Samsung Life Insurance Reaches Agreement with Cancer Insurance Policyholders After 542 Days

[Asia Economy Reporter Ki Ha-young] The conflict between Samsung Life Insurance and cancer insurance policyholders, which lasted for over a year due to unpaid hospitalization fees at long-term care hospitals, has come to an end.

According to the insurance industry on the 9th, Samsung Life Insurance reached an agreement with members of the "Cancer Patients' Association Against Insurance Companies (Boammo)" on the same day. Boammo members agreed to withdraw from their 542-day occupation protest that began in January last year in front of Samsung Life Insurance headquarters and also vacated the second-floor customer center they had occupied.

Regarding the settlement, Samsung Life Insurance and Boammo jointly stated, "Although belated, we are relieved that this regrettable situation has been resolved, and we thank all those who helped."

Until now, Samsung Life Insurance and Boammo members had been in dispute over the issue of unpaid cancer hospitalization fees. The contention was whether cancer insurance should cover hospitalization fees when a cancer insurance policyholder is admitted to a long-term care hospital not directly related to cancer treatment. The wording in the cancer insurance policy was the root cause of the problem.

Although the court ruled in favor of Samsung Life Insurance in the lawsuit filed by the Boammo representative demanding payment of cancer hospitalization fees, the Financial Supervisory Service issued a "formal warning" to Samsung Life Insurance at the end of last year, offering an interpretation different from the court's. Consequently, Boammo members have been requesting the Financial Services Commission to confirm a severe disciplinary action against Samsung Life Insurance and to issue an order for payment of the unpaid cancer hospitalization insurance benefits.

This content was produced with the assistance of AI translation services.