South Korea's financial watchdog will censure a local insurance company for denying benefits to families of policyholders who commit suicide, which will have a far-reaching impact on the country's life insurance sector, officials said Monday.
According to the officials, ING Life Insurance Co. was found to have denied payouts of accidental benefits worth 20 billion won (US$19.7 million) in some 90 suicide cases, citing erroneous provisions in their contracts with policyholders.