The current Act aims to contribute to the sound development of the insurance business and the balanced development of the national economy by ensuring the sound management of insurance business operators and by protecting the rights and interests of policyholders, the insured and other interested persons.
On the other hand, since there are many insurance companies and insurance products in Korea, the amount of unclaimed insurance proceeds, which should have been received by their policyholders, has reached 9.8 trillion won. Particularly, because an insured person does not have to diligently pay insurance proceeds to its policyholder unless the policyholder claims it for himself/herself, the unclaimed insurance proceeds of more than 6 trillion won is, in fact, still neglected.
Therefore, to prevent the insurance proceeds from being left unclaimed, this amendment aims to specify in the Act that insurance companies must notify policyholders of the amount of insurance proceeds, the method, procedure to be received by a policyholder before the expiration of the period pursuant to Article 662 of the Commercial Act, and the fact that the claims for the proceeds and premiums shall be expired upon the completion of the statute of limitations by text message or registered mail, where the policyholder does not receive insurance proceeds or premiums to be paid or returned by the insurance company due to the expiration or surrender of his/her insurance contract (Article 103-2 newly inserted).

Impose an obligation on insurance companies to notify policyholders about insurance proceeds or receipt of insurance premiums (Article 103-2 (1) and (2))