Mirae Asset Life Insurance Loses Appeal in Immediate Annuity Case
[Asia Economy Reporter Changhwan Lee] Policyholders who filed a lawsuit against Mirae Asset Life Insurance for receiving less immediate annuity insurance payments won the appeal trial.
According to the industry on the 9th, the 1-2 Civil Division of the Seoul Eastern District Court ruled in favor of the plaintiffs in the appeal trial of the unpaid pension claim lawsuit filed by two immediate annuity policyholders, including Mr. Kim, against Mirae Asset Life Insurance.
Immediate annuity is a product where the policyholder deposits a lump sum and receives monthly insurance payments in the form of an annuity starting the following month. The plaintiffs are 'inheritance maturity type' policyholders who receive annuity payments for a certain period and then receive a refund of the principal upon maturity.
In 2018, financial consumer organizations such as the Financial Consumer Federation gathered policyholders and filed a joint lawsuit, claiming that life insurance companies arbitrarily deducted maturity refund funds from immediate annuity policyholders and paid less insurance money.
Subsequently, in the first trial of the joint lawsuit, the plaintiffs won successive victories against Mirae Asset Life Insurance, Dongyang Life Insurance, Kyobo Life Insurance, Samsung Life Insurance, and Hanwha Life Insurance.
In November last year, the first trial court pointed out that Mirae Asset Life Insurance did not specify in the terms and conditions the deduction for the payment of maturity insurance funds, nor did it explain the deduction to the policyholders, and ruled in favor of the plaintiffs. Mirae Asset Life Insurance appealed against this decision.
After losing again in the appeal trial following the first trial, Mirae Asset Life Insurance stated, "We will review the judgment and discuss with our law firm to decide whether to file an appeal."
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Meanwhile, in 2018, when the immediate annuity dispute arose, the Financial Supervisory Service's Dispute Mediation Committee recommended that life insurance companies pay more insurance money, but Samsung Life Insurance, Hanwha Life Insurance, Kyobo Life Insurance, Dongyang Life Insurance, Mirae Asset Life Insurance, KB Life Insurance, and others rejected this.
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