Insurance
Asia-Pacific Guide 2024 : South Korea
Band 1
Email address
[email protected]Contact number
+82 2 772 4000About
Provided by Lee & Ko
Lee & Ko’s Insurance & Reinsurance Practice Group has a solid reputation for consistently providing top tier legal services in three main areas of practice including regulatory compliance, dispute resolution, and transactional matters for local and foreign clients throughout the world.
Lee & Ko has advised a notable Korean life insurer on its defence against monetary sanctions imposed by the Financial Supervisory Service that has received considerable press attention. In regards to dispute resolution matters, it is currently representing a leading Korean construction company on its potential insurance claim dispute against a major Korean non-life insurer over property damage arising from explosion of ESS equipment. Recent noteworthy transactional matters of Lee & Ko include, without limitation, acquisition by the largest broker worldwide of a UK-based competitor with a global transaction value of USD 5.6 billion.
From top to bottom, the Insurance & Reinsurance Practice Group is comprised of a diverse group of professionals including Korean and foreign attorneys, senior advisors, accountants and consultants with former officials from the Financial Services Commission, Financial Supervisory Service, the National Tax Service as well as other governmental bodies. It has the specialist insurance knowledge clients would expect of a market leading insurance team, coupled with a well-rounded view of the sector to provide clients with commercial advice in the most efficient manner.
Chambers Review
Lee & Ko has a leading full-service legal offering for insurance claims, disputes and regulatory advice in South Korea, with an impressive client roster of prominent insurers and reinsurers. The firm is especially active on claims relating to major accidents, particularly in the shipping and property sectors. It also advises clients in the insurance industry on M&A transactions, licensing, insurance product development and data protection. The team includes former members of the Financial Supervisory Service and other financial authorities. It draws on additional expertise from the firm's shipping and aviation practice groups. Its key clients include Kyobo Life Insurance, Hannover RE and Fubon Hyundai Life Insurance.
Work Highlights
- Lee & Ko acted for Kyobo Life Insurance in a joint lawsuit, filed by various policyholders, relating to a dispute over a certain type of immediate annuity. The policyholders alleged that because Kyobo Life failed to meet its duty to explain a specific policy term regarding an accrued interest deduction, purportedly set aside to refund the single premium to the beneficiaries at maturity, they should not be bound by that term.
Strengths
Provided by Chambers
"I was impressed mostly with the professionalism of the attorneys and staff, their willingness to be of help and sincerity to accommodate clients' needs."
"We are happy with their work - very comprehensive and right to the point."
"I was impressed mostly with the professionalism of the attorneys and staff, their willingness to be of help and sincerity to accommodate clients' needs."
"We are happy with their work - very comprehensive and right to the point."
Notable Practitioners
Jung Jinyoung brings to bear extensive experience in the insurance area in South Korea. He is particularly well respected for his expertise in marine insurance matters, and often handles insurance-related disputes.
"He has obtained a lot of outstanding results for his clients. I respect him."
Ranked Lawyers at
Lee & Ko
South Korea
Members
Provided by Lee & Ko