Duty of Fair Presentation after the Enactment of the Insurance Act 2015: The Case of Korea and China

Journal of Korea Trade Vol. 24, No. 2, April 2020, 1-14

14 Pages Posted: 18 Jun 2020

See all articles by TaeKun Ahn

TaeKun Ahn

Division of International Commerce, Pukyong National University

Sung Ryong Kim

Kyungpook National University - School of Economics and Trade

Tian Peng

Kyungpook National University - School of Economics and Trade

Date Written: October 30, 2019

Abstract

Purpose – The purpose of this paper is to analyze the reformed duty of fair presentation provisions and related caselaw of the Insurance Act 2015 to gain a clearer understanding of the differences between the Act and the preceding legislation.

Design/methodology – The authors analyzed caselaw from South Korea and China that involved breaches of the duty of disclosure. Cases highlighting differences between the duties of disclosure and fair presentation were selected.

Findings – Changes in the practice of marine insurance laws are expected from the application of the reformed duty of presentation provisions. In particular, the rights of the insured are expected to increase, resulting in the fairer conduct of insurance contracts. Due to the fact that the Insurance Act 2015 has only recently taken effect, the provisions of existing caselaw have not yet been applied. This has limited the authors’ scope of analysis.

Originality/value – This paper describes the implications of the duty of fair presentation by analyzing caselaw from South Korea and China that involves the duty of disclosure. To the best of the authors’ knowledge, this is the first paper that investigates the reformed duty of fair presentation provisions of the Insurance Act 2015 in the context of the legislation’s implications for trade practices.

Keywords: Duty of Disclosure, Duty of Fair Presentation, Insurance Act 2015, Marine Cargo Insurance, Marine Insurance Act 1906

JEL Classification: G22, K33, R41

Suggested Citation

Ahn, TaeKun and Kim, Sung Ryong and Peng, Tian, Duty of Fair Presentation after the Enactment of the Insurance Act 2015: The Case of Korea and China (October 30, 2019). Journal of Korea Trade Vol. 24, No. 2, April 2020, 1-14, Available at SSRN: https://ssrn.com/abstract=3609577

TaeKun Ahn (Contact Author)

Division of International Commerce, Pukyong National University ( email )

599-1 Daeyeo-dong, Nam-Gu
Pusan 608-737
Korea, Republic of (South Korea)
+82-51-629-5758 (Phone)

Sung Ryong Kim

Kyungpook National University - School of Economics and Trade ( email )

1370 Sangyeok-dong
Daegu, Taegu 702-701
Korea, Republic of (South Korea)

Tian Peng

Kyungpook National University - School of Economics and Trade ( email )

1370 Sangyeok-dong
Daegu, Taegu 702-701
Korea, Republic of (South Korea)
01071724584 (Phone)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
36
Abstract Views
196
PlumX Metrics