The Financial Supervisory Service (FSS) announced on July 5 that simple insurance complaints will be transferred from FSS to insurance associations starting this month. The Life Insurance Association and General Insurance Association will handle non-dispute complaints to provide faster responses to financial consumers. Insurance complaints accounted for 62,937 out of 128,419 total financial complaints received by FSS last year, representing approximately 49 percent of all cases, with processing times averaging 56.2 days.
Insurance Complaints Account for Half of Total Financial Cases
Insurance-related complaints comprised 62,937 of the 128,419 total financial complaints received by FSS last year, accounting for 49 percent of all cases. Processing times for insurance complaints extended to 62.5 days in 2023, 51.2 days in 2024, and 56.2 days last year. The Financial Services Commission, FSS, and the Life and General Insurance Associations developed an insurance complaint processing efficiency plan in March last year and proceeded with insurance-related legal arrangements and preparations by responsible agencies.
FSS Implements Phased Transfer Starting This Month
Starting this month, auto accident fault ratio complaints involving disputes between drivers will be transferred first. In September, complaints about insurance company staff rudeness will be added to the associations' responsibilities. The transfer of complaint handling to the associations will expand in stages.
Insurance Associations Establish Dedicated Complaint Departments
The Life Insurance Association and General Insurance Association reorganized their structures to establish dedicated complaint handling departments and secured specialized personnel. The associations plan to process received complaints promptly through accumulated consumer consultation expertise over many years and linkage with existing association self-regulation.
FSS Creates External Review Committee for Oversight
To ensure fairness and transparency in complaint handling, a complaint review committee will be established, comprising three external experts and the FSS civil complaint team leader. Supplementary measures will be implemented in parallel, including regular and systematic reviews of complaint handling results. FSS stated it will seek various measures to substantially protect insurance consumer rights and make efforts to establish a consumer protection culture in the insurance industry.
FAQ
What types of insurance complaints will be transferred to the associations this month?
Starting this month, auto accident fault ratio complaints involving disputes between drivers will be transferred from FSS to the Life Insurance Association and General Insurance Association. In September, complaints about insurance company staff rudeness will be added to the associations' responsibilities.
How will the insurance associations ensure fair complaint handling?
The associations established dedicated complaint handling departments with specialized personnel. A complaint review committee comprising three external experts and the FSS civil complaint team leader will conduct regular and systematic reviews of complaint handling results to ensure fairness and transparency.
