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Laws of the Republic of Korea |
1
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
Ordinance of the Ministry of Finance and Economy No. 328, Aug. 30, 2003 Ordinance of the Ministry of Finance and Economy No. 367, Mar. 25, 2004 Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005 Ordinance of the Prime Minister No. 875, Mar. 3, 2008 CHAPTER GENERAL PROVISIONS
Article 1 (Purpose)
The purpose of these Rules is to regulate matters delegated by the Insurance
Business Act and the Enforcement Decree thereof, and
those necessary
for the enforcement thereof.
Article 2 (Approval Application for Conclusion of Insurance Contracts)
Each person who intends to obtain approval on the conclusion
of any
insurance contract under the provisions of Article 7 (1) 5 of the Enforcement
Decree of the Insurance Business Act (hereinafter
referred to as the "Decree")
shall file a written application with the following documents attached
thereto:
1. Terms and conditions of insurance;
2. Transcript of subscription to insurance; or
3. In cases of an insurance contract which belongs to a life insurance
business and third insurance business (excluding collective
insurance),
documents in which the details regarding the relevant insured's physical
body have been stated, and in cases of an
insurance contract which
belongs to damage insurance business, documents by which object of
insurance may be verified, including
a drawing and pictures of the
object of insurance.
CHAPTER LICENSE OF INSURANCE
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
2
BUSINESS, ETC.
Article 3 (Types of Life Insurance Business)
The term "other types of insurance provided for by Ordinance of Prime
Minister" prescribed in Article 8 (1) 4 of the Decree shall
mean any of
the following types of insurance:
1. Burglary insurance;
2. Glass insurance;
3. Animal insurance;
4. Atomic insurance;
5. Expense insurance; and
6. Other types of insurance which can be classified as a type of life insurance
business and prescribed by the Financial Services
Commission.
Articles 4 through 6 Deleted.
Article 7 (Filing of Application for License, etc.)
(1) The term "documents prescribed by Ordinance of the Prime Minister"
in Article
9 (3) 1 (h) of the Decree shall mean documents under each
of following subparagraphs:
1. Documents by which the sources of capital or funds may be verified;
2. Documents by which the fulfillment of requirements under Article 10
(1) and (2) of the Decree may be verified;
3. Documents by which the implementation of matters prescribed in a
preliminary license may be confirmed, in cases where the preliminary
license has been obtained; or
4. Documents by which the requirements under the annexed Table 2 of
the Decree have been satisfied.
(2) The "documents prescribed by Ordinance of the Prime Minister" in
Article 9 (3) 2 (g) of the Decree shall mean documents under
each of
the following subparagraphs:
1. Documents by which the sources of operating funds may be verified;
2. Documents under paragraph (1) 2 and 3;
3. Transcript of the corporate register of domestic branches to be
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
3
established;
4. Documents by which the investment grade rating of the head office
of a foreign insurance company obtained from an internationally
recognized credit appraisal agency within the preceding three years
may be verified;
5. Documents by which the compliance of head office of a foreign insurance
company with the criteria for financial soundness set
by the supervisory
agencies of the home country may be verified; and
6. Documents by which the fact that the head office of a foreign insurance
company has not been subject to any administrative disposition
of
warning against a corporation or severer disposition or criminal
punishment of fine or severer punishment in relation to the
operation
of insurance business, issued by the supervisory agencies of the home
country for the preceding three years, may be verified.
Article 8 Deleted.
Article 9 (Application for Preliminary License, etc.)
(1) Any person who intends to apply for a preliminary license in accordance
with Article 7 of the Insurance Business Act (hereinafter referred to as
the "Act") shall submit an application on the annexed
Form 1, accompanied
with documents under each subparagraph of Article 5 of the Act, to the
Financial Services Commission.
(2) In cases where a preliminary license has been applied for, the Financial
Services Commission shall make terms thereof known
to the public by
means of computer communications, etc. with the aim of collecting opinions
of interested persons:
1. The purport of application;
2. The main details of application, including applicant, date of application,
scope of types of insurance applied for; or
3. The means of and period for presenting one's opinion.
(3) The Financial Services Commission may, in cases where it is necessary
for examining a preliminary license because of the possible severe impact
on the financial market, request interested persons to
submit opinions
or hold a public hearing regarding the application for a preliminary license
ENFORCEMENT RULES OF THE INSURANCE
BUSINESS ACT
4
separately from the publication under paragraph (1).
(4) The Financial Services Commission shall, if the opinions of interested
persons obtained in accordance with paragraphs (2) and
(3) carries details
disadvantageous to an applicant, inform the relevant applicant of such
fact and provide him/her with an opportunity
for explanation within a
fixed deadline.
(5) The Financial Services Commission may, if any ground falling under
following subparagraphs occurs, extend the notification period
within the
scope of three months an one occasion only in accordance with the proviso
to Article 7 (2) of the Act:
1. Cases where the verification of facts and the supplementation of data
are necessary because the matters stated on the written
application
for preliminary license or attached documents are unclear;
2. Cases where the public hearing or the explanation by an applicant
under paragraphs (3) and (4) is necessary for the purposes of
reconciliation of interests between interested persons; or
3. Other cases recognized by the Financial Services Commission as
necessary for the soundness of financial market and the protection
of policyholders.
(6) Each person who has been granted a preliminary license under the
Article 7 (2) of the Act shall apply for a principal license
within six months
after implementing the details and conditions of the preliminary license:
Provided, That when the Financial Services
Commission separately
prescribes the application period for a principal license, or approval for
the extension of the application
period for a principal license has been
granted by the Financial Services Commission after the preliminary license,
the application
period may be determined separately.
Article 10 (Standards for Preliminary License, etc.)
(1) Any person who intends to obtain a preliminary licence under Article
7
of the Act shall satisfy the following requirements:
1. He/she shall satisfy requirements under Article 6 (1) or (2) of the
Act: Provided, That for the capital, funds, operating funds,
human
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
5
resources, physical facility, their plan for implementation shall be
feasible; or
2. The business plan and means of implementation thereof shall not be
contrary to Acts or subordinate statutes.
(2) The Financial Services Commission may compose and operate a review
committee with the aim of evaluating as to whether any person
who intends
to obtain a preliminary license satisfies requirements under paragraph
(1) and conduct a field audit in order to verify
the details of application
and hold interviews with promoters and management.
(3) In cases where the Financial Services Commission decides to reject
the application for a preliminary license as a result of
examination on
the application for a preliminary license, it shall notify the relevant applicant
of the fact and grounds for such
rejection in writing.
(4) The matters necessary for a preliminary license, including the
composition or matter of operation of the review committee under
paragraph
(2) shall be prescribed by the Financial Services Commission.
The means of paying the business funds to be paid by any foreign insurance
company which intends to run an insurance business within
the Republic
of Korea in accordance with Article 14 of the Decree shall be prescribed
by the Financial Services Commission.
Article 12 (Application for Authorization on Concurrent Running of Other
Business)
Any insurance company shall, when it intends to obtain authorization on
the concurrent running of other businesses in accordance
with Article 11
(1) 2 of the Act, shall submit a written application on the annexed Form
2 by accompanying each of following documents,
to the Financial Services
Commission: 1. Documents in which the kinds and means of businesses to be concurrently
run are stated;
2. Documents in which the relationship between the insurance business
and other businesses to be concurrently run are stated; and
3. Other documents recognized by the Financial Services Commission
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
6
as necessary for granting authorization on the concurrent running of
other business.
CHAPTER INSURANCE COMPANIES
Article 13 (Application for Authorization on Reduction of Capital)
In cases where an insurance company, which is a stock company,
intends
to obtain authorization on the reduction of capital in accordance with the
provisions of Article 139 of the Act which are
applied mutatis mutandis
in Article 18 (2) shall submit a written application by accompanying each
of following documents, to the
Financial Services Commission:
1. Documents in which the means of capital reduction are stated;
2. Inventory and balance sheet; and
3. Documents attesting the completion of necessary procedures, including
the publication and presentation of objections under Articles
18 and
19 of the Act and Articles 232 and 363 of the Commercial Act.
CHAPTER INSURANCE SOLICITATION
Article 14 Deleted.
Article 15 (Training Institutions of Insurance Agencies)
The "training institutions provided by Ordinance of the Prime Minister"
prescribed in respective requirements for registration of life insurance
agencies, damage insurance agencies and third party insurance
agencies
in subparagraph 2 of the annexed Table 3 of the Decree shall mean an
institution commissioned by the Governor of the Financial
Supervisory
Service by obtaining approval of the Financial Services Commission.
Article 17 (Business Guarantee Money of Insurance Agencies)
The "amount provided for by Ordinance of the Prime Minister" prescribed
in Article 33 (1) of the Decree shall mean amounts classified by following
subparagraphs:
7
1. Cases of insurance agency which is an individual: two million won;
or
2. Cases of insurance agency which is a juristic person: five million won.
Article 18 Deleted.
Article 19 (Business Guarantee Money of Certified Insurance Brokers)
The business guarantee money of a certified insurance broker
pursuant
to Article 37 (1) of the Decree shall be the lowest amount of business
guarantee money prescribed by Article 37 (1) of
the Decree from the
commencement date of operation until the elapse of three months and
fourteen days after the end of the first
year of business (it shall be based
on the business year prescribed by the Financial Services Commission),
and shall be the larger
amount per annum after the elapse of the relevant
period between the amount equivalent to the twice the total revenues related
to the insurance brokerage of the certified insurance broker for the preceding
year, and the sum of the total revenues related to
the insurance brokerage
for the preceding two years. If the amount calculated is less than the
minimum business guarantee money
prescribed in Article 37 (1) of the
Decree, it shall be such minimum business guarantee money.
A compensation liability insurance for certified insurance brokers shall
satisfy the following requirements pursuant to Article
37 (3) of the Decree:
1. Insurance which guarantees indemnity against damages for which
a certified insurance broker or assistants of such certified insurance
broker assumes legal liability of compensation for impacting any damage
to policyholder with regards to the brokerage in concluding
of an
insurance contract;
2. The insurance period shall be one year or more from the date on which
a certified insurance broker has started his/her operation
or the date
of renewed registration;
3. The termination of insurance contract and amendment of terms shall
be permitted only in cases where approval of the Governor of
the
Financial Supervisory Service has been obtained;
4. The special clause that provides guarantee services by extending the
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
8
insurance coverage period not less than five years after the termination
of insurance coverage period (in cases where the brokerage
business
of long-term insurance contract is handled, it shall be ten years) shall
be included;
5. In cases where the amount of self-pay is to be determined pursuant
to an insurance policing, its limit shall not exceed 1/100
of the business
guarantee money that should be deposited by the relevant certified
insurance broker; and
6. The ceiling for compensation per insurance incident shall be not less
than the lowest business guarantee money under Article 37
(1) of the
Decree and the amount of coverage insured shall not be less than the
business guarantee money of the relevant certified
insurance broker.
Article 21 (Procedures, etc. for Refund of Business Guarantee Money of
Certified Insurance Brokers)
(1) In cases where the certified insurance broker intends to obtain a
refund of his/her business guarantee money in accordance with
Article
37 (4) of the Decree, shall submit an application for refund of the business
guarantee money on the annexed Form 11, by
accompanying documents
by which matters under each subparagraph of Article 37 (4) can be confirmed,
to the Financial Services.
(2) The Financial Services Commission shall, when a certified insurance
broker applies for a refund of his/her business guarantee
money on grounds
under Article 37 (4) 1 through 4 of the Decree, publish the following matters
in a daily newspapers or Internet
homepages, etc.:
1. The fact and grounds for application for refund of the business guarantee
money of the certified insurance broker; and
2. The contents that any person who has sustained damage with regards
to the brokerage in concluding of insurance contract by the
relevant
certified insurance broker shall apply for the payment of compensation
for losses within six months from the date of publication,
and if he/she
does not apply for the payment of compensation for losses within the
said period, he/she may not obtain any distribution
from the business
guarantee money deposited by the certified insurance broker.
(3) In cases where the payment of compensation for
losses has been applied
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
9
for as a result of publication under paragraph (2), the provisions of Article
22 (1), (2) and (5) through (7) shall apply mutatis
mutandis to the disposal
procedures thereof.
(4) In cases where there exists any balance of the business guarantee
money deposited by the relevant certified insurance broker
as a result
of implementing procedures under paragraphs (2) and (3), the Financial
Services Commission shall have the head of the
depository institution of
the business guarantee money to refund such balance only in cases where
it does not cause any impediment
to the protection of policyholders, etc.
(2) The head of the depository institution of business guarantee money
shall, with regards to the execution of investigation under
paragraph (1),
provide the relevant persons with an opportunity to submit evidence and
state their opinions.
(3) The head of the depository institution of business guarantee money
shall, if he/she recognized that the payment application
for compensation
for losses by a policyholder, etc. is adequate reasonable as a result of
investigation under paragraph (1), publish
in a daily newspapers or on
an Internet homepage, etc. purports that any person who has sustained
damage in relation with the brokerage
in conclusion of insurance contract
by the relevant certified insurance broker shall apply for payment of
compensation of losses
within the fixed date not less than 60 days and
if he/she does not apply for the payment of compensation for losses within
the
said period, he/she shall be excluded from the distribution of the business
guarantee money deposited by the certified insurance
broker.
(4) The provisions of paragraph (1) and (2) shall apply mutatis mutandis
to the procedures for disposition on any person
who has applied for the
payment of compensation for losses in accordance with the publication
under paragraph (3).
(5) The head of the depository institution of business guarantee money
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
10
shall, with regards to applicants for whom the compensation liability for
losses by the relevant certified insurance broker is recognized
as a result
of implementation of procedures under the provisions of paragraphs (1)
through (4), prepare the distribution table
of business guarantee money
by applicant and inform the relevant persons thereof and notify that any
person who disagrees with
the amount of distribution may raise an objection
within 14 days.
(6) The head of the depository institution of business guarantee money
shall, if no objection has been raised by the relevant persons
following
notification under paragraph (5), implement the distribution in accordance
with the distribution table.
(7) The head of the depository institution of business guarantee money
may, when the business guarantee money of a certified insurance
broker
has been deposited in the form of securities, sell them for the purpose
of distributing the business guarantee money. In
such cases, the expenses
of sale shall be deducted from the price of sale.
Article 23 (Bearing of Expenses for Publication)
The expenses required for executing the publication procedures under
Articles 21 (2) and 22 (3) shall be borne by the relevant certified
insurance
broker.
Article 24 (Matters on Rights and Status of Certified Insurance Brokers)
The term "matters on the right and status of the certified
insurance broker
provided for by Ordinance of the Prime Minister" prescribed in Article 41
(3) 2 of the Decree shall mean any of
following subparagraphs: 1. Details that a certified insurance broker has no right to issue an insurance
certificate or accept the intention that an insurance
contract will be
concluded, modified, or terminated by representing the relevant
insurance company, to receipt or refund of insurance
premiums, to
accept the reported or notified matters with regards to an insurance
contract from a policyholder, etc., to determine
the liability of an
insurance company for any insurance incident, or to determine the
smount of insurance pay out;
2. The firm name or title of major insurance company which has taken
over insurance policies brokered by the relevant certified insurance
broker by life insurance business, damage insurance business, and
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
11
the third party insurance business during the latest two business years
and details of transactions (including commission and premiums
by
major insurance company for each business year and the amount of
insurance coverage); and
3. In cases where the certified insurance broker is a corporation, the
list of persons who hold a stake of not less than 25/100 of
shares
and equity shares.
Article 25 (Matters of Compensation for Losses of Certified Insurance
Brokers)
The term "matters of compensation for losses of the certified insurance
broker provided by Ordinance of the Prime Minister" prescribed
in Article
41 (3) 3 of the Decree shall mean any of following subparagraphs: 1. Amount and means of deposit of the business guarantee money;
2. Amount of insurance coverage, and major details of guarantees in cases
where the certified insurance broker has subscribed for
indemnity
liability insurance; or
3. The details that, even in cases where the certified insurance broker
inflicts any loss on a policyholder, etc. in relation to
the brokerage
in concluding of insurance contract, the insurance company which
acquires by transfer an insurance contract intermediated
by the certified
insurance broker will assume no liability.
Article 26 (Code of Practice of Certified Insurance Brokers)
The term "code of practice of the certified insurance broker provided
by
Ordinance of the Prime Minister" prescribed in Article 41 (3) 5 of the
Decree shall mean any of following subparagraphs:
1. Provisions that he/she will perform his/her business related to the
brokerage in conclusion of insurance contract in a faithful
manner,
and provide objective and independent advice faithfully to his/her duty,
and will not engage in any kind of conduct contrary
to the interests
of the policyholder, etc.;
2. Provisions that he/she will not discriminate against policyholders, etc.
in performing his/her business based on remuneration.
3. Provisions that he/she will not disclose information or secret of any
policyholder, etc. which except the cases where a prior
agreement of
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
12
policyholder, etc. became known to him/her by the brokerage in
concluding of insurance contract, or it is necessary for the brokerage
in conclusion of insurance contract, the maintenance and management
of contracts and disposal of insurance proceeds;
4. Provisions that he/she will convey information related to the insurance
which has been obtained from an insurance company or policyholder,
etc in an objective and conscientious manner;
5. Provisions that he/she will, in cases where he/she distributes insurance
pamphlets, etc. to or advertises again to policyholders
or many
unspecified persons, state or advertise only object facts, and not state
or advertise any details that may cause misunderstand
or be construed
as an exaggeration; and
6. Provisions that he/she will compensate for loss in cases where any
damage has been inflicted to policyholders, etc. in violation
of
subparagraphs 1 through 5.
Article 27 Deleted.
Article 28 (Registration Commissions)
The commission under Article 94 of the Act shall be any of the following
amounts:
1. Insurance solicitor: six thousand won;
2. Insurance agency: twenty thousand won;
3. Certified insurance broker (limited to an individual person): five
thousand won;
4. Certified insurance broker (limited to a juristic person): two hundred
thousand won; and
5. Insurance agency of the financial institution or certified insurance broker
of the financial insurance: one million won
CHAPTER CALCULATION OF INSURANCE
COMPANY
Article 29 (Appropriation of Policy Reserves, etc.)
(1) The reserve of premiums under Article 63 (1) 1 of the Decree shall
not
be less than the amount calculated in accordance with the formula
of net insurance premium rates on the basis of already paid net
insurance
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
13
premium rates.
(2) The detailed matters necessary for the appropriation of policy reserves
and emergency risk reserves, including the calculation
methods under
Article 63 (1) and (4) of the Decree shall by prescribed by the Financial
Services Commission.
Article 30 (Appropriation on Balance Sheets)
The provisions of Article 63 of the Decree and Article 29 shall apply mutatis
mutandis when an insurance company prepares the balance
sheet in
accordance with the provisions of Acts and subordinate statutes.
Article 30-2 (Criteria for Distribution Earings from
Dividend Insurance
Contracts, etc.)
(1) Every insurance company shall account the portion of not more than
10/100 of earnings arising from the dividend insurance policy
as the share
of stockholders and the remainder as the share of policyholder, etc. in
accordance with Article 64 (2) of the Decree.
(2) Every insurance company shall, in cases where any loss remains after
reserving losses arising from the dividend insurance contract
as the reserve
funds (hereinafter referred to as the "reserve to compensate for losses of
the dividend insurance contracts" in
this Article) under Article 64 (1) of
the Decree, compensate for remnant loss with the share of stockholders
and then account the
loss compensate for with the share of stockholders
as the deficit of the share of stockholders or the deficit of the dividend
insurance
carried forward.
(3) The deficit carried forward of the dividend insurance under paragraph
(2) shall be accumulated as a reserve to make up for losses
of dividend
insurance contracts that are newly accumulated within five years from
the completion date of the relevant business
year or account for as the
deficit of the share of stockholders.
[This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy
No. 367, Mar. 25, 2004]
Article 31 (Applications for License Regarding Disposal of Rassessd
Reserves)
In cases where an insurance company intends to obtain approval on the
disposal of the rassessd reserve in accordance with Article
122 of the Act,
it shall submit a written application, accompanied with documents under
Article 447 of the Commercial Act to the
Financial Services Commission
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
14
at least two weeks prior to the date of regular general meeting.
CHAPTER SUPERVISION
Article 32 (Documents to be Appended to Written Applications for
Authorization of Mutual Agreements)
The term "documents provided by Ordinance of the Prime Minister"
prescribed in the body of Article 69 (1) of the Decree shall mean
each
of following subparagraphs:
1. The written mutual agreement;
2. The comparison table of the former written mutual agreement and
an amended written mutual agreement (limited to cases of amended
mutual agreements); and
3. Other documents which are necessary to explain the terms of the relevant
mutual agreement.
Article 33 Deleted.
Article 34 (Certificate of Right to Inspect)
The certificate which displays a right to inspection under Article 133 (4)
of the Act shall follow the annexed Form 12.
CHAPTER DISSOLUTION AND
LIQUIDATION
Article 35 (Applications for Authorization of Resolution of Dissolution)
In cases where an insurance company intends to obtain approval
on the
resolution of dissolution in accordance with Article 139 of the Act, it shall
submit to the Financial Services Commission
a written application on the
annexed Form 13, accompanying by the following documents.
1. The minutes of the general meeting of shareholders (in cases of a mutual
company, the minutes of the general meeting of members);
2. The implementation plan of liquidation work;
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
15
3. Documents attesting the execution of procedures for the protection
of policyholders and interested persons;
4. Documents attesting that there is no error on the execution of procedures
in accordance with the Commercial Act and other related
Acts and
subordinate statutes; and
5. Other documents recognized as necessary by the Financial Services
Commission.
Article 36 (Applications for Authorization of Transfer of Insurance
Contracts)
In cases where an insurance company intends to obtain approval on the
transfer of insurance contracts in accordance with Article
141 (2) of the
Act, it shall submit to the Financial Services Commission a written
application on the annexed Form 14, accompanying
by the following
documents within one month after the lapse of period prescribed in Article
41 (2) of the Act:
1. Written contract on the transfer of insurance policies;
2. Inventory and balance sheet of each insurance company;
3. Kinds, number, amount of insurance contracts to be transferred, number
of policyholders and statistics by region;
4. Documents in which the amount of liability reserve on insurance contracts
to be transferred and other reserves, and the means
of their calculation
are stated;
5. Documents in which the sum of assets to be transferred, the quantity
and value by kind of assets are stated;
6. Documents in which the number, amount, and number of policyholders,
of insurance contracts by an insurance company, the number,
amount,
number of policyholders of insurance contracts by kind, and the amount
of liability reserve are stated;
7. Documents attesting the completion of procedures for the transfer of
insurance contracts pursuant to Article 141 of the Act; and
8. Other documents related to the transfer of all insurance contracts,
recognized by the Financial Services Commission as necessary
for the
protection of policy holders.
Article 37 (Matters to be Considered at Authorization of Resolution of
Dissolution, Merger, etc.)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
16
When the Financial Services Commission intends to authorize the resolution
of dissolution, the merger or the transfer of insurance
contract in accordance
with Article 139 of the Act, it shall determine whether to grant authorization
by taking into account following
matters:
1. Whether the dissolution, the merger or the transfer of insurance contract
complies with the procedures under this Act, the Commercial
Act, the
Securities and Exchange Act, and other related Acts or subordinate
statutes; or
2. Whether any disadvantage occurs to the policyholder or to any interested
person due to such dissolution, merger or transfer of
insurance contract.
Article 38 (Notification of Authorization on Transfer of Insurance
Contracts, etc.)
(1) In cases where the transfer of insurance contracts has been authorized
in accordance with Article 139 of the Act, the insurance
company which
has acquired insurance contracts by transfer shall notify the purport thereof
to the policyholder of transferred
insurance policies within one month.
(2) The project manual, standardized contract, insurance premiums and
book on methods of calculation
of liability reserves which used by an
insurance company which transfers insurance contracts with regards to
the relevant transferred
insurance contracts, shall be deemed as being
succeeded by the insurance company which has been transferred in
accordance with
Article 139 of the Act at the time of authorization for
the transfer of insurance contracts has been issued.
Article 39 (Requests
for Appointment of Liquidator)
In cases where an interested person of an insurance company intends to
request for the appointment
of a liquidator pursuant to Article 193, 252,
and 531 (2) of the Commercial Act in accordance with the former part
of Article 156
(2) of the Act, he/she shall append documents attesting
that he/she is an interested person to a written request.
17
not less than 5/100 of shares for 3 consecutive months or a member
corresponding to not less than 5/100 of total members.
(2) Notwithstanding paragraph (1), if the articles of incorporation prescribe
other criteria for any member who makes a request
in accordance with
Article 156 (5) of the Act, the documents attesting the fulfillment to the
relevant criteria shall be append
to the written request.
Article 41 (Reports on Account Settlement of Liquidators)
Every liquidator of an insurance company shall,
when he/she has obtained
approval on inventory, balance sheet, business report or report of account
settlement at the general meeting
in accordance with Articles 533 (1),
534 (5) and 540 (1) of the Commercial Act, shall report without delay
thereon to the Financial
Services Commission.
Article 42 (Reports on Preserver of Accounting Books, etc.)
A liquidator of an insurance company shall, when a preserver of accounting
books, and other important documents regarding the operation and
liquidation has been appointed under Article 541 of the Commercial
Act,
shall report without delay his/her name or its title and address to the
Financial Services Commission.
PARTIES UNDER DAMAGE
INSURANCE CONTRACT
Article 43 (Application for Approval on Borrowing Funds)
In cases where a damage insurance association intends to obtain approval
on the borrowing of funds pursuant to Article 171 (1) of the Act, it shall
submit an application to the Financial Services Commission
by attaching
the following documents:
1. The balance sheet of contribution account;
2. The grounds for estimating the amount of necessary funds; and
3. The repayment plan for borrowed funds.
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
18
CHAPTER INSURANCE RELATED
ORGANIZATIONS, ETC.
Article 44 (Actuarial Businesses, etc.)
The businesses of an actuary, a senior certified accountant or an insurance
accounting business operator pursuant Article 181 (3)
of the Act shall
be the following:
1. Matters on preparing the basic document under subparagraph 3 of
Article 5 of the Act;
2. Matters on the accumulation reserves, including policy reserves and
emergency risk reserves, etc. and appropriateness of assets
which are
falling into reserves;
3. Matters on the distribution and disposal of earnings and distribution
of dividends for policyholders;
4. Matters on the insurance premiums and the liability reserve from among
the payable ratio; or
5. Matters related to the basic document from among materials on goods
display.
Article 45 (Procedures for Appointment of Senior Certified Accountants,
etc.)
(1) In cases where an insurance company appoints or dismisses a senior
certified accountant pursuant to Article 181 (3) of the Act,
it shall report
to or notify the Financial Services Commission thereon in accordance with
the classifications of the following
subparagraphs after undergoing a
resolution of the board of directors:
1. Appointment: notification after the appointment; and
2. Dismissal: report prior to the dismissal.
(2) No insurance company shall appoint a senior certified accountant of
another insurance
company as its senior certified accountant.
(3) When an insurance company reports the dismissal of its senior certified
accountant
pursuant to paragraph (1), it shall submit the grounds for
such dismissal and the Financial Services Commission may hear the opinion
of the relevant senior certified accountant regarding such grounds for
dismissal.
19
(4) An insurance company shall, when a senior certified accountant has
been ordered to suspend the business in accordance with Article
192 (1)
of the Act, appoint a person who acts for him/her during the period of
business suspension and report to the Financial
Services Commission.
1. The preliminary examination shall be multiple-choice questions and
description- type Question-answer may be added; and
2. The secondary examination shall be essay-type, and multiple-choice
questions, and the description-type Question-answer may be
added.
(4) The subjects of actuary examination shall be as the annexed Table
1.
Article 47 (Exemption from Actuarial Examination)
(1) Any person who has been engaged in the business to take up insurances
not less than five years old in the Financial Supervisory Service, insurance
companies, the insurance association, the insurance
premium rate
calculation institution shall be exempt from the preliminary examination.
(2) Any person who have gained a foreign
actuarial qualification which
is recognized by the Financial Services Commission shall be exempt from
the preliminary and secondary
examinations.
(3) Any person who has passed the preliminary examination shall be exempt
from the next preliminary examination only once.
Article 48 (Determination of Successful Candidates)
(1) Candidates who score not less than 40 marks out of 100 in each subject
and an average of not less than 60 marks in all subjects shall be determined
as having passed the preliminary examinations.
(2) Candidates who score not less than 40 marks out of 100 in each subject
and an average of not less than 60 marks in all subjects
shall be determined
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
20
as having passed in the secondary examinations: Provided, That in cases
where the Governor of the Financial Supervisory Service
publishes, deems
it necessary for supply and demand of actuaries, in advance the estimated
number of candidates to be selected,
successful candidates may be
determined in the order of marks scored out of the aggregate marks in
all subjects, not exceeding
the publicized estimated number of candidates
to be selected, from among those who score not less than 40 marks out
of 100 in each
subject.
(3) When successful candidates are determined in accordance with the
proviso to the paragraph (2), if the number of successful candidates
is
expected to exceed the estimated number of candidates to be selected due
to candidates who score the same marks, the relevant
persons who score
the same marks shall all become successful candidates. In such cases,
their marks shall be down to the second
decimal place.
Article 49 (Publication, etc. on Convening Execution)
(1) In cases where the Governor of the Financial Supervisory
Service intends
to execute the actuary examination, it shall publish the following matters
in a daily newspapers with a nationwide
circulation, or Internet homepage,
etc. by not later than 30 days convening of examination:
1. Date and place of examination;
2. Ways and subjects of examination;
3. Qualification and procedures for attending the examination; or
4. Other matters necessary for convening examination.
(2) Any person who intends to apply to sit on actuarial examination shall
pay the examination fees prescribed by the Governor of the Financial
Supervisory Service to the Financial Supervisory Service, and
the
examination fees shall not be refunded, even if the relevant applicant
has not sat such examination.
(3) The detailed matters necessary for the execution of actuarial examination
shall be prescribed by the Governor of the Financial
Supervisory Service.
Article 50 (Training of Actuary Apprentice)
(1) The training of actuary apprentice under Article 182 (2) of the Act
shall be conducted on the business to take up insurances
at the Financial
Supervisory Service, insurance companies, the insurance association, the
insurance premium rate calculation institution,
and other institutions
prescribed by the Financial Services Commission.
of the Prime Minister No. 875, Mar. 3, 2008>
(2) The period for apprenticeship training under paragraph (1) shall be
six months.
(3) The persons who have gained a foreign actuary qualification, which
is recognized by the Financial Services Commission and who
have been
engaged in the business to take up insurances for not less than two years
in any institution under paragraph (1) shall
be exempt from apprenticeship
training.
Each person who intends to register as an actuary shall submit to the
Governor of the Financial Supervisory Service a written application
for
registration on the annexed Form 15, attaching by the following documents:
Provided, That in cases where any person who has
gained a foreign actuary
qualification applies for the registration, the documents under
subparagraph 1 may be replaced by the
documents attesting the relevant
foreign actuarial qualification:
1. Documents attesting the completion of job training (in cases of persons
who have been engaged in the business to take up insurances
for not
less than two years at any institution under Article 50 (1) in accordance
with paragraph (3) of the said Article, referring
to documents evidencing
such fact); and
2. Curriculum vitae.
Article 52 (Classification of Certified Damage Assessors)
(1) Each certified damage assessor under Article
186 of the Act shall be
classified as either a certified damage assessor of the first kind, a certified
damage assessor of the
second kind, a certified damage assessor of the
third kind and a certified damage assessor of the fourth kind, and a certified
damage assessor of the third kind shall be divided into personal certified
damage assessor and property or automobile certified
damage assessor.
(2) The certified damage assessor of the first kind shall assess the damage
amount of fire insurance, indemnity
insurance, technology insurance, credit
loss insurance and insurances under subparagraphs 1 through 5 of Article
3.
(3) The certified damage assessor of the second kind shall assess the amount
of damage of marine insurances (including hull insurance,
cargo insurance,
aviation insurance, transportation insurance).
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
22
(4) The personal certified damage assessor from among a certified damage
assessor of the third kind shall assess the amount of damage
related to
the human body caused by a motor vehicle accident and the certified damage
assessor specialized in property and vehicle,
shall assess the damage amount
of vehicle and other type of property.
(5) A certified damage assessor of the fourth kind shall assess the damage
amount of the injury insurance, disease insurance and
the nursing insurance.
Article 53 (Subjects of Examination of Certified Damage Assessors and
Exception of Examination)
(1) The subject matter of the examination of certified damage assessors
shall be as per annexed Table 2.
(2) Any person who has been engaged in work related to damage assessment
for not less than five years at the Financial Supervisory
Service, a damage
insurance company, the damage insurance association (in cases of a certified
damage assessor of the fourth kind,
life insurance companies, the life
insurance association shall be included), the Korea Fire Protection
Association under Article
11 of the Act on the Indemnification for
Fire-Caused Loss and the Purchase of Insurance Policies or a corporation
which runs the
damage evaluation business pursuant to Article 187 (2)
of the Act shall be exempt from the preliminary examination.
23
Article 54 (Apprenticeship Training of Certified Damage assessors)
(1) The apprenticeship training under Article 186 (1) of the
Act shall
be conducted on the business of damage assessment in the relevant field
under Article 52 at the Financial Supervisory
Service, damage insurance
companies, damage insurance association (in cases of a certified damage
assessor of the fourth kind,
life insurance companies, the life insurance
association shall be included), and other institutions prescribed by the
Financial
Services Commission.
(2) The period for training of apprentices under paragraph (1) shall be
six months.
(3) Any person who has gained a foreign qualification as a certified damage
assessor which is recognized by the Financial Services
Commission, and
who has been engaged in work related to the damage assessment for not
less than two years at any institution under
paragraph (1) shall be exempt
from the preliminary and the secondary examinations.
Article 55 (Provisions of Mutatis Mutandis Application)
The provisions of Articles 46 (1) through (3), 48, 49 and 51 shall apply
mutatis mutandis to the examination and registration of certified damage
assessors.
Article 56 (Registration Fees)
The registration fee under the provisions of Articles 183 (3) and 187 (3)
of the Act shall be ten thousand won.
Article 57 (Scope of Interested Persons)
(1) The term "persons having the relation of interests with himself/herself
provided by Ordinance of the Prime Minister" prescribed
in subparagraphs
2 and 3 of Article 99 of the Decree shall mean any of following subparagraphs:
1. In cases of a certified damage assessor who is an individual:
(a) Spouse of the principal and the relatives sharing livelihood
with
the principal;
(b) Individual who employees the principal or the corporation or
organization for which the principal works as a full-time executive
or employee;
(c) Individual who employees the principal or the corporation or
organization for which the principal works as a representative;
or
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
24
(d) Corporation or organization for which the relatives of not more than
two degrees of relationship and sharing a livelihood with
the
principal, the spouse of the principal and the relatives of not more
than two degrees of relationship of the spouse of the
principal work
as full-time executives or employees;
2. In cases of a certified damage assessor who is a corporation:
(a) Individual or corporation that employees executives and employees
of the relevant corporation; or
(b) Any person whose amount of investment in the relevant corporation
exceeds 30/100 of the total amount of investment;
(2) The
contribution ratio under paragraph (1) 2 (b) shall mean, in cases
where the investor is an individual, the ratio of the sum of investments
by the relevant individual and the relatives sharing a livelihood with the
individual. In cases where the investor is a corporation,
the ratio of the
sum of investments by the relevant corporation, related corporation
(referring to the corporation, the sum of
investment ratio by the relevant
corporation and their executives and employees such corporation exceeds
30/100).
Article 58 (Procedures for Imposition and Collection of Fines for
Negligence)
The Enforcement Rules of the Management of the National Funds Act
shall apply mutatis mutandis to the procedures for the imposition
and
collection of fines for negligence under Article 102 (4) of the Decree. In
such cases, the means of raising objections and
period for objections shall
be stated in the notice of payment.
ADDENDA
Article 1 (Enforcement Date)
These Rules shall enter into force on August 30, 2003.
Article 2 (Applicability of Business Guarantee Money of Certified Insurance
Broker)
The amended provisions of Article 19 shall apply on the first occasion
the portion of calculation of the business guarantee money
for the year
2004.
Article 3 (Applicability of Examination of Actuary)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
25
The provisions before being amended by Ordinance of the Prime Minister
No, 504, April, 29, 1995 shall apply to the persons who have
passed the
preliminary examination for actuaries executed before April, 29, 1995,
notwithstanding the amended provisions of Article
47 (3).
Article 4 (Transitional Measures concerning Certified Damage Assessors)
Each person who has registered as a certified damage
appraiser of the
first kind pursuant to the former provisions at the time when these Rules
enter into force (including persons
who have passed the secondary
examination for a certified damage assessor of the first kind before the
year 2005) shall be deemed
as a certified damage assessor of the first
kind and a certified damage assessor of the fourth kind under the amended
provisions
of Article 52.
Article 5 (Transitional Measures concerning Examination of Certified
Damage Assessors, etc.)
(1) The subjects of examination of a certified damage assessor of the first
and fourth kinds under the annexed Table 2 shall apply
to the examination
convened for the first time after the year 2005.
(2) Persons who have passed the preliminary examination for a certified
damage assessor of the first kind executed in the year 2004
shall be exempt
from the next preliminary examination of a certified damage assessor of
the first and fourth kinds only once.
(3) Any person who has obtained a qualification as automobile maintenance
technician of second grade or higher under the National
Technical
Qualifications Act at the time when these Rules enter into force and has
been engaged in work related to the damage assessment
of the relevant
filed not less than three years at any institution under the amended
provisions of Article 54 (1) shall be exempt
from the preliminary examination
of a certified damage assessor specialized in the property or vehicle, from
among the examination
of a certified damage assessor of the third kind
in accordance with former provisons notwithstanding the amended
provisions of
Article 53 (3).
(4) The provisions before amendment by Ordinance of the Prime Minister
No, 504, April, 29, 1995 shall apply to persons who have
passed the
preliminary examination executed before April, 29, 1995, notwithstanding
the amended provisions of Article 53 (5).
Article 6 (Transitional Measures concerning Registration of Certified
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
26
Damage Assessors)
Each person who has registered as a certified damage appraiser of the
third kind in accordance with the former provisons before
December 1,
1991, shall be deemed as a person who has registered as a certified damage
specialized assessor physical health and
a certified damage assessor
specialized in property or vehicles of the third kind under these Rules.
Article 7 (Relations with
Other Acts and Subordinate Statutes)
In cases where the former Enforcement Rules of the Insurance Business
Act or the provisions
thereof are cited in other Acts and subordinate statutes
at the time these Rules enter into force, if any corresponding provisions
exist in these Rules, the corresponding provisions in these Rules shall
be deemed to have been cited in lieu of the former provisions.
ADDENDA
(1) (Enforcement Date) These Rules shall enter into force on the date of
their promulgation.
(2) (Applicability regarding Loss Conservation of Dividend Insurance
Contracts) The amended provisions of Article 30-2 (2) and (3)
shall apply
to the portion of loss from the dividend insurance contracts which has occurred
in the business year to which the date
this Decree enters into force belongs.
ADDENDUM
These Rules shall enter into force on April 1, 2005.
ADDENDA
These Rules shall enter into force on the date of their promulgation.
Articles 2 through 5 Omitted.
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
27
[Table 1]
Subjects of Examination of Actuary (related to Article 46 (4))
P r e lim in a r y E x a m in a t io n
S e c o n d a r y
E x a m in a t io n
(1) Alternative of Principal of
economics or Business administration
(2) Insurance mathematics
(3) Foreign language (alternative of
English or Japanese)
(4) Insurance Contracts Act (Part of
Insurance of the Commercial Act) and
Insurance Business Act
(1) Theory and practical
business of insurance
(2) Accounting
(3) Mathematics for Insurance
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
28
[Table 2]
Subjects of Examination of Certified Damage assessor (related to
Article 53 (1))
C la s s if ic a t io n P r e lim in a r y
E x a m in a t io n
S e c o n d a r y
E x a m in a t io n
First kind (fire,
liability technology,
industrial accident
compensation
insurance, etc.)
(1) Insurance Business Act
(2) Theory on fire, liability
technology, industrial
accident compensation
insurance, etc.
(3) Accounting
(4) English
(5) Insurance Contracts Act
(Part of Insurance of the
Commercial Act)
(1) Damage evaluation
theory
(2) Practice of
evaluation on damage
and insurance amount
of fire, liability
technology, industrial
accident compensation
insurance, etc.
Second kind (Marine,
Aviation and
Transportation
insurance, etc.)
(1) Insurance Business Act
(2) Marine insurance theory
(3) Accounting
(4) English
(5) Insurance Contracts Act
(Part of Insurance of the
Commercial Act)
(1) Damage evaluation
theory
(2) Practice of
evaluation on amount of
damage and insurance
marine insurance
Third kind
(automobile
insurance)
Person (1) Insurance Business Act
(2) Automobile insurance
theory
(3) Insurance Contracts Act
(Part of Insurance of the
Commercial Act)
(4) Medical theory
(1) Damage evaluation
theory
(2) Damage amount of
automobile insurance
and practice of
evaluation on insurance
amount (Part of
indemnity for other
persons and
self-damage)
Property
·
Vehicle
(1) Insurance Business Act
(2) Automobile insurance
theory
(3) Insurance Contracts Act
(Part of Insurance of the
Commercial Act)
(4) Structure of vehicle and
the theory of maintenance
(1) Damage evaluation
theory
(2) Damage amount of
automobile insurance
and practice of
evaluation on insurance
amount (Part of
indemnity for damage
of property and vehicle)
Fourth kind (Injury,
Disease and Nursing
insurance)
(1) Insurance Business Act
(2) Third insurance theory
(3) Insurance Contracts Act
(Part of Insurance of the
Commercial Act)
(4) Medical theory
(1) Damage evaluation
theory
(2) Practical evaluation
of damage and
insurance money of the
third insurance
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
29
[annexed Form 1 (1)]
Application for Preliminary License (Stock Company·Mutual
Company)
Period of
Processing
Three Months
D e t a
ils
o f
A p p
lic a t
io n
Name of
Representative
Resident Registration
Number
C a p it a l (Fund)
F ir m N a m e
L o c a t io n o f
H e a d o f f ic e
K in d o f
I n s u r a n c e
B u s in e s s
I hereby apply as above in accordance with Article 7 of the
Insurance Business Act and Article 9 of the Enforcement Rule
of the
said Act.
Fee
None
Month Date Year
Applicant (Agent) (Signature or Seal)
To The Financial Services Commission
Documents to be appended:
1. Articles of incorporation;
2. Minutes of meeting of incorporators;
3. Personal histories and career certificates of the officers and promoters;
4. Project Manual;
5. Plan for raising capital or funds necessary for the operation of insurance
business;
6. Documents by which major investors qualified for the requirements may be
attested;
7. Join-venture Contract (limited to cases where the insurance business is
intended to run as a joint venture collaboration with
a foreigner) or document
equivalent thereto;
8. Business plans by business year, for three years after the commencement
of operations; (preparation criteria, estimated balance
sheet, scheduled result of
contract by insurance kind, plan for fund raising, structure and means of
sales, personnel plan by occupation,
physical facilities, plan for information
network facility, plan of developing goods, etc.)
9. Plan of accomplishing the payable ratio by the business year for three
years after the commencement of operations; or
10. Other documents recognized as necessary by the Financial Services
Commission.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
30
This application will be processed as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
R e v ie w
D e c is io n
N o t if ic a t io n
a n d
P u b lic a t io n
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
31
[annexed Form 1 (2)]
(Front)
Application for Preliminary License (Domestic Branch of Foreign
Insurance Company)
Period of
Processing
Three
Months
A p p l
ic a n t
Name of Representative
D a t e o f
B ir t h
Firm Name
N a m e o f
H o m e la n d
L o c a t io n o f H e a d
o f f ic e
Commence Date
of Operation
C la s s if ic a t io n o f
A p p lic a t io n
Establishment
of Branch
C a p it a l
(Fund)
D e t a
ils
o f
A p p l
ic a t i
o n
Name of Representative
D a t e o f
B ir t h
Firm Name
L o c a t io n o f H e a d
O f f ic e
K in d o f
I n s u r a n c e
B u s in e s s
I hereby apply as above, in accordance with Article 7 of the Insurance
Business Act and Article 9 of the Enforcement Rule of the
said Act.
Fee
None
Month Date Year
Applicant (Agent) (Signature or Seal)
To The Financial Services Commission
Documents to be appended (documents written in a foreign language shall be
accompanied with translations) thereof:
1. Articles of incorporation;
2. Project Manual;
3. Certificate that the head office runs legally the insurance business in the home
country, issued by a competent agency of the
home country;
4. Documents by which the right of representation of the representative of the Republic
of Korea can be attested;
5. Balance sheets and income statements of the main office for the latest three years;
6. Details of reserves accumulated by the head office for the latest three years and the
result of distribution for stockholders
(members);
7. Certificate of financial soundness issued by the competent agency of the home
country;
8. Documents by which the "investment grade" has been attested as a recent result of
credit evaluation by an international credit
rating agency;
9. Documents by which the principal has not been subject to the administrative and
criminal punishment by any supervisory agency,
etc. of the home country for the latest
three years;
10. Personal histories and career certificates of executives, including the representative of
domestic branch;
11. Business plans by the business year for three years after the commencement of
operation; (preparation criteria, estimated balance
sheet, scheduled result of contract by
insurance kind, plan for fund raising, structure and ways of sales, personnel plan by
occupation,
physical facilities, plan for developing goods, etc.)
12. Plan for accomplishing the payable ratio by the business year for three years after
the commencement of operation; or
13. Other documents recognized by the Financial Services Commission as necessary.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
32
This application will be processed as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
R e v ie w
D e c is io n
N o t if ic a t io n
a n d P u b lic a t io n
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
33
[annexed Form 2]
Application for Concurrent Running of other Business(es)
Period of
Processing
Sixty
Days
D e t a
ils
o f
A p p
lic a t
io n
Name of
Representative
R e s i d e n t
R e g i s t r a t i o n
Number
C a p i t a l
(Fund)
Firm Name
L o c a t io n o f
H e a d O f f ic e
K in d o f
I n s u r a n c e
B u s in e s s
I hereby apply as above, in accordance with Article 11 (1)
of the Insurance Business Act and Article 12of the Enforcement
Rule
of the said Act.
Fee
None
Month Date Year
Applicant (Agent) (Signature or Seal)
To The Financial Services Commission
Documents to be appended:
1. Documents in which kinds and ways of business intended to be
concurrently run are stated;
2. Documents in which the relationship with business intended to be
concurrently run are stated;
3. Other documents recognized by the Financial Services Commission as
necessary for granting authorization on the concurrent running
of other
businesses.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
34
This application will be processed as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
R e v ie w
D e c is io n
N o t if ic a t io n
a n d P u b lic a t io n
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
35
[annexed Form 3] Deleted.
[annexed Form 4] Deleted.
[annexed Form 5] Deleted.
[annexed Form 6] Deleted.
[annexed Form 7] Deleted.
[annexed Form 8] Deleted.
[annexed Form 9] Deleted.
[annexed Form 10] Deleted.
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
36
[annexed Form 11]
(Front)
Application for Refund of Business Guarantee Money
Registration Number:
Address:
Period of
Processing
Fixed Deadline
Firm name·Trade name:
1 . G ro u n d s fo r
R e fu n d
2 . Date of Occurrence
Ground for Refund
3. Business guarantee money to be refunded:
(a) In cases of cash
No. of Depository
Certificate
Original
Deposited
Amount
Name of
Depositor
Amount Applied
for Refund
(b) In cases of securities
No. of
Depository
Certificates
Kind of
Certifica
tes
No. of
Securities
N u
m b e
r
U n it
A m o u
n t
T o t a l
A m o u n t
A p p r o v a
l
A m o u n t
I hereby apply for the refund of the business guarantee money
in accordance with Article 37 (4) of the Enforcement Decree of the
Insurance Business Act and Article 21 (1) of the Enforcement Rules
of the said Act.
Fee
None
Month Date Year
Applicant (Signature or Seal)
To The Financial Services Commission
Attached document(s):
Documents with which matters under each subparagraph of Article 37 (4) of the
Enforcement Decree of the Insurance Business Act may
be verified.
Notification of Refund of Business Guarantee Money
1. Recipient in cases of refund:
Firm
name·Trade
name
N a m e
Registration
Number
A d d r e s s
2.
3.
Date of Refund: Month Date Year
Refund Amount : Won
I hereby notify as above.
Month Date Year
the Financial Services Commission
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
37
This application will be processed as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
P u b lic a t io n
C o n f ir m a t io n o f
B a la n c e
R e f u n d o f B a la n c e
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
38
[annexed Form 12]
C e r t if ic a t e o f I n s p e c t o r
Affiliated Agency:
Position:
Name:
I hereby attest that I have ordered the above person to inspect
insurance companies in accordance with Article 133 of the Insurance
Business Act.
Month Date Year
the Governor of
the Financial Supervisory Service [Seal]
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
39
[annexed Form 13]
(Front)
Application for Authorization of Dissolution Resolution
Period of
Processing
Sixty
Days
D e t a
ils
o f
A p p
lic a t
io n
Name of
Representative
R e s i d e n t
R e g i s t r a t i o n
Number
C a p it a l (Fund)
Firm Name
L o c a t io n o f
H e a d o f f ic e
K in d o f
I n s u r a n c e
B u s in e s s
S u m m a r y o f
d is s o lu t io n
(Purpose, Details,
Method, etc.)
I hereby apply as above, in accordance with Article 139 of the
Insurance Business Act and Article 35 of the Enforcement Rule of
the said Act:
Fee
None
Month Date Year
Applicant (Agent) (Signature or Seal)
To The Financial Services Commission
Documents to be appended:
1. Minute of the general meeting of stockholders (in cases of a membership
company, refers to as the minute of the general meeting
of members);
2. Implantation plan for liquidation works;
3. Documents by which the implementation of procedures for protection of
insurance policyholders interested persons may be verified;
4. Documents by which the non defect on the implementation of procedures
under the relevant Acts or subordinate statute, including
the Commercial Act,
etc. may be verified; or
5. Other documents deemed by the Financial Services Commission as
necessary.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
40
This application will be processed
as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
P u b lic a t io n
R e v ie w
N o t if ic a t io n
a n d
P u b lic a t io n
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
41
[annexed Form 14]
(Front)
Application for Authorization of Transfer of Insurance Contract (in
whole or part)
Period of
Processing
Sixty Days
Transfer
or
Name of Representative
R e s i d e n t
R e g i s t r a t i o n
Number
C a p it a l (Fund)
Firm Name
L o c a t io n o f
H e a d o f f ic e
K in d o f
I n s u r a n c e
B u s in e s s
Transfer
ee
Name of Representative
R e s i d e n t
R e g i s t r a t i o n
Number
C a p it a l (Fund)
Firm Name
L o c a t io n o f
H e a d o f f ic e
Name of Representative
S u m m a r y o f d is s o lu t io n
(Purpose, Details, Method, etc.)
I hereby apply as above in accordance with Article 139 of the
Insurance Business Act and Article 36 of the Enforcement Rule of the
said
Act:
Fee
None
Month Date Year
Applicants: Transferor (Agent) (Signature or Seal)
Transferee (Agent) (Signature or Seal)
To The Financial Services Commission
Documents to be appended:
1. Written contract on the transfer of insurance contracts;
2. Inventory and balance sheet of each insurance company;
3. Kinds, number, amount of insurance contracts to be transferred and statistical data
by relevant region;
4. Documents on which the amount of liability reserve of insurance contracts to be
transferred and other kinds of reserves and their
calculation method are stated;
5. Documents on which the total sum of properties to be transferred and quantity and
value by property kind are stated;
6. Number and amount of insurance contracts by each insurance company, the number
of policyholders, the number and amount per insurance
contract and the number of
policyholders;
7. Documents by which the completion of implementation procedures of contract transfer
under Article 141 of the Act may be verified;
or
8. Other documents deemed by the Financial Services Commission as necessary for the
protection of policyholders.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
42
This application will be processed as follows:
(Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n
o f
A p p lic a t io
n
A c c e p t a n c e
P u b lic a t io n
R e v ie w
N o t if ic a t io n
a n d P u b lic a t io n
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
43
[annexed Form 15] (Front)
Application for Registration of Actuary (Certified Damage
Assessor)
Period of
Processing
Thirty
Days
A p p
lic a n
t
N a
m e
Korean
Script
Classific
ation of
Qualifica
tion
R e s i d e n t
Registration
Number
Chinese
characte
rs
English
letters
A d d r e s s
Telephone
Number
D a t e o f
Successfully Passing
of Secondary
Examination
Month Date
Year
No. of Certificate
of Successfully
Passing of
Secondary
Examination
No.
J o b T r a in in g
N a m e o f
A g e n c y
P e r io d
Month Date
Year
Month Date
Year
Carried on Business
R e g is t r a t io n
N u m b e r
I hereby applies as above in accordance with Articles 182 (1)
and 186 (1) of the Insurance Business Act and Articles 51 and 54
of the Enforcement Rule of the said Act:
Fee
None
Month Date Year
Applicant (Agent) (Signature or Seal)
To Governor of the Financial Supervisory Service
Attached document(s):
1. Documents by which the completion of job training (in cases of the persons
who have been engaged in the business to take up insurance
for not less than
two years at any institution under Article 50 (1) in accordance with paragraph
(3) of the said Article of the
Enforcement Rules of the Insurance Business Act,
referring to the documents evidencing such fact) may be verified;
2. Curriculum vitae (A photograph of 3 cm X 4 cm in size shall be attached);
3. Other documents necessary for the registration.
210×297((2) 60g/)
ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT
44
This application will be processed as follows: (Rear)
A p p lic a n t P r o c e s s in g A g e n c y
P r e p a r a t io n o f
A p p lic a t io n
A c c e p t a n c e
R e v ie w
I s s u a n c e o f
R e g is t r a t io n
C e r t if ic a t e
R e g is t r a t io n
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