| (1) | An insurance company which intends to transfer insurance contracts shall give public announcement on the summary of the transfer of insurance contracts and its balance sheet, and notify the policyholder thereof in the manner prescribed by Presidential Decree, within two weeks from the date on which it resolves to transfer them pursuant to Article 138. <Amended on Dec. 8, 2020> |
| (2) | Public announcement and notification under paragraph (1) shall include the purport that a policyholder of the insurance contract to be transferred who is dissatisfied with such transfer may raise an objection within a certain period: Provided, That the period shall be at least one month. <Amended on Dec. 8, 2020> |
| (3) | Where the number of policyholders who raise an objection within the period specified under paragraph (1) exceed 1/10 of the total number of policyholders of insurance contracts to be transferred, or the amount of their insurance proceeds exceeds 1/10 of the aggregate amount of insurance proceeds to be transferred, such insurance contracts shall not be transferred. This shall also apply where the number of policyholders who raise an objection to a change in the contract provisions under Article 143 exceed 1/10 of the total number of policyholders subject to such change and the amount of the insurance proceeds exceeds the aggregate amount of the insurance proceeds of policyholders subject to such change. |
| (4) | Paragraphs (2) and (3) shall not apply where a mutual company resolves to transfer its insurance contracts without resorting to an agency provided for in Article 54 (1). |
[This Article Wholly Amended on Jul. 23, 2010]
[Title Amended on Dec. 8, 2020]