The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
The broker expects the structure to appeal to smaller firms exploring captives, larger corporates pursuing phased ownership strategies and ILS sponsors.
The proposed protected cell company framework could broaden access to captive insurance arrangements and facilitate insurance-linked securities transactions.
The proposed code would introduce contractually enforceable obligations, automatic acceptance of certain claims after 12 months, and expanded protections for vulnerable customers.
The court found that HCF Life's pre-existing condition clauses did not create a significant imbalance, while leaving intact the earlier finding that the terms could mislead consumers.
KIRI says a widening gap between driver expectations, insurer assessments, and review outcomes is driving higher dispute rates in Korea’s motor insurance market.
