The Financial Supervisory Service refunded an unfairly charged automobile insurance premium of 1.57 billion won to 3,426 victims of automobile insurance fraud last year. This is an increase of about 28.7% (350 million won) from the previous year (1.22 billion won).
On the 7th, the FSS announced the results of the refund of the automobile insurance fraud surcharge premiums. Expanding the scope from June 2009 to last year, approximately 22,000 victims were refunded about 9.9 billion won in surcharged premiums.
The FSS found no particular problems in its inspection of the automobile insurance fraud victim relief procedures against 12 non-life insurance companies. Although it was revealed that some non-life insurers did not share victim information, it was concluded that most complied with related procedures, such as notifying the victims.
The FSS said, "We will continue to strive to ensure that the surcharged premiums are thoroughly refunded to victims of automobile insurance fraud," and noted, "We plan to review and promote the contribution of unrefunded long-term surcharges through dormant insurance funds for systematic management."