by the Korean insurance regulatory bodies. We advise clients in connection with issues identified during regulatory audits and help our clients address sanctions and other governmental actions resulting from such audits.
Mergers & Acquisitions: We advise insurance and reinsurance companies, financial institutions and other industry participants on M&A, joint venture and other corporate transactions in the Korean insurance industry. Utilizing our firm’s market leading capabilities, we have assisted many of the world’s leading insurance companies complete complex M&A and other corporate transactions in the Korean market.
Reinsurance/Cross-Border Sales: We advise insurance companies and reinsurance companies on reinsurance transactions. In addition to providing structural and regulatory advice on reinsurance agreements, we provide legal advice on cross-border sales of non-admitted insurance products by foreign insurers in Korea.
Transactional Support: In connection with M&A transactions, we also perform insurance-related due diligence and draft and negotiate insurance provisions in the relevant transactional documents.
Insurance Litigation and Disputes
In collaboration with our firm’s Litigation & Arbitration Practice, we represent clients in litigation or arbitration proceedings involving insurance claims, subrogation and other insurance related disputes.
Insurance Tax and HR
In collaboration with our firm’s Tax Practice and Labor & Employment Practice, we provide tax and HR advisory consulting for insurance businesses.
We have represented numerous domestic and foreign insurance companies, reinsurance companies, insurance agents and insurance brokers.
- Sale of Orange Life Insurance to Shinhan Financial.
- Acquisition of Tong Yang Life by VOGO Fund.
- Approval for change of large shareholder for ING Life and KB Life.
- Acquisition of ERGO Daum Direct by AXA Group.
- Investment in Kyobo Life by Affinity Equity Partners and other investors.
- Approval of AIA Life Insurance’s conversion from a branch to a local subsidiary.
- Approval on non-life insurance business and establishment of a local branch for Allianz Global Corporate & Specialty.
- Approval on establishment of a reinsurance branch for Pacific Life Re and ACR.
- Approval of Chartis’ conversion from a branch to a local subsidiary.
- Establishment of an insurance branch for Genworth Mortgage Insurance.
- Establishment of a reinsurance branch for United Guaranty.
- Approval of Meritz Insurance’s financial holding company.
- Establishment of a reinsurance branch for Hanover Re.
- Represented a life insurance company obtain a decision denying the employee status of telemarketing insurance solicitor.
- Obtained a partial payment of insurance proceeds through court mediation procedures in connection with a lawsuit involving an export insurance claim against the Korea Trade Insurance Corporation.
- Prevailed in a lawsuit involving a naval vessel assembly insurance claim.
New Regulations Modify Low-Surrender-Value Insurance Products, Strengthen Competitiveness of Insurance Business and Reinforce Consumer Protection2020.09.28
Proposed Legislation for the Act on Supervision of Financial Groups Submitted to the National Assembly’s Plenary Session2020.09.28
Kim & Chang Legal Newsletter (2020 Issue 3)2020.09.28
“Outstanding” Across All 24 Categories and 55 “Leading Lawyers” – Asialaw Profiles 2021 and Asialaw Leading Lawyers 20212020.09.18
The 13th Asia Insurance Forum2020.07.24
Coinsurance Is Introduced, Along with Eased Restrictions on Insurers’ Management of Foreign Currency Assets2020.07.03