Easier Insurance Cancellation by Phone... Amendment Passed in National Assembly Plenary Session

[Asia Economy Reporter Park Cheol-eung] Starting early next year, it will be possible to easily cancel insurance policies through non-face-to-face methods such as phone calls. The amendment to the Insurance Business Act containing this provision passed the National Assembly plenary session on the 23rd and will be implemented six months later.

Under the current law, cancellation of insurance contracts via communication means is only allowed if the subscriber agreed at the time of contract conclusion, which has been criticized for not meeting the increasing demand for non-face-to-face services.

Accordingly, even if the subscriber did not agree at the time of the insurance contract, cancellation via communication means will be possible if the subscriber personally requests it and identity verification is possible. It is expected that the costs of canceling insurance contracts by visiting insurance companies or insurance agencies will be reduced, and convenience for socially vulnerable groups such as the elderly and disabled will be further enhanced.

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