Samsung Life Immediate Annuity Lawsuit, Court Verdict Today After 3 Years
First Trial Verdict in Insurance Refund Claim Lawsuit
[Asia Economy Reporter Ki Ha-young] The first trial verdict in the Samsung Life Insurance immediate annuity lawsuit involving payments worth approximately 430 billion KRW will be announced on the 21st. It has been about three years since the lawsuit was filed.
The Seoul Central District Court Civil Division 25 will hold the verdict hearing at 2 p.m. on the same day for the insurance payment lawsuit filed by 57 plaintiffs, including Mr. A, against Samsung Life Insurance.
Immediate annuity is a product where subscribers deposit a lump sum and start receiving monthly insurance payments in the form of an annuity from the following month. The plaintiffs are 'inheritance maturity type' subscribers who receive annuities for a certain period and then get a refund of the principal upon maturity.
Samsung Life Insurance and other life insurers selling immediate annuities calculate the monthly annuity amount by applying the announced interest rate to the net premium (the premium paid minus business expenses), deducting a portion to secure funds for maturity refunds to maturity-type subscribers.
The subscribers filed complaints with financial authorities in 2017, arguing that such deductions were not clearly stated in the policy terms and that the insurers did not provide clear explanations, which led to disputes over unpaid immediate annuity payments.
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The Financial Supervisory Service (FSS) Dispute Mediation Committee ruled that insurers must pay the underpaid insurance money, and the FSS recommended that insurers pay the remaining subscribers as well. However, Samsung Life Insurance, Hanwha Life Insurance, Kyobo Life Insurance, Tongyang Life Insurance, Mirae Asset Life Insurance, and KB Life Insurance refused, leading to litigation. The scale of the immediate annuity unpaid dispute identified by the FSS in 2018 was 160,000 people and 800 billion to 1 trillion KRW. Among them, Samsung Life Insurance accounted for the largest portion with 55,000 people and 430 billion KRW. Hanwha Life Insurance and Kyobo Life Insurance were identified with 85 billion KRW and 70 billion KRW, respectively.
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