The insurance industry is currently considering whether to terminate special contracts (“특약”) as part of its efforts to reduce the burden of insurance premiums. In situations where existing special contracts are considered ineffective, discussions are underway on whether re-enrollment under similar conditions is possible, while also exploring ways to lower premium and coverage amounts.
Along with attempts to lower the high burden of insurance premiums, insurers must carefully evaluate the steps when terminating previously concluded special contracts. If a special contract is simply terminated, it may result in loss of benefits and difficulty in re-enrollment; therefore the possibility of re-enrollment should be evaluated beforehand, and adjustments of premium and coverage amounts should also be discussed.
Furthermore, emphasis is placed on carefully evaluating termination when the special contract is old. This approach considers both the insurer's adjustment and customer protection when existing contract conditions change. Such policy direction reflects responsibility toward financial stability and is expected to enhance transparency in insurance premium structure long term.