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ENFORCEMENT RULES OF THE INSURANCE BUSINESS ACT

Wholly Amended by Ordinance of the Prime Minister No. 328, Aug. 30, 2003

Amended by Ordinance of the Prime Minister No. 367, Mar. 25, 2004

Ordinance of the Prime Minister No. 430, Mar. 31, 2005

Ordinance of the Prime Minister No. 875, Mar. 3, 2008

Ordinance of the Prime Minister No. 885, Aug. 4, 2008

Ordinance of the Prime Minister No. 921, Dec. 31, 2009

Ordinance of the Prime Minister No. 948, Jan. 24, 2011

Ordinance of the Prime Minister No. 972, Feb. 28, 2012

CHAPTER I 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.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 2 (Approval Application for Conclusion of Insurance Contracts)
Any person who intends to obtain approval on the conclusion of any insurance contract under Article 7 (1) 5 of the Enforcement Decree of the Insurance Business Act (hereinafter referred to as the "Decree") shall file an application with the following documents attached thereto:
1. Terms and conditions of insurance;
2. Transcript of subscription to insurance;
3. In cases of an insurance contract which belongs to a life insurance business and Type 3 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 a non-life insurance business, documents by which object of insurance may be verified, including a drawing and pictures of the object of insurance.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER II LICENSE OF INSURANCE BUSINESS, ETC.
 Article 3 Deleted. <by Ordinance of the Prime Minister No. 948, Jan. 24, 2011>
 Articles 4 through 6 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 7 (Documents to be Submitted when Filing Application for License)
(1) "Documents prescribed by Ordinance of the Prime Minister" in Article 9 (3) 1 (g) of the Decree means the following documents:
1. Documents by which the sources of capital or funds may be verified;
2. Documents by which the fulfillment of requirements prescribed in Article 10 (1) and (3) of the Decree may be verified;
3. Documents by which the implementation of matters prescribed in a preliminary license may be verified, in cases where the preliminary license has been obtained;
4. Documents by which the fulfillment of requirements prescribed in attached Table 1 of the Decree may be verified.
(2) "Documents prescribed by Ordinance of the Prime Minister" in Article 9 (3) 2 (g) of the Decree means the following documents:
1. Documents by which the sources of operating funds may be verified;
2. Documents referred to in paragraph (1) 2 and 3;
3. Transcript of the corporate register of a domestic branch to be established in Korea;
4. Documents by which the credit rating of the head office of a foreign insurer conducted by an internationally recognized credit-rating agency is investment grade or higher may be verified;
5. Documents by which the compliance of the head office of a foreign insurer with the criteria for financial soundness set by the supervisory agencies of the home country may be verified;
6. Documents by which the fact that the head office of a foreign insurer has not been subjected to any administrative disposition of warning against a corporation or a severer disposition or criminal punishment of a 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.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 8 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 9 (Application, etc. for Preliminary License)
(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 shown in annexed Form 1, accompanied with documents under each subparagraph of Article 5 of the Act, to the Financial Services Commission.
(2) Where a preliminary license has been applied for, the Financial Services Commission shall inform the general public of the following matters via the Internet, etc. to gather consensus from interested persons:
1. The purport of application;
2. The main details of application, including an applicant, date of application, scope of types of insurance applied for;
3. The means of and period for presenting an opinion.
(3) If deemed necessary for examining a preliminary license because of the possible severe impact on the financial market, the Financial Services Commission may request interested persons to present their opinions or hold a public hearing regarding the application for a preliminary license, separately from the publication under paragraph (1).
(4) If any interested person's opinion presented in accordance with paragraphs (2) and (3) is disadvantageous to an applicant, the Financial Services Commission shall inform the relevant applicant of the details thereof and provide him/her with an opportunity to defend himself/herself by the fixed deadline.
(5) If any of the following grounds occurs, the Financial Services Commission may extend the notification period only once up to three months in accordance with the proviso to Article 7 (2) of the Act:
1. Where the verification of facts and the supplementation of data are necessary because the matters stated on an application for a preliminary license or attached documents are unclear;
2. Where a public hearing or an applicant's defense under paragraphs (3) and (4) is necessary for reconciling interests between interested persons, etc.;
3. Other cases recognized by the Financial Services Commission as necessary for stabilizing financial markets and protecting policyholders.
(6) Any person who has obtained a preliminary license pursuant to Article 7 (2) of the Act shall apply for a license referred to in Article 4 of the Act (hereafter referred to as "principal license" in this paragraph) within six months from the date on which he/she has obtained such preliminary license 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 as at the time the Financial Services Commission grants a preliminary license, or the extension of the application period for a principal license has been approved by the Financial Services Commission after the preliminary license, such application period may be determined separately.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 10 (Standards, etc. for Preliminary License)
(1) Any person who intends to obtain a preliminary license under Article 7 of the Act shall satisfy the following requirements:
1. He/she shall satisfy requirements prescribed in Article 6 (1), (2) or (3) of the Act: Provided, That with regard to capital, funds, operating funds, human resources, and physical facility, the implementation plan thereof shall be feasible;
2. A business plan and means of implementation thereof shall not be contrary to any Act or subordinate statute.
(2) The Financial Services Commission may organize and operate a review committee to evaluate whether any person who intends to obtain a preliminary license satisfies requirements referred to in paragraph (1) and conduct a field investigation to verify the details of application and hold interviews with promoters and management.
(3) Where the Financial Services Commission decides to reject an application for a preliminary license as a result of examining the application, it shall notify the relevant applicant of the fact and grounds for such rejection in writing.
(4) Matters necessary for a preliminary license, including the organization or means of administration of the review committee under paragraph (2) shall be prescribed and announced by the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 11 (Payment of Operating Funds)
The means of paying operating funds to be paid by any foreign insurer which intends to run an insurance business in the Republic of Korea in accordance with Article 14 of the Decree shall be prescribed and announced by the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 12 (Reporting on Concurrent Operation)
When an insurance company intends to report other businesses to be concurrently operated in accordance with the latter part other than each subparagraph of Article 11 of the Act, it shall submit an application shown in annexed Form 2, accompanied with the following documents, to the Financial Services Commission:
1. Documents in which the kinds and means of businesses to be concurrently operated are stated;
2. Documents in which the relationship between the insurance business and other businesses to be concurrently run are stated.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER III INSURANCE COMPANIES
 Article 13 (Application for Approval on Reduction of Capital)
Where an insurance company, which is a stock company, intends to obtain approval for the reduction of capital in accordance with Article 18 (2) of the Act shall submit an application accompanied with the following documents to the Financial Services Commission:
1. Documents in which the means of capital reduction are stated;
2. Inventory of assets and balance sheet;
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.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER IV INSURANCE SOLICITATION
 Article 14 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 15 Deleted. <by Ordinance of the Prime Minister No. 948, Jan. 24, 2011>
 Article 16 (Banned Conduct by Insurance Company, etc. in relation to Cross-Marketing)
(1) "Conducts prescribed by Ordinance of the Prime Minister" in Article 29 (3) 6 of the Decree means an act falling under any of the following subparagraphs:
1. Forcing a relevant insurance salesperson to sign the entrusted contract for cross-marketing under Article 29 (1) of the Decree (hereinafter referred to as "cross-marketing") with a specific insurance company designated;
2. Forcing a relevant insurance salesperson to attract cross-marketing insurance salespersons under Article 29 (2) of the Decree (hereinafter referred to as "cross-marketing insurance salespersons");
3. Giving preferential treatment to cross-marketing insurance salespersons as compared with relevant insurance salespersons without any rational basis.
(2) "Conducts prescribed by Ordinance of the Prime Minister" in Article 29 (4) 4 of the Decree means an act falling under any of the following subparagraphs:
1. Requiring an insurance company entrusting cross-marketing to give preferential treatment as compared with other insurance salespersons without any rational basis;
2. Requiring an insurance company entrusting cross-marketing to demand compensation on the condition of attracting other cross-marketing insurance salespersons;
3. Disclosing information on insurance contracts with regard to cross-marketing.
[This Article Newly Inserted by Ordinance of the Prime Minister No. 921, Dec. 31, 2009]
 Article 17 Deleted. <by Ordinance of the Prime Minister No. 948, Jan. 24, 2011>
 Article 18 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 19 (Business Bonds of Certified Insurance Brokers)
The business bonds of a certified insurance broker referred to in Article 37 (1) of the Decree shall be business bonds prescribed by Article 37 (1) of the Decree (hereafter referred to as "minimum business bonds" in this Article) from the commencement date of operation until the elapse of three months and fourteen days after the end of the first business year (based on the business year prescribed by the Financial Services Commission), and shall be the larger amount between the amount of income earned, on an annual basis, by the relevant certified insurance broker in relation to insurance solicitation for the preceding two business years after the elapse of the relevant period: Provided, That if such amount is less than the minimum business bonds, it shall be such minimum business bonds and it shall be ten billion one if it exceeds ten billion won.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 20 Deleted. <by Ordinance of the Prime Minister No. 948, Jan. 24, 2011>
 Article 21 (Procedures for Refunding Business Bonds to Certified Insurance Brokers)
(1) Where any certified insurance broker intends to have a refund of his/her business bonds in accordance with Article 37 (3) of the Decree, he/she shall submit an application for refund of the business bonds shown in annexed Form 11, accompanied with documents by which matters referred to in each subparagraph of Article 37 (3) of the Decree can be verified, to the Financial Services Commission.
(2) Where a certified insurance broker applies for a refund of his/her business bonds on any ground prescribed in Article 37 (3) 1 through 4 of the Decree, the Financial Services Commission shall publish the following matters in daily newspapers, on an Internet homepage, etc.:
1. The fact that the relevant certified insurance broker has applied for a refund of the business bonds and the grounds therefor;
2. The details that any person who has sustained a loss with regards to brokerage in concluding an insurance contract by the relevant certified insurance broker shall apply for payment of compensation for losses within six months from the date of publication, and if the person fails to apply for payment of compensation for losses within the said period, he/she may not obtain any distribution from the business bonds deposited by the certified insurance broker.
(3) Where any application for payment of compensation for losses is filed 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 handling procedures thereof.
(4) Where any business bonds deposited by the relevant certified insurance broker remains after implementing procedures referred to in paragraphs (2) and (3), the Financial Services Commission shall have the head of the depository institution of the business bonds to refund such remaining business bonds only if it deems that such refund does not cause any impediment to the protection of policyholders, etc.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 22 (Procedures for Payment of Compensation for Losses)
(1) When a policyholder, etc. applies for payment of compensation for losses in accordance with Article 38 (1) of the Decree, the head of the depository institution of business bonds shall notify the relevant certified insurance broker of such fact without delay and conduct an investigation thereon.
(2) The head of the depository institution of business bonds shall provide the relevant persons with an opportunity to submit evidence and state their opinions with regards to an investigation conducted under paragraph (1).
(3) If the head of the depository institution of business bonds deems that an application for payment of compensation for losses by a policyholder, etc. is reasonable as a result of conducting an investigation under paragraph (1), he/she shall publish in daily newspapers or on an Internet homepage, etc. purports that any person who has sustained a loss with regards to the brokerage in concluding an insurance contract by the relevant certified insurance broker shall apply for payment of compensation of losses within the specified period of not less than 60 days and if he/she fails to apply for payment of compensation for losses within the said period, he/she shall be excluded from the distribution of the business bonds deposited by the relevant certified insurance broker.
(4) Paragraphs (1) and (2) shall apply mutatis mutandis to procedures for handling any person who has applied for payment of compensation for losses in accordance with the publication under paragraph (3).
(5) With regards to applicants for whom the compensation liability for losses by the relevant certified insurance broker is recognized as a result of implementing procedures under paragraphs (1) through (4), the head of the depository institution of business bonds shall prepare the distribution table of business bonds 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 bonds shall implement the distribution in accordance with the distribution table if no objection has been raised by the relevant persons following notification under paragraph (5).
(7) When a certified insurance broker's business bonds have been deposited in the form of securities, the head of the depository institution of business bonds may sell them to distribute the business bonds. In such cases, the expenses of sale shall be deducted from the price of sale.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 23 (Bearing of Expenses for Publication)
Expenses incurred in implementing publication procedures under Articles 21 (2) and 22 (3) shall be borne by the relevant certified insurance broker.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 24 (Matters regarding Rights and Status of Certified Insurance Brokers)
"Matters relating to the right and status of the certified insurance broker as prescribed by Ordinance of the Prime Minister" in Article 41 (3) 2 of the Decree means the following matters:
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, amended, or terminated by representing the relevant insurance company, to receive or refund insurance premiums, to accept the reported or notified matters with regards to an insurance contract from a policyholder, etc., to determine an insurance company's liabilities for any insurance incident, or to determine the amount of insurance pay out;
2. The firm name or title of major insurance companies which have acquired insurance contracts brokered by the relevant certified insurance broker by life insurance business, non-life insurance business, and Type 3 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);
3. If the certified insurance broker is a corporation, the list of persons who hold not less than 25 percent of shares and equity shares of such corporation.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 25 (Matters regarding Compensation for Losses of Certified Insurance Brokers)
"Matters relating to compensation for losses of the certified insurance broker as prescribed by Ordinance of the Prime Minister" in Article 41 (3) 3 of the Decree means the following matters:
1. Amount of deposited business bonds and means of deposit;
2. The insurance company, the amount of insurance coverage, and major details thereof if the certified insurance broker has subscribed for indemnity liability insurance;
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 an insurance contract, the insurance company which acquires the insurance contract brokered by the certified insurance broker will assume no liability.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 26 (Code of Practice of Certified Insurance Brokers)
"Code of practice of the certified insurance broker as prescribed by Ordinance of the Prime Minister" in Article 41 (3) 5 of the Decree means the following matters:
1. Provisions that he/she will perform his/her business related to the brokerage in conclusion of insurance contracts in a faithful manner, and provide objective and independent advice, 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 any information or confidential information of any policyholder, etc. that became known to him/her by the brokerage in conclusion of insurance contracts, except in cases where the prior consent of a policyholder, etc. has been obtained or where it is necessary for the brokerage in conclusion of insurance contracts, the maintenance and management of contracts and disposal of insurance proceeds;
4. Provisions that he/she will convey information on insurance which has been obtained from an insurance company, policyholder, etc. in an objective and faithful manner;
5. Provisions that if he/she distributes or advertises insurance pamphlets, etc. to policy holders or many unspecified persons, he/she will state or advertise only objective facts, and not state or advertise any misleading or exaggerating details;
6. Provisions that he/she will compensate for any loss in cases where any damage has been inflicted to policyholders, etc. for violating the provisions referred to in subparagraphs 1 through 5.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 27 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 28 (Registration Fees)
Fees prescribed in Article 94 of the Act shall be any of the following amounts:
1. Insurance solicitor: 6,000 won;
2. Individual insurance agency: 20,000 won;
3. Corporate insurance agency: 200,000 won;
4. Individual certified insurance broker: 50,000 won;
5. Corporate certified insurance broker: 200,000 won;
6. Insurance agency of a financial institution or certified insurance broker of a financial insurance: 1,000,000 won.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER V CALCULATION OF INSURANCE COMPANY
 Article 29 (Appropriation of Liability Reserves, etc.)
(1) Premiums reserves under Article 63 (1) 1 (b) of the Decree shall not be less than the amount calculated according to the net premium formula that applies the base rate, etc. prescribed and published by the Financial Services Commission.
(2) Detailed matters necessary for the appropriation of liability reserves and emergency-risk reserves, including the methods of calculating such reserves under Article 63 (1) and (4) of the Decree shall by prescribed and published by the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 30 (Appropriation on Balance Sheets)
The provisions of Article 63 of the Decree and Article 29 of these Rules shall apply mutatis mutandis when an insurance company prepares the balance sheet in accordance with the provisions of any Act and subordinate statute.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 30-2 (Criteria, etc. for Distribution Earnings from Dividend Insurance Contracts)
(1) Every insurance company shall account not more than 10 percent of earnings accruing from dividend insurance contracts as stockholders' shares and the remainder as policyholders' shares in accordance with Article 64 (2) of the Decree.
(2) Where any loss remains after compensating for losses incurred from dividend insurance contracts using reserves referred to in Article 64 (1) of the Decree (hereafter referred to as "reserves to compensate for losses of dividend insurance contracts" in this Article) pursuant to Article 64 (4) of the Decree, every insurance company shall compensate for such remaining loss first with stockholders' shares and then account the loss compensated for with the stockholders' shares as the deficit of the stockholders' shares or the deficit carried forward of the dividend insurance contracts.
(3) The deficit carried forward of dividend insurance contracts under paragraph (2) shall be compensated for with the reserves to compensate for losses of dividend insurance contracts that are newly accumulated within five years from the completion date of the relevant business year in which such deficit is carried forward or accounted for as the deficit of the stockholders' shares.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 31 (Applications for Permission for Disposal of Revaluated Reserves)
Where an insurance company intends to obtain permission to dispose of revaluated reserves in accordance with Article 122 of the Act, it shall submit an application accompanied with documents prescribed in Article 447 of the Commercial Act to the Financial Services Commission at least two weeks prior to the date of the regular general meeting.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER VI SUPERVISION
 Article 32 (Documents to be Appended to Applications for Authorization of Mutual Agreements)
"Documents prescribed by Ordinance of the Prime Minister" in the part other than each subparagraph of Article 69 (1) of the Decree means the following documents:
1. A written mutual agreement;
2. A comparison table of the former written mutual agreement and an amended written mutual agreement (limited to any amendment to a mutual agreement);
3. Other documents necessary to explain the terms of the relevant mutual agreement.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 33 Deleted. <by Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
 Article 34 (Certificates of Authority to Inspect)
A certificate which indicates the authority of a person who conducts an inspection under Article 133 (4) of the Act shall be prepared as shown in annexed Form 12.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER VII DISSOLUTION AND LIQUIDATION
 Article 35 (Applications for Authorization of Resolution on Dissolution)
Where an insurance company intends to obtain authorization of the resolution on dissolution in accordance with Article 139 of the Act, it shall submit an application shown in annexed Form 13, accompanied with following documents to the Financial Services Commission:
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;
3. Documents attesting the execution of procedures for the protection of policyholders and interested persons;
4. Documents attesting that there is no error in the execution of procedures required under the Commercial Act and other related Acts and subordinate statutes;
5. Other documents recognized as necessary by the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 36 (Applications for Authorization of Transfer of Insurance Contracts)
Where an insurance company intends to obtain authorization of the transfer of insurance contracts in accordance with Article 139 of the Act, it shall submit an application shown in annexed Form 14, accompanied with the following documents to the Financial Services Commission within one month after the period prescribed in Article 141 (2) of the Act passes:
1. A written contract on the transfer of insurance contracts;
2. The inventory of assets 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 reserves 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 insurance company, the number, amount, number of policyholders of insurance contracts by kind, and the amount of liability reserves are stated;
7. Documents attesting that procedures for the transfer of insurance contracts have been completed pursuant to Article 141 of the Act;
8. Other documents related to the transfer of all insurance contracts, recognized by the Financial Services Commission as necessary for the protection of policyholders.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 37 (Matters to be Considered at Authorization of Resolution on Dissolution, Merger, etc.)
When the Financial Services Commission intends to authorize the resolution of dissolution, merger or transfer of insurance contracts in accordance with Article 139 of the Act, it shall determine whether to grant authorization by taking into account the following matters:
1. Whether such dissolution, merger or transfer of insurance contracts complies with the procedures required under this Act, the Commercial Act, the Financial Investment Services and Capital Markets Act, and other related Acts or subordinate statutes;
2. Whether such dissolution, merger or transfer of insurance contracts causes any disadvantage to any policyholder or interested person.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 38 (Notification, etc. of Authorization on Transfer of Insurance Contracts)
(1) 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 shall notify the policyholders of the transferred insurance contracts of the purport thereof within one month.
(2) The business manual, standardized contract, insurance premiums and manual on calculation of liability reserves used by an insurance company which transfers insurance contracts for the transferred insurance contracts shall be deemed succeeded to by the insurance company which has acquired such contracts as at the time the transfer of insurance contracts has been authorized pursuant to Article 139 of the Act.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 39 (Requests for Appointment of Liquidators)
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.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 40 (Requests for Dismissal of Liquidators)
(1) Where a shareholder or members intend to request for the dismissal of a liquidator pursuant to Article 156 (4) of the Act, he/she or they shall submit a written request to the Financial Services Commission by appending documents attesting that he/she is a shareholder who holds not less than five percent of capital for three consecutive months or they are members constituting not less than five percent of total members.
(2) Notwithstanding the provisions of paragraph (1), if the articles of incorporation prescribe different standards for members entitled to make a request in accordance with Article 156 (5) of the Act, documents attesting the fulfillment to such standards shall be append to the written request.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 41 (Reports on Account Settlement of Liquidators)
When the liquidator of an insurance company has obtained approval of the inventory of assets, 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, he/she shall report such fact without delay to the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 42 (Reports on Depositaries of Accounting Books, etc.)
When a depositary of accounting books, and other important documents regarding the operation and liquidation has been appointed under Article 541 of the Commercial Act, the liquidator of an insurance company shall report his/her name or its title and address without delay to the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER VIII PROTECTION OF THIRD PARTIES UNDER NON-LIFE INSURANCE CONTRACT
 Article 43 (Applications for Approval for Borrowing Funds)
Where a non-life insurance association intends to obtain approval to borrow funds pursuant to Article 171 (1) of the Act, it shall submit an application accompanied with the following documents to the Financial Services Commission:
1. The balance sheet of the contribution account;
2. Grounds for estimating the amount of necessary funds;
3. The repayment plan of borrowed funds.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
CHAPTER IX INSURANCE-RELATED ORGANIZATIONS, ETC.
 Article 44 (Services of Certified Insurance Actuaries, etc.)
The services of a certified insurance actuary, certified senior actuary or insurance actuarial business operator referred to in Article 181 (3) of the Act shall be as follows:
1. Matters on the preparation of basic documents under subparagraph 3 of Article 5 of the Act (hereafter referred to as "basic documents" in this Article);
2. Matters on the accumulation of reserves, including liability reserves, emergency-risk reserves, etc. and appropriateness of assets which fall under such reserves;
3. Matters on the distribution and disposal of earnings and distribution of dividends to policyholders;
4. Matters on insurance premiums and liability reserves in relation to the calculation of the solvency ratio;
5. Matters related to basic documents among publication materials about insurance products.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 45 (Procedures, etc. for Appointment of Certified Senior Actuaries)
(1) Where an insurance company intends to appoint or dismiss a certified senior actuary pursuant to Article 181 (3) of the Act, it shall report to the Financial Services Commission thereon as classified in the following after undergoing a resolution by a meeting of the board of directors: Provided, That in cases of a branch office of a foreign insurer in Korea a resolution by a meeting of the board of directors may be omitted:
1. Appointment: To report after appointment;
2. Dismissal: To report prior to dismissal.
(2) No insurance company shall appoint any certified senior actuary of another insurance company as its certified senior actuary.
(3) When an insurance company reports the dismissal of its certified senior actuary pursuant to paragraph (1), it shall submit the grounds therefor, and the Financial Services Commission may hear the opinion of the relevant certified senior actuary about the grounds for his/her dismissal.
(4) When a certified senior actuary is ordered to suspend his/her business in accordance with Article 192 (1) of the Act, an insurance company shall appoint a person who acts for him/her during the period of business suspension and report it to the Financial Services Commission.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 46 (Subjects, etc. of Examinations to be Certified Insurance Actuaries)
(1) An actuarial examination under Article 182 (1) of the Act shall be conducted in a preliminary examination and a secondary examination.
(2) No person who fails to pass the preliminary examination shall apply for the secondary examination: Provided, That, the forgoing shall not apply to any person exempted from the preliminary examination.
(3) Examinations shall be conducted as follows:
1. The preliminary examination shall be multiple-choice questions and description-type question-answer may be added;
2. The secondary examination shall be of essay-type, and multiple-choice questions, and the description-type question-answer may be added.
(4) The subjects of actuarial examinations shall be as specified in annexed Table 1.
(5) Among subjects of preliminary actuarial examinations referred to in annexed Table 1, an English test shall be replaced by a test score obtained at any English test by another testing agency conducted since January 1 of the year in which the date on which two years counting backward from the announcement date of the relevant actuarial examination pass falls. <<Enforcement Date: Jan. 1, 2014>>
(6) Kinds of English tests referred to in paragraph (5) and the passing score thereof shall be as detailed in annexed Table 1-2, and any person who intends to sit for an actuarial examination shall submit an application and the result of any English test issued by another testing agency. <<Enforcement Date: Jan. 1, 2014>>
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 46 (5) and (6)
 Article 47 (Exemption from Actuarial Examination)
(1) A person who has been engaged in actuarial services at the Financial Supervisory Service, insurance company, insurance association or premium rate calculation institution for not less than five years shall be exempt from the preliminary examination.
(2) A person who has obtained a foreign actuarial qualification recognized by the Financial Services Commission shall be exempt from the preliminary and secondary examinations.
(3) A career built on mutual aid actuarial services at the National Agricultural Cooperative Federation under the previous Agricultural Cooperatives Act at the time the partially amended Agricultural Cooperatives Act (Act No. 10552) enters into force shall be deemed to have been engaged in the actuarial services under paragraph (1). <Newly Inserted by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(4) A person who passes the preliminary examination shall be eligible to take the secondary examination during the following five years including the year in which he/she passes the preliminary examination. <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(5) If an examinee receives not less than 60 points out of the perfect score of 100 points in a subject from among the subjects of the secondary examination, he/she shall be exempt from the examination of such subject during the following five years. <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 47
 Article 48 (Determination of Successful Examinees of Actuarial Examinations)
(1) In determining successful examinees of the preliminary examination, examinees who receive not less than 40 points out of the perfect score of 100 points in each subject and an average score of not less than 60 points in all subjects except for English subject shall be determined to have passed the examination.
(2) In determining successful examinees of the secondary examination, examinees who receive not less than 60 points out of the perfect score of 100 points in each subject shall be determined to have passed the examination.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 48
 Article 49 (Announcement, etc. of Conducting Examinations)
(1) If the Governor of the Financial Supervisory Service intends to conduct an actuarial examination, he/she shall announce following matters in one or more daily newspapers with a nationwide circulation not later than 30 days before such examination, and also on the website: <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
1. Date and place of examination;
2. Methods and subjects of examination;
3. Requirements and procedures for examination;
4. Other matters necessary for conducting examination.
(2) A person who intends to take an actuarial examination shall pay an examination fee determined by the Governor of the Financial Supervisory Service to the Financial Supervisory Service.
(3) Where an applicant withdraws his/her application to take an actuarial examination not later than the date before the actuarial examination, the Financial Supervisory Service shall refund relevant examination fee, as determined by the Governor of the Financial Supervisory Service.
(4) Detailed matters necessary for conducting actuarial examinations shall be determined by the Governor of the Financial Supervisory Service.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 50 (Apprenticeship Training of Certified Insurance Actuaries)
(1) The apprenticeship training of certified insurance actuaries under Article 182 (2) of the Act shall be conducted on the insurance actuarial business at the Financial Supervisory Service, an insurance company, insurance association, premium rate calculation institution, or other institutions prescribed by the Financial Services Commission.
(2) A period for apprenticeship training under paragraph (1) shall be six months.
(3) Any person who has gained a foreign actuarial qualification recognized by the Financial Services Commission or who has been engaged in the insurance actuarial business for not less than two years in any institution referred to in paragraph (1) shall be exempt from the apprenticeship training.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 51 (Registration of Certified Insurance Actuaries)
Each person who intends to be registered as a certified insurance actuary shall submit an application for registration shown in annexed Form 15, accompanied with the following documents to the Governor of the Financial Supervisory Service: Provided, That if any person who has gained a foreign actuarial qualification applies for registration, the documents referred to in subparagraph 1 may be replaced by the documents attesting the relevant foreign actuarial qualification:
1. Documents attesting the completion of the apprenticeship training (in cases of persons who have been engaged in the insurance actuarial business for not less than two years at any institution referred to in Article 50 (1) in accordance with paragraph (3) of the said Article, referring to documents attesting such fact);
2. Resume.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 52 (Classification of Certified Claims Adjuster)
The types of certified claims adjuster and the scope of duties thereof shall be as classified in the following subparagraphs:
1. Property claims adjuster: Evaluation of damages covered by an insurance contract pursuant to Article 1-2 (3) 1, 2 and 6 through 14 of the Decree;
2. Auto claims adjuster: Evaluation of damages to automobiles and other property damages due to an automobile accident;
3. Physical damage claims adjuster: Evaluation of damages (applicable only to damages to human body) covered by an insurance contract pursuant to Article 1-2 (3) 6 of the Decree and paragraph (4) of the same Article, and of damages to human body due to an automobile accident and other insured accidents;
4. Comprehensive claims adjuster: Evaluation of damages under subparagraphs 1 through 3.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 52
 Article 53 (Subjects of Certified Claims Adjuster Examination and Exemption from Examination)
(1) The subjects of certified claims adjuster examination shall be as specified in the annexed Table 2.
(2) A person who has been engaged in the duties relating to claims adjustment at the Financial Supervisory Service, property and casualty insurance company, general insurance association (including life insurance company and life insurance association in the case of a physical damage claims adjuster), 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 engages in claims adjustment business pursuant to Article 187 (2) of the Act for not less than five years shall be exempt from the preliminary examination.
(3) A person who has a qualification of foreign claims adjuster recognized by the Financial Services Commission shall be exempt from the preliminary and secondary examination.
(4) A career built on claims adjustment services at the National Agricultural Cooperative Federation under the previous Agricultural Cooperatives Act at the time the partially amended Agricultural Cooperatives Act (Act No. 10552) enters into force shall be deemed to have been engaged in the claims adjustment services under paragraph (2). <Newly Inserted by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(5) A person who passes the preliminary examination shall be exempt from the secondary examination, limited to the examination on the following occasion. <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(6) With regard to the English subject among the subjects of preliminary examination of annexed Table 2, a score received at an English examination conducted by another examination institution on or after January 1 of a year to which the date falling on two years counting retroactively from the date the English examination is announced belongs shall stand in for the score of English examination. <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(7) The types of English examination under paragraph (5) and points necessary to pass the examination is as listed in the annexed Table 1-2, and persons who intend to take a certified claims adjuster examination shall submit an application for examination and a score report of English examination conducted by another examination institution (applicable only to the examination of property claims adjuster). <Amended by Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
(8) Where a certified claims adjuster intends to take an examination of certified claims adjuster of another type, he/she shall be exempt from the preliminary examination: Provided, That where an auto claims adjuster or physical damage claims adjuster intends to take an examination of property claims adjuster, he/she shall submit a score report of English examination under paragraph (6).
(9) A person who passes the examinations of property claims adjuster, auto claims adjuster and physical damage claims adjuster and completes an apprenticeship training course under Article 54 (1) may apply for the registration of comprehensive claims adjuster.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 53
 Article 53-2 (Determination of Successful Examinees in Certified Claims Adjuster Examinations)
(1) In determining successful examinees of the preliminary examination, examinees who receive not less than 40 points out of the perfect score of 100 points in each subject and an average score of not less than 60 points in all subjects except for English subject shall be determined to have passed the examination.
(2) In determining successful examinees of the secondary examination, examinees who receive not less than 40 points out of the perfect score of 100 points in each subject, and an average score of not less than 60 points in all subjects shall be determined to have passed the examination: Provided, That where the Governor of the Financial Supervisory Service announces in advance the number of examinees to be selected as such number of certified claims adjusters is deemed necessary for the supply-demand relations of certified claims adjusters, successful examinees may be determined in the order of examinees who receive high total score in all subjects, within the number of examinees to be selected, from among examinees who receive not less than 40 points in each subject.
(3) In determining successful examinees pursuant to the proviso to paragraph (2), where the number of successful examinees exceed the number of successful examinees to be selected as multiple examinees receive the same points, every examinee receiving the same point shall be determined to have passed the examination. In such case, the points of examinees receiving the same points shall be calculated down to two places in decimals.
[This Article Newly Inserted by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 53-2
 Article 54 (Apprenticeship Training of Certified Claims Adjusters)
(1) The apprenticeship training under Article 186 (1) of the Act shall be conducted on the business of claims adjustment in the relevant field under Article 52 at the Financial Supervisory Service, non-life insurance companies, non-life insurance association (in cases of Type 4 certified claims adjusters, including life insurance companies and the life insurance association), and other institutions prescribed by the Financial Services Commission. <Amended by Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
(2) A period for apprenticeship training under paragraph (1) shall be six months.
(3) Any person who has gained a foreign qualification as a certified claims adjuster which is recognized by the Financial Services Commission, and who has been engaged in the business related to claims adjustment in the relevant field for not less than two years at any institution under paragraph (1) shall be exempt from apprenticeship training.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 54
 Article 55 (Provisions to be Applied Mutatis Mutandis)
The provisions of Articles 46 (1) through (3), 49 and 51 shall apply mutatis mutandis to the examinations and registration of certified claims adjusters.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
[Enforcement Date: Jan. 1, 2014] Article 55
 Article 56 (Registration Fees)
Registration fees prescribed in Articles 183 (3) and 187 (3) of the Act shall be ten thousand won.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 57 (Scope of Interested Persons)
(1) "Person having interests with himself/herself as prescribed by Ordinance of the Prime Minister" in subparagraphs 2 and 3 of Article 99 of the Decree means any of the following persons:
1. In cases of a certified claims adjuster 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;
(c) Individual who employees the principal or the corporation or organization for which the principal works as a representative;
(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 with the spouse of the principal work as full-time executives;
2. In cases of a certified claims adjuster who is a corporation:
(a) Individual or corporation that employees executives and employees of the relevant corporation;
(b) Any person whose amount of investment in the relevant corporation exceeds 30 percent of the total amount of investment.
(2) The investment ratio under paragraph (1) 2 (b) means the ratio of the sum of investments by an individual and the relatives sharing a livelihood with the individual if the investor is an individual; the ratio of the sum of investments by a corporation, related corporation (referring to the corporation, the sum of investment ratio by the relevant corporation and the executives or employees thereof exceeds 30 percent), and their executives or employees if the investor is a corporation.
[This Article Wholly Amended by Ordinance of the Prime Minister No. 948, Jan. 24, 2011]
 Article 58 Deleted. <by Ordinance of the Prime Minister No. 921, Dec. 31, 2009>
ADDENDA
Article 1 (Enforcement Date)
These Rules shall enter into force on August 30, 2003.
Article 2 (Applicability to 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 to Examination of Actuary)
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 for Classification of Certified Claims Adjusters)
Each person who has registered as a Type 1 certified damage appraiser pursuant to the former provisions as at the time these Rules enter into force (including persons who have passed the secondary examination for Type 1 certified claims adjusters before the year 2005) shall be deemed a Type 1 certified claims adjuster and a Type 4 certified claims adjuster under the amended provisions of Article 52.
Article 5 (Applicability to Examination of Certified Claims Adjusters, etc.)
(1) The subjects of examination of Types 1 and 4 certified claims adjusters under 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 Type 1 certified claims adjusters executed in the year 2004 shall be exempt from the next preliminary examination of Types 1 and 4 certified claims adjusters only once.
(3) With regard to a person who has obtained a qualification as automobile maintenance technician of second grade or higher under the National Technical Qualifications Act as at the time these Rules enter into force and has been engaged in work related to the claims adjustment of the relevant field for not less than three years at any institution under the amended provisions of Article 54 (1), if he/she has been engaged in work related to the claims adjustment of the relevant field for not less than seven years at any institution under the amended provisions of Article 54 (1), he/she shall be exempt from the preliminary examination of certified property or automobile claims adjusters from among Type 3 certified claims adjusters, in accordance with the 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 of certified claims adjusters executed before April 29, 1995, notwithstanding the amended provisions of Article 53 (5).
Article 6 (Transitional Measures for Registration of Certified Claims Adjusters)
Each person who has registered as a Type 3 certified damage appraiser in accordance with the former provisions before December 1, 1991, shall be deemed a person who has registered as a Type 3 certified personal claims adjuster and a Type 3 certified property or automobile claims adjuster under these Rules.
Article 7 (Relations with other Acts and Subordinate Statutes)
Where the former Enforcement Rules of the Insurance Business Act or the provisions thereof are cited in other Acts and subordinate statutes as 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 <Ordinance of the Ministry of Finance and Economy No. 367, Mar. 25, 2004>
(1) (Enforcement Date) These Rules shall enter into force on the date of their promulgation.
(2) (Applicability to 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 these Rules enter into force belongs.
ADDENDUM <Ordinance of the Ministry of Finance and Economy No. 430, Mar. 31, 2005>
These Rules shall enter into force on April 1, 2005.
ADDENDA <Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
Article 1 (Enforcement Date)
These Rules shall enter into force on the date of their promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Ordinance of the Prime Minister No. 885, Aug. 4, 2008>
Article 1 (Enforcement Date)
These Rules shall enter into force on February 4, 2009.
Articles 2 through 6 Omitted.
ADDENDUM <Ordinance of the Prime Minister No. 921, Dec. 31, 2009>
These Rules shall enter into force on the date of their promulgation: Provided, That the amended provisions of Article 29 shall enter into force on April 1, 2010.
ADDENDA <Ordinance of the Prime Minister No. 948, Jan. 24, 2011>
Article 1 (Enforcement Date)
These Rules shall enter into force on January 24, 2011: Provided, That the amended provisions of Articles 46 (5) and (6), 47 (3) and (4), 48, 52, 53, 53-2, 54 (1), 55, and annexed Tables 1, 1-2 and 2 shall enter into force on January 1, 2014.
Article 2 (Applicability to Exemption from Certified Insurance Actuary Examinations)
The amended provisions of Article 47 (3) and (3) shall apply to any person who passes the preliminary examination of certified insurance actuaries in 2013.
Article 3 (Transitional Measures concerning Classifications of Certified Claims Adjusters)
(1) The types and scope of business of certified claims adjusters under the former provisions as at the time these Rules enter into force shall be governed by the former provisions.
(2) The registration of persons who have passed the secondary examination of certified claims adjusters under the former provisions as at the time these Rules enter into force shall be governed by the former provisions.
(3) When any certified claims adjuster under the former provisions intends to register himself/herself as a certified claims adjuster pursuant to the amended provisions of Article 52 (1), he/she shall pass a certified claims adjuster examination under the amended provisions of Article 53: Provided, That where he/she sits for a certified claims adjuster examination under the amended provisions of Article 53 within five years from the date these Rules enter into force, he/she shall be exempt from the preliminary examination and the subjects of the secondary examination same as the subjects of the secondary examination under the former provisions.
(4) Any person who passes a certified claims adjuster examination pursuant to the former part of paragraph (2) shall be exempt from the apprenticeship training required under Article 54 (1) according to the following classifications:
1. In cases of a person who has completed the apprenticeship training to become a Type 1 or 2 certified claims adjuster under the former provisions or who has registered himself/herself as a Type 1 or 2 certified claims adjuster: The apprenticeship training a person needs to complete to become a property claims adjuster;
2. In cases of a person who has completed the apprenticeship training to become a Type 3 property or automobile claims adjuster under the former provisions or who has registered himself/herself as a Type 3 property or automobile certified claims adjuster: The apprenticeship training a person needs to complete to become an automobile claims adjuster;
3. In cases of a person who has completed the apprenticeship training to become a Type 3 certified personal claims adjuster or Type 4 certified claims adjuster under the former provisions or who has registered himself/herself as a Type 3 certified personal claims adjuster or Type 4 certified claims adjuster: The apprenticeship training a person needs to complete to become a bodily injury claims adjuster.
(5) Notwithstanding the provisions of paragraphs (2) and (3), any certified claims adjuster under the former provisions may apply for registration as a certified claims adjuster under the amended provisions of Article 52 (1) according to the following classifications:
1. A person who has registered himself/herself as a Type 1 certified claims adjuster and a Type 2 certified claims adjuster under the former provisions: A property claims adjuster;
2. A person who has registered himself/herself as a Type 3 property or automobile claims adjuster under the former provisions: An automobile claims adjuster;
3. A person who has registered himself/herself as a Type 1 certified claims adjuster, a Type 3 certified personal claims adjuster, and a Type 4 certified claims adjuster under the former provisions: A bodily injury claims adjuster;
4. A person who as registered himself/herself as a Type 1 certified claims adjuster, a Type 2 certified claims adjuster, a Type 3 certified personal claims adjuster, a Type 3 property or automobile claims adjuster and a Type 4 certified claims adjuster under the former provisions: A comprehensive claims adjuster.
Article 4 (Relationship with other Acts and Subordinate Statutes)
Where any other Act or subordinate statute cites any former provisions of the Enforcement Rules of the Insurance Business Act as at the time these Rules enter into force, if the provisions corresponding thereto exist in these Rules, such corresponding provisions in these Rules shall be deemed cited in lieu of the former provisions.
ADDENDUM <Ordinance of the Prime Minister No. 972, Feb. 28, 2012>
These Rules shall enter into force on March 2, 2012: Provided, That the amended provisions of Article 49 (1) shall enter into force on the date these Rules enter into force, and the amended provisions of Articles 47 and 53, and Article 2 of Addenda of the partially amended Enforcement Rules of the Insurance Business Act (Ordinance of the Prime Minister No. 948) shall, respectively, enter into force on January 1, 2014.