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Samsung Life Insurance takes immediate annuity dispute to South Korean court

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Samsung Life Insurance takes immediate annuity dispute to South Korean court

Samsung Life Insurance Co. Ltd. filed a civil suit with the Seoul Central District Court against a policyholder's demand for compensation, in defiance of South Korea's financial regulator, the Korea JoongAng Daily reported.

The company wants the courts to make a ruling on the issue. It pledged to pay full compensation if the court rules in favor of the client.

The policyholder had initially filed a complaint with the Financial Supervisory Service, or FSS, which backed the client and ordered Samsung Life Insurance to compensate holders of the immediate annuity policy.

The regulator ruled in July that the company did not specifically mention in the contract that it trimmed part of the payout as a working expense. Samsung Life Insurance's board of directors opted to litigate the dispute.

Other insurers were also ordered to pay policyholders if deductions are not specifically mentioned in their contracts. Hanwha Life Insurance Co. Ltd. did not accept the order and asked for sufficient legal grounds before paying up.