South Korea's Financial Services Commission disclosed its Oct. 16, 2026, decision to revoke the registrations of 19 insurance professionals and suspend 10 others for involvement in insurance fraud. Seven individuals received 180-day suspensions and three received 90-day suspensions. The sanctions cover 28 insurance solicitors and one loss adjuster and follow examinations by the Financial Supervisory Service. Staged traffic accidents involved 16 individuals, followed by false hospitalization claims involving five and falsified medical records involving four. In one case resulting in registration revocation, an individual colluded with others to obtain KRW 489.48 million from eight insurers by presenting deliberately caused crashes as genuine accidents. The remaining misconduct involved false or exaggerated diagnoses, failure to disclose medical history and forged signatures used to obtain life insurance.
South Korea's Financial Services Commission sanctions 29 insurance professionals for fraud
South Korea's Financial Services Commission disclosed penalties against 29 insurance professionals under an Oct. 16, 2026, decision. The measures comprise 19 registration revocations and 10 suspensions lasting 90 or 180 days. Staged traffic accidents were the most common misconduct, involving 16 individuals, followed by false hospitalization claims and falsified medical records.