Kim & Chang’s insurance team, led by Jay Ahn, provides comprehensive insurance-related advice including regulatory, licensing, commercial matters, and litigation representing insurers, reinsurers, and brokers throughout Korea. Jae Ho Baek assists with a broad range of matters, including advising the establishment of insurance branches, subsidiaries, brokerages and agencies, as well as assisting these institutions with ongoing regulatory compliance issues. Hyun Wook Shin has extensive experience in advising insurance companies on various matters, including the establishment of an insurance company, M&A, license applications, regulatory compliance, and privacy matters.
Insurance: local firms in South Korea
Kim & Chang
Praxisleiter:
Jay Ahn
Weitere Kernanwälte:
Jae Ho Baek; Kevin L.Todd; Hyun Wook Shin; Yang-Su Moon; Sang Mi Baek; Joon Young Kim
Referenzen
‘The team has the best human network and has a high understanding of the insurance industry and, if necessary, offers opinions that can become the new standard.’
‘Sang Mi Baek, based on an understanding of the insurance industry and data protection laws, provides necessary advice to fintech companies.’
Kernmandanten
Samsung Life Insurance Co., Ltd.
Samsung Fire & Marine Insurance Co., Ltd.
Hyundai Marine and Fire Insurance Co., Ltd.
AIA Life Insurance Co., Ltd.
LINA Life Insurance Company of Korea
ACE American Fire Marine Insurance Co., Ltd. Korea Branch
KB Insurance Co., Ltd.
Korean Reinsurance Company
KB Life Insurance
Heungkuk Life Insurance
Shinhan Life Insurance Co., Ltd.
AIG (American International Group) Korea Inc.
Highlight-Mandate
- Advised Korean insurance companies on proposed amendments to the Enforcement Decree of the Korean Commercial Code regarding dividend distributions.
- Advice on amendments to regulations restricting the sales ratio of insurance products of a single insurance company by credit card companies.
- Advised on insurance business license application of Starr Insurance International Seoul Branch.
Lee & Ko
Led by Jin Hong Kwon, who is also involved in the firm’s financial services and compliance division, Lee & Ko’s insurance and reinsurance practice is recognised for its proficiency in handling regulatory compliance, dispute resolution and transactional matters both locally and internationally. Jin Young Jung stands out for his strong focus on insurance issues, shipping and commercial disputes as well as energy and natural resources. Sae Um Kim also plays a key role with experience as counsel to major international and domestic insurers and reinsurers in claims litigation, policy review and regulatory advice with regard to cross-border setups and insurance brokerage regulation.
Praxisleiter:
Jin Hong Kwon
Weitere Kernanwälte:
Jin Young Jung; Sae Um Kim; Yang Ho Yoon; Min Sik Kim
Referenzen
‘The insurance team has in-depth knowledge and experience with the industries and wide-ranging networks.’
‘I have been working closely with Jin Hong Kwon. Based on in-depth knowledge and robust experience with the industry, the lawyer deeply understands the needs of clients and the focus of the issues. He is the kind of professional who I want to contact the most when I need advice in an urgent situation.’
‘Lee & Ko’s insurance team knows many precedents about domestic and international insurance cases. The attorney’s abilities are unrivalled.’
Kernmandanten
ABL Life Insurance Co., Ltd., formerly known as Allianz Life Insurance Co., Ltd.
Ace American Fire Marine Insurance Co., Ltd (Korea Branch)
AIA Group Limited (AIA Korea)
AIG (American International Group) Insurance Co., Ltd.
Allianz SE, Singapore Branch
Allied World Assurance Company Ltd.
Aon Korea Inc.
Aon PLC
Aon Singapore Pte. Ltd.
Apple Europe Limited
Arch MI Asia Limited
Arthur J. Gallagher & Co.
Assicurazioni Generali S.p.A. (Hong Kong)
AXA Life Insurance Co., Ltd.
Berkley Re
BNP Paribas Cardif General Insurance Co., Ltd.
BNP Paribas Cardif Life Insurance Co., Ltd.
Chubb Life Insurance Co., Ltd.
CNA Hardy
Compagnie Française d’Assurance pour le Commerce Extérieur
Corstone Asia
DB Insurance Co., Ltd.
DB Life Insurance Co., Ltd.
Euler Hermes Hong Kong Services Limited
Euler Hermes Korea Non-Life Broker, Co., Ltd.
FM Global
Fubon Hyundai Life Insurance Co., Ltd.
Fusion Specialty Insurance Pty Ltd
General Insurance Association of Korea
General Reinsurance Corporation
Hanjin Busan Newport Co., Ltd.
Hannover Re Malaysia
Hanwha General Insurance Co., Ltd.
Hanwha Life Insurance Co., Ltd.
Heungkuk Fire Marine Insurance Co., Ltd.
Heungkuk Life Insurance
Hyundai Marine and Fire Insurance Co., Ltd.
Insurance Agency Association
Jardine Lloyd Thompson (JLT) Asia Limited (now known as Marsh)
KB Insurance Co., Ltd.
Korea General Insurance Association
Korea Life Insurance Association
Korea Shipping Association
Korea Trade Insurance Corporation
Korean Reinsurance Company
Kyobo Life Insurance Co., Ltd.
LG Energy Solution
LINA Life Insurance Company of Korea
M Finance Service Co., Ltd.
Meritz Fire & Marine Insurance Co., Ltd.
MetLife Insurance Co., Ltd.
Mirae Asset Life Insurance Co., Ltd.
Munich Reinsurance Company, Korea Branch
Pacific Life Re
POSCO Engineering & Construction Co., Ltd.
RGA Reinsurance Company
Risk Point A/S
Sangsangin Industry Co., Ltd.
Samsung Fire & Marine Insurance Co., Ltd.
Samsung Life Insurance Co., Ltd.
Seoul Guarantee Insurance Corporation
Shinhan Life Insurance Co., Ltd.
SK Engineering & Construction Co., Ltd.
Sompo Japan Nipponkoa Insurance Inc.
Swiss Reinsurance Company Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Vesttoo Korea Co., Ltd.
Zurich Insurance Group
Zurich Life Insurance(Hong Kong)
Highlight-Mandate
- Provided legal counsel for the Insurance Agency Association regarding an autonomous agreement to address issues of excessive competition among insurance agencies.
- Advised Chubb Asia Pacific Pte. Ltd. on the deed of indemnity with LG Energy Solution, Ltd.
- Representing SK Ecoplant Co., Ltd. with respect to a dispute relating to an insurance claim arising from the losses caused by a tunnel construction in the Busan-Masan Double Track Private Investment Project.
Bae, Kim & Lee LLC
Bae, Kim & Lee LLC, led by Jaiyoung Kim, acts for Korean and international insurers and reinsurers on complex insurance matters, including corporate transactions, regulatory guidance, and dispute resolution through litigation and arbitration. The team works closely with specialists across the firm’s practice groups. Kim is particularly noted for his focus on financial authority investigations and sanctions. Jong Min An brings significant expertise in regulatory issues, while Dal Jae Park is also a key contributor to the practice’s strength.
Praxisleiter:
Jaiyoung Kim
Weitere Kernanwälte:
Jong Min An; Soo Hyun Kim; Dal Jae Park
Kernmandanten
NongHyup Life Insurance Co.,Ltd
DB INSURANCE CO., LTD.
Hanwha Life Corp.
Hyundai Marine & Fire Insurance Co., Ltd
KB INSURANCE
KB Life Insurance
Korean Reinsurance Company
Samsung Fire & Marine Insurance
Samsung Life Insurance
Mirae Asset Life Insurance Co., Ltd
Highlight-Mandate
- Advised on the Korean Reinsurance Company’s regular inspection by the Financial Supervisory Service.
- Advised HANKOOK TIRE & TECHNOLOGY on whether damages by fire accident are included in the scope of the insurance coverage.
- Advised DB Insurance on the insurance claims caused by steam leakage accidents in the Yeosu Industrial Complex.
Shin & Kim
Shin & Kim’s insurance team excels in regulatory compliance, transactions, insurance coverage and claims litigation, handling diverse and complex matters for insurers, reinsurers, brokers, and agents. The group collaborates closely with the firm’s litigation department, offering expertise in areas such as business interruption and professional liability. Leading the practice is, Ji Hoon Kim, known for his deep knowledge of life insurance issues, enhancing the team’s well-rounded capabilities in both advisory and contentious matters. So Youn Kim is also a key player in the practice with strengths in advising on various issues arising during the FSS’s inspection of insurance companies, reviewing T&C’s and representing clients in cases involving large-scale insurance payments.
Praxisleiter:
Ji Hoon Kim
Weitere Kernanwälte:
So Youn Kim; Hankyung Yu; Seyon Baek
Referenzen
‘They know exactly what clients want and show us a deep understanding of the insurance sector.’
‘Insightful insurance knowledge, especially in construction insurance policies and property all risks cover policy. Skillful debate on technical engineering issues such as faulty design, defective workmanship and so on.’
Kernmandanten
KB Insurance Co., Ltd.
Meritz Fire & Marine Insurance Co., Ltd
Samsung Fire & Marine Insurance Co. Ltd.
Hyundai Marine & Fire Insurance Co, Ltd
DB Insurance Co., Ltd.
KDB Life Insurance Co., Ltd.
General Insurance Association of Korea
Seoul Guarantee Insurance (SGI)
Korea Trade Insurance Corporation
Citi IBD Financial Institutions Group
Kakao Pay Insurance Corporation
Korean Reinsurance Company
BNP Paribas Cardif Life Insurance
Heungkuk Fire & Marine Insurance
Kyobo Life Insurance
ABL Life Insurance
Nonghyup Property and Casualty Insurance
Samsung Life Insurance
Hanwha Life Insurance
Chubb Life Insurance
Highlight-Mandate
- Represented KB Insurance Co., Ltd. and Construction Guarantee Cooperative in a claim for Construction work insurance.
- Advised DB Insurance Co., Ltd. on corporate response strategies against regulations under the Korean Insurance Business Act and the Japanese Insurance Business Act.
- Advised Citi IBD Financial Institutions Group on Korea’s co-reinsurance regulatory and market trends.
Yulchon
Yulchon’s insurance team is co-led by Young Su Shin, known for his corporate and financial expertise, and Hyeon Hwa Shin. The team has a strong reputation for offering a comprehensive range of insurance services, including transactional, regulatory, investment, dispute resolution as well as restructuring and insolvency relating to insurance or insurers. The team is bolstered by experts in the team from the Financial Supervisory Services and Financial Services Commission.
Praxisleiter:
Young Su Shin; Hyeon Hwa Shin
Weitere Kernanwälte:
Joo Han Maeng; Tehyok Daniel Yi; Hyo Jaong Doh
Referenzen
‘They don’t hesitate to contact and communicate with clients and always give quick responses.’
‘Yulchon LLC was committed to reviewing and executing relevant legal issues in the merger consultation between insurance companies, including the licensing process of the Financial Supervisory Authority.’
‘Hyun Hwa Shin provided legal advice and helped in the operation of the company. They handled legal matters in a stable manner and were of practical help.’
Kernmandanten
Allianz Group
Prudential Group.
AIA Group
Liberty Global Transaction Solutions
AIG Insurance Hong Kong Limited
ABL Life Insurance Co., Ltd.
Carrot General Insurance Co., Ltd.
DB Insurance Co., Ltd.
DB Life Insurance Co., Ltd.
DGB Life Insurance Co., Ltd.
Financial Supervisory Service / Financial Services Commission (Korean Government)
Fubon Hyundai Life Insurance Co., Ltd.
Hana Life Insurance Co., Ltd.
Hanwha Insurance Co., Ltd.
Hanwha Life Financial Service Co., Ltd.
Hanwha Life Insurance Co., Ltd.
Hyundai Marine & Fire Insurance Co., Ltd.
KB Insurance Co., Ltd.
KB Life Insurance Co., Ltd.
KDB Life Insurance Co., Ltd.
Korea General Insurance Association
Korea Insurance Institute
Korea Life Insurance Association
Korean Reinsurance Co., Ltd.
Kyobo Life Insurance Co., Ltd.
Kyobo Lifeplanet Life Insurance Co., Ltd.
LINA Life Insurance Co., Ltd.
Lotte Insurance Co., Ltd.
Meritz Fire & Marine Insurance Co., Ltd.
MetLife Insurance Co., Ltd.
Mirae Asset Life Insurance Co., Ltd.
NH Life Insurance Co., Ltd.
Samsung Fire & marine Insurance Co., Ltd.
Samsung Life Insurance Co., Ltd.
Seoul Guarantee Insurance Company Ltd.
Shinhan Life Insurance Co., Ltd.
Tongyang Life Insurance Co., Ltd.
Highlight-Mandate
- Advised DB Insurance Co., Ltd. on the acquisition of controlling stakes in two of the top 10 property insurance companies in Vietnam.
- Advised Samsung Life Insurance on its purchase of a 20% equity interest in Meridiam SAS, a French infrastructure investment manager.
- Acted for KB Insurance Co., Ltd. in a lawsuit filed by a beneficiary of an insurance policy for insurance proceeds.
Jipyong LLC
Jipyong LLC’s insurance team provides comprehensive advice to leading domestic insurers on all matters pertaining to insurance including the interpretation of contracts, insurance disputes and the provision of advice on insurance regulations. The practice is continuing to expand into the InsurTech space, focusing on AI, blockchain, and fintech innovations. Byoung Moon Choi, who leads the team, is highly experienced in financial regulatory matters, further strengthening the firm’s capabilities in the sector.
Praxisleiter:
Byoung Moon Choi
Kernmandanten
Korean Insurers
A domestic securities firm
Nonghyup Life Insurance
Life Insurance Company
Component manufacturers and sellers, and insurance companies
Shinhan Life Insurance Co., Ltd.
An insurance company
Insurance Company
A life insurance company
Insurance company
Highlight-Mandate
- Represented the insurance company in an insurance claim related to the death of a pregnant Cambodian wife.
- Represented the client in litigation related to the statute of limitations of a claim for restitution of the deposit insurance premiums under the Depositor Protection Act of Korea.
- Represented an insurer in a claim for payment of death benefits under life insurance regarding the death of the insured occurring after the insurance period.
Yoon & Yang LLC
Yoon & Yang LLC’s insurance team is noted for its expertise in regulatory matters, licensing, and dispute resolution, with a significant focus on international litigation and arbitration, representing both Korean and global insurers. The team is particularly strong in marine insurance and is led by Hwang Lim Jang, who has extensive experience in securities and financial regulation, including insurance companies. Chongsu Seo has advised and represented a number of domestic and foreign clients in major insurance-related disputes.
Praxisleiter:
Hwang Lim Jang
Weitere Kernanwälte:
Chongsu Seo; Chang Hun Han; Seung Jae Yeon
Referenzen
‘The arbitration team is one of the strongest in Korea.’
‘Their collaboration between different field lawyers is very good.’
‘Seung Jae Yeon is an outstanding professional in the insurance regulatory field. He has experience working in FSC, which is the regulatory institution for the insurance industry; hence he has a very deep knowledge of the insurance regulations.’
Kernmandanten
KB Insurance Co., Ltd.
AIG Korea Inc
SAMSUNG FIRE & MARINE INSURANCE CO.,LTD
Meritz Fire & Marine Insurance CO., Ltd
HANWHA LIFE INSURANCE CO., LTD.
Swiss Re AG
Pacific Life Re Ltd.
Hanwha Life Financial Services Co, Ltd.
Highlight-Mandate
- Represented KB Insurance Co., Ltd. in a pivotal lawsuit addressing incomplete insurance sales through telemarketing. Their efforts culminated in a landmark Supreme Court decision establishing a precedent where insurance companies bear 30% responsibility and credit card companies, acting as insurance agents, bear 70% responsibility for refunding related fees.
- Represented Meritz Fire & Marine Insurance Co., Ltd., overturning an initial loss in court and securing a favourable outcome on appeal. The case centred on whether reimbursements from a risk-sharing scheme should be covered under the insured’s medical insurance policy.