Financial Authorities to Strengthen Insurance Fraud Investigation Authority... Effective from August 14

 

 

 

The financial authorities will significantly strengthen their authority to investigate insurance fraud starting from the 14th of next month.

The Financial Services Commission announced on the 30th that the Cabinet approved the amendment to the Enforcement Decree of the Special Act on Insurance Fraud Prevention.

The purpose of this amendment is to establish a legal basis to prevent insurance fraud and to conduct more active investigations into occurring insurance fraud cases.

According to the amendment, financial authorities can request necessary data for investigating insurance fraud from related agencies such as the National Health Insurance Service and the Workers' Compensation and Welfare Service.

This is expected to facilitate more efficient investigations into cases of insurance fraud, such as false insurance claims or intentional accidents.

Additionally, the authorities are granted the power to investigate websites and social media platforms that promote or encourage insurance fraud.

Insurance companies must inform policyholders if insurance premiums have been unfairly increased due to insurance fraud related to car accidents, and they must guide them through the refund process.

While some insurance companies have voluntarily informed policyholders of these procedures, the amendment mandates that all insurance companies must perform these duties.

The financial authorities plan to automatically request a review from the Korea Communications Standards Commission or request an investigation by the police if there is suspicion of solicitation, inducement, or advertising of insurance fraud. This is expected to strengthen the crackdown on illegal insurance fraud activities.

At the request of investigative agencies, the Health Insurance Review and Assessment Service will establish hospitalization appropriateness criteria, considering patient characteristics and medical validity, and announce them on their website.

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Financial Authorities to Strengthen Insurance Fraud Investigation Authority... Effective from August 14