Insurance Mis-selling Complaint to the Financial Supervisory Service

Procedure

Procedure

1. 01

   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. 02

   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. 03

   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. 04

   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. 05

   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.

Filing route

Filing route

Deadlines & processing notes

Deadlines & processing notes

Fees & official charges

Fees & official charges

Included in the basic fee — Initial document review, required-document guidance, basic form preparation, one filing support and one ordinary supplement.

Conditional success fee — For this service, any conditional success fee may be separately agreed within the lawful service scope and stated in a written engagement agreement. No outcome is guaranteed.

Displayed amounts are starting estimates, not statutory or standard rates. The final fee is confirmed after consultation and document review in the engagement agreement. Government fees and actual expenses may change.

Basic documents

Basic documents

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.