The Financial Services Commission along with the insurance industry returned about KRW3.9 trillion in unclaimed insurance money to their policyholders in 2022 and plan to send out postal mail in September to inform relevant policyholders about KRW12.4 trillion in unclaimed insurance money still remaining.

This campaign to return unclaimed insurance money has been in place since 2017 and over the past five years more than KRW16.8 trillion worth of dormant insurance money has been returned to the policyholders (KRW3.85 trillion in 2022).

Meanwhile, the FSC, the insurance sector and the Korea Inclusive Finance Agency (KINFA) plan to shorten the period for transferring dormant insurance money to KINFA by about one year starting from 2024. Insurance companies transfer dormant insurance money to KINFA pursuant to the Microfinance Support Act as a form of contribution.

Therefore, for insurance companies, the period to make this transfer of dormant insurance money occurring within this year will be reduced from February the year after next year (2025) to May (expected) next year (2024).

Once transferred to KINFA, dormant insurance money can be traced and retrieved along with other types of dormant financial assets on KINFA’s mobile app or website.

* Please refer to the attached file for details.