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ENFORCEMENT DECREE OF THE ACT ON SPECIAL ACCOUNT FOR POSTAL INSURANCE

Presidential Decree No. 11162, Jul. 1, 1983

Amended by Presidential Decree No. 11526, Oct. 12, 1984

Presidential Decree No. 12395, Feb. 5, 1988

Presidential Decree No. 14438, Dec. 23, 1994

Presidential Decree No. 14988, Apr. 27, 1996

Presidential Decree No. 16326, May 24, 1999

Presidential Decree No. 16762, Mar. 28, 2000

Presidential Decree No. 17522, Feb. 25, 2002

Presidential Decree No. 18540, Sep. 9, 2004

Presidential Decree No. 19767, Dec. 21, 2006

Presidential Decree No. 20678, Feb. 29, 2008

Presidential Decree No. 20947, Jul. 29, 2008

Presidential Decree No. 21087, Oct. 20, 2008

Presidential Decree No. 21570, jun. 26, 2009

Presidential Decree No. 22444, Oct. 13, 2010

Presidential Decree No. 22940, May 30, 2011

Presidential Decree No. 24442, Mar. 23, 2013

Presidential Decree No. 28210, Jul. 26, 2017

 Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the Act on Special Accounts for Postal Insurance and matters necessary for the enforcement thereof.
[This Article Wholly Amended by Act No. 21570, Jun. 26, 2009]
 Article 2 Deleted. <by Presidential Decree No. 11526, Oct. 12, 1984>
 Article 3 (Insurance Premiums and Receipt, etc. of other Revenues)
(1) Insurance premiums and other revenues shall be received by a public official in charge of the receipt and disbursement of cash.
(2) The collection of additional insurance premiums out of the insurance premiums under paragraph (1) shall be determined by the revenue collection officer designated by the Minister of Science and ICT as the revenues of the special accounts for postal insurance (hereinafter referred to as "Accounts"), and net insurance premiums shall be paid to the postal insurance reserve (hereinafter referred to as "reserve") under Article 4 (1) of the Act on Special Accounts for Postal Insurance (hereinafter referred to as the "Act"). <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Act No. 21570, Jun. 26, 2009]
 Article 4 Deleted. <by Presidential Decree No. 21087, Oct. 20, 2008>
 Article 4-2 (Ratio of Procurement of Securities)
(1) Total acquisition amount of securities to be purchased under Article 6 (1) 2 of the Act shall not exceed 90/100 of the total amount of reserve.
(2) Total acquisition amount of stock certificates among securities referred to in paragraph (1) shall not exceed 20/100 of the total amount of reserve.
[This Article Newly Inserted by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 4-3 (Scope of Real Estate for Business Purposes and Acquisition Ratio)
(1) "Real estate for business purposes specified by Presidential Decree" in Article 6 (1) 5 of the Act means any of the following real estate:
1. Business facilities (only applicable to the facilities, at least 10/100 of the total floor area of which is used directly for postal business) and land, buildings and appurtenants thereof used or to be used for the purpose equivalent thereto: Provided, That such real estate shall be, in principle, the object of single ownership, and shall satisfy all of the following requirements if they are under the partitioned ownership of a single building:
(a) A number of floors which are the objects of partitioned ownership are connected with each other or in the state that can be physically acknowledged as a single real estate;
(b) In the light of the purpose of ownership, economic utility and common practices of transaction of real estate, it shall be acknowledged as inevitable to acquire multiple real estate;
2. Land, buildings and appurtenants thereof used or to be used as training facilities or welfare facilities for employees or for any other equivalent purpose.
(2) Total acquisition amount of real estate for business purposes acquired under Article 6 (1) 5 of the Act shall not exceed 20/100 of the total amount of reserve.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 4-4 (Purchase Ratio of Derivatives)
(1) Total acquisition amount of derivatives purchased under Article 6 (1) 6 of the Act shall not exceed 20/100 of the total amount of reserve.
(2) Total amount of consignment deposits for transaction of derivatives purchased under Article 6 (1) 6 of the Act shall not exceed 2/100 of the total amount of reserve.
[This Article Newly Inserted by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 4-5 (Method and Limit of Investment in Venture Businesses)
(1) Investment in venture businesses under Article 6 (1) 7 of the Act shall be made by means of investing in any of the following entities: <Amended by Presidential Decree No. 27534, Sep. 29, 2016>
1. A new technology venture capital fund under the Specialized Credit Finance Business Act;
2. A small and medium business start-up investment fund under subparagraph 5 of Article 2 of the Support for Small and Medium Enterprise Establishment Act;
(2) The limit of investment in venture businesses under paragraph (1) shall not exceed 1/100 of the total amount of reserve. In such cases, the annual amount of investment shall not exceed the amount of net profit accrued from the management of the reserve in the previous year.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 4-6 (Limit of Loans to Financial Institutions)
The limit of loans to financial institutions under Article 6 (1) 9 of the Act shall not exceed 5/100 of the total amount of reserve.
[This Article Newly Inserted by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 5 (Scope, etc. of Increase of Reserve)
(1) "Increases of the reserve specified by Presidential Decree" in Article 6 (1) 10 of the Act means the increases of reserve through any of the following business: <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
1. Welfare business for the promotion of welfare of insurance policy holders, insured persons, beneficiary of insurance, etc., or business of establishing and operating recreational facilities, sanatorium facilities, hospitals, etc.;
2. Social welfare business, such as housing business, real estate leasing business, and funeral and cremation business; public-natured business, such as urban redevelopment projects and infrastructure projects; and business of acquiring, disposing of, and leasing land, buildings, and appurtenants thereof for running overseas real estate business;
3. Business equivalent to those falling under subparagraphs 1 and 2 and deemed necessary by the Minister of Science and ICT.
(2) The increase of reserve under paragraph (1) may be entrusted to a corporation designated among the following corporations pursuant to Article 6 (3) of the Act: <Amended by Presidential Decree No. 22444, Oct. 13, 2010>
1. A corporation entrusted with business referred to in the subparagraphs of Article 14 (1) of the Enforcement Decree of the Act on Special Cases concerning the Management of Postal Service;
2. A corporation having professional human resources related to the business to be entrusted.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 6 (Rent, etc. of Real Estate)
(1) Rent from lease business under Article 6 (1) 5 of the Act and Article 5 (1) 2 of this Decree shall be computed taking into consideration the standard of the present value of the relevant area under the Local Tax Act, actual status of rent of nearby areas, etc.
(2) Matters necessary for the method of lease, restrictions on lease, etc. in running the lease business referred to in paragraph (1) shall be prescribed by Ordinance of the Ministry of Science and ICT. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 7 (Establishment, etc. of Plans for Operation of Reserve)
(1) The Minister of Science and ICT shall establish a plan for the operation of the reserve each fiscal year, in accordance with Article 6 (5) of the Act. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
(2) A plan for the operation of the reserve referred to in paragraph (1) shall consist of general provisions on operation and the fund operation plan, and shall be accompanied by the following documents:
1. A plan for raising the reserve;
2. An estimated balance sheet;
3. An estimated statement of profit and loss.
(3) The general provisions on operation referred to in paragraph (2) shall prescribe general matters on the goals of operating the reserve, raising and operation of funds and asset acquisition.
(4) The fund operation plan referred to in paragraph (2) shall be classified into a revenue plan and an expenditure plan, and the revenue plan shall be classified by nature of the revenue, while the expenditure plan shall be classified into major items and detailed items by nature or business.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 8 (Revenue and Expenditure of Reserve)
(1) The revenue of the reserve shall be as follows:
1. Net insurance premiums;
2. Revenues from operation of the reserve;
3. Surpluses accrued at the settlement of revenues and expenditures;
4. Reimbursed amount of principal and interest of loans;
5. Revenues from management of property that belong to the reserve;
6. Rental deposits;
7. Other revenues.
(2) The expenditure of the reserve shall be as follows:
1. Insurance proceeds, refunds, and other insurance benefits;
2. Amount of transfer to the Account;
3. Money expended for the business referred to in the subparagraphs of Article 6 (1) of the Act;
4. Refund of rental deposits and fees for entrusted management.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 9 (Accounting Authority of Reserve)
(1) The Minister of Science and ICT shall appoint and dismiss a reserve financial officer in charge of the affairs related to the causative act of expenditure of the reserve, a reserve revenue collection officer in charge of the affairs related to the collection of the reserve, and a reserve expenditure officer in charge of the affairs related to the expenditure of the reserve, among his/her subordinate public officials. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
(2) Upon appointing or dismissing a reserve financial officer, reserve revenue collection officer, or reserve expenditure officer under paragraph (1), the Minister of Science and ICT shall notify the Board of Audit and the Governor of the Bank of Korea of such fact. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 10 (Establishment of Reserve Account)
The Minister of Science and ICT shall require the reserve expenditure officer to establish a reserve account at the Bank of Korea. <Amended by Presidential Decree No. 17522, Feb. 25, 2002; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
 Article 11 (Procedures for Collection of Reserve)
(1) In collecting any revenue of the reserve, the reserve revenue collection officer shall examine and determine the amount to receive and notify the person subject to payment thereof to pay it to the reserve account.
(2) The notification of payment under paragraph (1) shall be made by a document wherein the item and amount of revenue, and the time limit and place, etc. for payment are indicated.
(3) An authority that receives any revenue of the reserve shall issue a receipt to the relevant payer and send, without delay, a notification of confirmation of receipt to the reserve revenue collection officer.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 12 (Causative Acts of Expenditure, etc. of Reserve)
(1) The Minister of Science and ICT shall allocate a budget to the reserve financial officer in accordance with a plan for operation of the reserve established pursuant to Article 7 and assign the limit of expenditure to the reserve expenditure officer. <Amended by Presidential Decree No. 21570, Jun. 26, 2009; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
(2) The reserve financial officer shall engage in any causative act of expenditure with the budgetary limits allocated, and the reserve expenditure officer shall make expenditure within the limit of expenditure assigned to him/her. <Amended by Presidential Decree No. 21570, Jun. 26, 2009>
(3) Upon allocating a budget which is the limit of expenditure incurred by causative acts of expenditure to the reserve financial officer under paragraph (1), the Minister of Science and ICT shall notify the Governor of the Bank of Korea of such fact. <Amended by Presidential Decree No. 21570, Jun. 26, 2009; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
 Article 13 (Expenditure of Reserve)
(1) Where the reserve officer engages in any causative act of expenditure, he/she shall submit the documents related to the relevant causative act of expenditure to the reserve expenditure officer.
(2) In expending the reserve based on a causative act of expenditure of the reserve financial officer, the reserve expenditure officer shall require the Bank of Korea to pay for the expenditure by transferring to an account of financial institution of the creditor or a person entrusted to handle the business of paying national funds under Article 22 (3) of the Management of the National Funds Act.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 14 (Prohibition of Dealing with Cash)
No reserve expenditure officer shall keep cash or disburse or receive cash: Provided, That the same shall not apply where he/she operates any business falling under Article 5 (1) 1.
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 15 (Reports on Operation of Reserve)
(1) Each reserve revenue collection officer and reserve financial officer shall prepare a monthly report on the collection of the reserve and the causative acts of expenditure of the reserve, respectively, and submit it to the Minister of Science and ICT by not later than the 15th day of the following month. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
(2) The Minister of Science and ICT shall prepare a balance sheet of the reserve for each fiscal year. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
(3) The balance sheet of the reserve under paragraph (2) shall be prepared in accordance with the Acts and subordinate statutes related to enterprise budget and accounts, but it may be prepared, as prescribed by the Minister of Science and ICT, if necessary to make the base of calculation clear. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 16 Deleted. <by Presidential Decree No. 17522, Feb. 25, 2002>
 Article 17 (Bearing of Expenses)
For the operation of postal insurance business, the Account shall bear the expenses disbursed from the special accounts for postal business and special accounts for postal savings, as prescribed by the Minister of Science and ICT. <Amended by Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
 Article 18 (Application Mutatis Mutandis of other Acts and Subordinate Statutes)
Except as otherwise expressly provided for by the Act and this Decree, the Acts and subordinate statutes concerning the budget and accounts shall apply mutatis mutandis to the operation and management of the reserve. <Amended by Presidential Decree No. 17522, Feb. 25, 2002>
 Article 19 (Delegation of Authority)
(1) The Minister of Science and ICT shall delegate the following authority to the President of the Korea Post in accordance with Article 11 of the Act: <Amended by Presidential Decree No. 22940, May 30, 2011; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
1. Operation and management of the reserve under Article 5 of the Act (excluding the funds appropriated by the Minister of Science and ICT for operation by regional communications offices);
2. Determination of the operation method of the reserve under Article 6 of the Act;
3. Determination of the ratio of operation of the reserve, the term of loans and interest rates under Article 7 of the Act;
4. Designation of the revenue collection officer under Article 3 (2);
5. Establishment of a reserve operation plan under Article 7;
6. Appointment and dismissal of the reserve accounting officers under Article 9 (1);
7. Determination of bearing of expenses under Article 17.
(2) The Minister of Science and ICT shall, pursuant to Article 11 of the Act, delegate the heads of the regional communications offices with the operation of funds appropriated for the operation by regional communications offices out of the funds raised by the reserve under Article 5 of the Act. <Amended by Presidential Decree No. 22940, May 30, 2011; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
[This Article Wholly Amended by Presidential Decree No. 21570, Jun. 26, 2009]
ADDENDUM
This Decree shall enter into force on July 1, 1983.
ADDENDUM <Act No. 11526, Oct. 12, 1984>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 12395, Feb. 5, 1988>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14438, Dec. 23, 1994>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 14988, Apr. 27, 1996>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Act No. 16326, May 24, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 through 4 Omitted.
ADDENDA <Act No. 16762, Mar. 28, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Act No. 17522, Feb. 25, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Fund Account)
The postal insurance fund account established at the Bank of Korea under the former Article 10 as at the time this Decree enters into force shall be deemed the postal insurance reserve account established under the amended provisions of the same Article.
Article 3 Omitted.
ADDENDA <Act No. 18540, Sep. 9, 2004>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Transitional Measures concerning Alteration of Job Titles of Accounting Public Officials) The officer empowered to order receipts and disbursements of the reserve in charge of the affairs related to the causative act of expenditure of the reserve, the officer empowered to order receipts and disbursements of the reserve in charge of the affairs related to the collection of the reserve, and the reserve receipt and disbursement officer in charge of the disbursements of the reserve, appointed under the former provisions as at the time this Decree enters into force shall be deemed the reserve financial officer, reserve revenue collection officer, and reserve expenditure officer, respectively, appointed under the amended provisions of Article 9 (1).
ADDENDA <Act No. 19767, Dec. 21, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 28, 2006. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Act No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Act No. 21087, Oct. 20, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That Article 10 shall enter into force on November 1, 2008, Articles 24 through 26 on January 1, 2010, Article 29 on July 1, 2009, and Article 48 on January 1, 2013.
Article 2 (Decree on Disciplinary Action against Public Officials)
(1) The First Disciplinary Committee and the Second Disciplinary Committee existing under the former Decree on the Disciplinary Action against Public Officials as at the time this Decree enters into force shall be deemed the Central Disciplinary Committee under this Decree.
(2) Requests for resolution on disciplinary actions received by the First Disciplinary Committee and the Second Disciplinary Committee existing under the former Decree on the Disciplinary Action against Public Officials as at the time this Decree enters into force shall be deemed received by the Central Disciplinary Committee under this Decree.
(3) Resolutions adopted by the First Disciplinary Committee and the Second Disciplinary Committee existing under the former Decree on the Disciplinary Action against Public Officials as at the time this Decree enters into force shall be deemed the resolutions adopted by the Central Disciplinary Committee under this Decree.
(4) Members of the Second Disciplinary Committee under the former Decree on the Disciplinary Action against Public Officials as at the time this Decree enters into force shall be deemed appointed or commissioned as the Central Disciplinary Committee members under this Decree.
Article 3 (Transitional Measures concerning Amendment of the Enforcement Decree of the Framework Act on Logistics Policies)
Matters done by the Minister of Land, Transport and Maritime Affair following the deliberation and resolution of the Examination Committee for Logistics Manager under the former Enforcement Decree of the Framework Act on Logistics Policies as at the time this Decree enters into force shall be deemed done by the Minister of land, Transport and Maritime Affairs under this Decree.
Article 4 Omitted.
ADDENDUM <Act No. 21570, Jun. 26, 2009>
This Decree shall enter into force on July 31, 2009: Provided, That the amended provisions of Article 12 (1) shall enter into force on January 1, 2010.
ADDENDA <Act No. 22444, Oct. 13, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 13, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Act No. 22940, May 30, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 24442, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 27534, Sep. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016.
Articles 2 Omitted.
ADDENDA <Presidential Decree No. 28210, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the on the date of its promulgation.
Articles 2 through 6 Omitted.