In a fast-changing environment where reactivity is paramount, Lee & Ko’s Insurance Practice Group provides high-quality services that put our clients one step ahead. Our Group also boasts unrivaled expertise in aviation and maritime insurance and reinsurance.

Korea has one of the most competitive insurance industries in the world. In this industry known for its fast-evolving competitive landscape, products, and regulations, astute legal advice is essential to secure a competitive advantage. With a team of highly specialized professionals, our Insurance Practice Group can offer such advice to our clients in all aspects of the insurance business, including, without limitation, incorporation of insurance companies, establishment of branch offices of foreign insurance companies, regulatory advice on compliance issues, acquisitions of or joint ventures with domestic insurance companies and insurance litigations.

In addition, our Group possesses unmatched legal expertise in specific types of insurance product, such as aviation and maritime insurance and reinsurance. Based on the specialized know-how and expertise gained through years of experience in the field, our Group is well-positioned to deliver efficient and qualitative legal services that will help our clients leap ahead of their competitors.

Expertise

M&A, Joint Ventures, and Other Corporate Transactions
ased on in-depth expertise and broad transactional experience, we offer top-quality advice on M&A, joint venture and other corporate transactions involving insurance companies, including on structuring takeovers, conducting due diligence, documenting key agreements, or applying for licenses and permits.

IPO
We advise on every aspect of an IPO of insurance companies, which include the provision of highly relevant information on the various IPO related laws and regulations, issuance of legal opinions on an IPO, assistance in preparing preliminary review applications for an IPO evaluation or registration statements.

Asset Management
In relation to the asset management of an insurance company, we advise our clients on real estate investment and SOC investment at home and abroad, as well as investment in various funds (including special types of funds such as real estate funds and shipping funds) under the Financial Investment Services and Capital Markets Act.

Marine and Aviation Insurance and Reinsurance
Our Group provides unmatched legal service in the fields of marine and aviation insurance, export insurance, reinsurance, corporate insurance (business interruption coverage, package insurance, and banker policies) and director and officer (D&O)’s liability insurance.

Regulatory and Compliance Matters
We advise on insurance-related laws and compliance issues for all stakeholders, such as insurers, reinsurers, insurance agencies and insurance brokers. We also assist our clients with the development of new insurance products, issues surrounding data protection for the insured, and the preparation for, and defense against audits by the government authorities such as the Financial Supervisory Service and the Financial Services Commission (including appearance before the sanctions committee).

Establishment and Operation of Insurance Companies and Branch Offices
We assist our clients in establishing insurance companies and/or branch offices (including the application for licenses for such establishment), as well as in solving any subsequent operational issues.

Insurance Claims and Disputes
We frequently represent our clients in high-stake litigation and arbitration proceedings for insurance related disputes.

READ MORE

Major Cases

M&A, Joint Ventures, and Other Corporate Transactions

Advised Hyundai Marine & Fire Insurance on the acquisition of its subsidiary
Advised on the acquisition of shares in Kyobo Life Insurance
Advised on the acquisition of Hanwha General Insurance
Advised on the acquisition of Good Direct Car Insurance
Advised on the sale of AIG Korea
Advised on the acquisition of Korea Life Insurance
Advised on the acquisition of New York Life Insurance Company

IPO

Advised Tong Yang Life Insurance in connection with its IPO (the first life insurance company listed in Korea)
Advised Korea Life Insurance in connection with its IPO

Asset Management

Advised an insurance company on project financing and real estate investment
Advised an insurance company on investments in off-shore funds
Advised an insurance company on investment such as aviation funds, shipping funds, and energy funds

Regulatory and Compliance Matters

Advised on the preparation of the Korean Introduction Guide to the IFRS17
Advised an insurance company on Fintech related issues such as integrated search systems
Advised an insurance company on "smart” services for claiming insurance proceeds using the blockchain technology
Advised an insurance company on the issuance of hybrid securities
Advised an insurance company regarding defense against audits by the Financial Supervisory Service and the sanctions committee
Advised major domestic insurance companies on the enactment of internal business standards related to the US Foreign Account Tax Compliance Act (FATCA)
Advised an insurance company regarding defense against prosecutor’s investigations into violations of privacy protection laws for insurance companies
Advised on the amendment of laws and regulations related to the merger of variable insurance funds

Marine and Aviation Insurance and Reinsurance

Advised an insurance company in connection with a warehouse fire accident in Ichon
Advised airline companies and insurance companies in connection with the crash of an Air France aircraft in Brazil, and the crashes of Korean Air aircrafts in Sakhalin and Guam
Advised insurers of Air China in relation to the crash of Air China’s aircraft at Gimhae Airport
Advised in connection with the oil spill along the coast of Taean
Advised on the Sea Prince oil tanker accident

Insurance Claims and Disputes

Represented an insurance company in connection with Moneual’s fraudulent export credits
Represented an insurance company in a claim for hull insurance proceeds in connection with the sinking of MV Sewol
Represented a company in connection with the fire accident at Dongtan Metapolis Shopping Mall
Represented various insurance companies in relation to claims for insurance proceeds under a Banker’s Policy
Represented an insurance company in connection with the warehouse fire accident in Ichon
Represented various clients in claims for return of advance payment related to ship building contracts
Represented various clients in claims for insurance proceeds related to marine hull insurance