Insurance
Asia-Pacific Guide 2025 : South Korea
Band 2
Email address
[email protected]Contact number
+82 2 3404 0000About
Provided by Bae, Kim & Lee LLC
BKL’s insurance practice group represents a number of major foreign and domestic insurance companies and reinsurance organizations on all its legal matters. The group offers its clients with a comprehensive approach to the regulatory and claims issues specifically affecting the insurance business. Calling on its large reserve of experience, BKL’s insurance team regularly advises clients on insurance policies and products, claim administration, negotiation and defense, and reinsurance treaties.
The practice group has also, in close cooperation with specialists from other practice groups, assisted insurer clients on a wide range of corporate transactions, including mergers and acquisitions and joint ventures, as well as issues of commercial lending and other financial services. BKL recently handled, on behalf of the Korean government, a restructuring project involving seven life insurance companies, which was the largest restructuring of its kind in Korea. The practice group also assisted several multinational life insurance companies in their mergers and acquisitions in Korea.
As an important supplement to its advice and assistance to private clients, the insurance practice group is a legal advisor on policymaking to the Financial Supervisory Service, which is the government agency in Korea primarily responsible for oversight of the insurance industry.
Chambers Review
Bae, Kim & Lee's legal team in South Korea is well placed to support major domestic and international insurers in transactional matters, dispute resolution and regulatory work. The firm demonstrates additional expertise in assisting insurance companies with the development of new products, as well as providing advice on claims brought under insurance and reinsurance policies and general business operations. It is particularly adept at advising foreign insurers and reinsurers on their cross-border operations in Korea. The team offers experience advising insurers with regard to investigations and sanctions by the Financial Supervisory Service.
Work Highlights
- Bae, Kim & Lee conducted a review of insurance coverage for Hankook Tire & Technology in regard to a large-scale fire accident.
Strengths
Provided by Chambers
"Bae, Kim & Lee offer prompt advisory responses, and I find their quality is exceptional."
"Bae, Kim & Lee offer prompt advisory responses, and I find their quality is exceptional."
Notable Practitioners
Kim Jaiyoung has vast experience in the insurance industry, including working as a public prosecutor. He provides counsel to numerous Korean and international insurance companies. He has expertise in regulatory matters, financial supervisory authorities' investigations and sanctions, as well as guarantee insurance and reinsurance.
An Jong Min offers expertise in a broad range of insurance mandates, covering both contentious and regulatory matters. He regularly acts for Korean insurance entities and corporates.
"An Jong Min is a lawyer I want to work with due to his excellent expertise, skills and quick response rate."