Insurance Mis-selling Complaint to the Financial Supervisory Service — Termination of Unlawful Whole Life, Variable and CI Insurance Contracts and Dispute Mediation

Procedure

1. 1. Check when you joined and which remedies are available

   Until the earlier of 15 days from receiving the insurance policy and 30 days from the application, you can withdraw the application (Financial Consumer Protection Act, Article 46). If you did not receive the terms and conditions or were not told the important contents, you can cancel within 3 months from the date the contract was concluded (Commercial Act, Article 638-3), and after that the unlawful contract termination request within 1 year of learning of the violation and 5 years from the contract remains. If you cancelled an existing policy and switched to a similar one, also check whether you can request reinstatement of the old contract within 6 months from its extinction (Insurance Business Act, Article 97).

2. 2. Organize the facts and evidence

   Arrange the events in date order from the first meeting with the agent through the application, the happy call, receipt of the policy and the filing of a complaint, and note what you were told on each date. Prepare an evidence table that links unofficial leaflets, KakaoTalk and text messages, consultation recordings, whether the product description and terms were received, and whether the application was signed in your own hand to each claim. For variable insurance, whether your age, financial situation and purpose of purchase were identified and confirmed at the time (suitability principle) is also a point to check.

3. 3. Submit an unlawful contract termination request to the insurer

   The termination request states the name of the financial product and the facts of the legal violation, with documents proving the violation attached, and is submitted to the insurer. The insurer must notify you whether it accepts within 10 days from receiving the request and, if it refuses, must give the reasons. If it refuses without justifiable grounds, the consumer may terminate the contract, and the insurer may not demand fees or penalties related to the termination.

4. 4. File a complaint and dispute mediation application with the Financial Supervisory Service

   If you do not agree with the insurer's reply, submit a dispute mediation application to the Financial Supervisory Service. The application states the applicant and the insurer, the purpose and the reasons of the application, with documents proving the cause and facts attached, and a letter of authorization is attached when a representative submits it. Even if it is filed as a petition or complaint, it may be handled as a mediation application if its content suits mediation.

5. 5. Review the settlement recommendation and mediation proposal

   The Governor of the Financial Supervisory Service may notify the insurer of the application and recommend a settlement, and if no settlement is reached within 30 days from the application, refers the case to the Financial Dispute Mediation Committee. The Committee prepares a mediation proposal within 60 days from the referral, and if you do not accept it within 20 days from receiving it, you are deemed not to have accepted. A mediation proposal accepted by both sides has the same effect as a judicial settlement.

Required documents

• Dispute mediation application (Detailed Rules on Financial Dispute Mediation, Article 11; states the applicant and respondent, the purpose and reasons; Financial Supervisory Service complaint form)
• Unlawful contract termination request (Regulations on Supervision of Financial Consumer Protection, Article 31(2); states the name of the financial product and the facts of the legal violation)
• Insurance policy, copy of the application, product description and confirmation of receipt of the terms and conditions
• Confirmation documents completed at the time of purchase, such as the suitability confirmation (variable insurance, etc.)
• Leaflets given by the agent or sales counter, KakaoTalk and text message screens, consultation recordings
• Premium payment records and surrender value statement
• Insurer's reply to the complaint and notice of acceptance or refusal of the termination request
• Chronological fact sheet and evidence table by claim
• Letter of authorization (when submission is delegated)

Fees

Industry range of tens of thousands to hundreds of thousands of won · We will advise after consultation depending on the number of contracts, the volume of evidence, and whether only the unlawful contract termination request is needed or also the Financial Supervisory Service dispute mediation application and additional submissions. Government fees are separate.

See fees and official charges for this service →

Legal basis and review date

• Financial Consumer Protection Act, Article 17
• Financial Consumer Protection Act, Article 19
• Financial Consumer Protection Act, Article 21
• Financial Consumer Protection Act, Article 33
• Financial Consumer Protection Act, Article 36
• Financial Consumer Protection Act, Article 39
• Financial Consumer Protection Act, Article 41
• Financial Consumer Protection Act, Article 46
• Financial Consumer Protection Act, Article 47
• Enforcement Decree of the Financial Consumer Protection Act, Article 38
• Regulations on Supervision of Financial Consumer Protection, Article 31
• Detailed Rules on Financial Dispute Mediation, Article 11
• Commercial Act, Article 638-3
• Insurance Business Act, Article 97

Checked against the statutes on 2026-10-09

Statutes and public notices change, so each case needs to be checked individually. Statute titles are given in English for reference. The Korean statutes are the authoritative text.

Check these first

• An unlawful contract termination request cannot be made once 1 year has passed from the date you learned of the violation, so first record the date you discovered the mis-selling and how you found out (notices, consultation records).
• If the complaint contains inaccurate statements or guesses, it loses credibility against the insurer's rebuttal materials. Write only what you were told and the materials you received, with dates.

Frequently asked questions