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| Article 18 (Exceptions to methods of calculation of insurance money) |
| (1) | Where depositors, etc. have claims, such as deposits, offered as security (hereafter referred to as "claims on security" in this Article) or bear security obligations against such insured financial companies for other persons in calculating insurance money pursuant to Article 32 (1) of the Act, the Corporation may suspend the payment of insurance money to the extent equivalent to claims on security or security obligations until such secured claims or obligations are extinguished. <Amended on Oct. 10, 1998; Mar. 11, 2016> |
| (2) | Where the Corporation suspends the payment of insurance money under paragraph (1) of this Article or Article 31 (6) of the Act, it shall issue a document stating the following matters to depositors, etc. who have requested the payment of such insurance money: <Amended on Oct. 10, 1998; Mar. 17, 2001> |
| 1. | Amount of insurance money for which payment is suspended; |
| 2. | Reasons for a suspension of payment of insurance money; |
| 3. | Period of a suspension of payment of insurance money; |
| 4. | Procedures and methods for depositors, etc. to request the payment of suspended insurance money upon the extinction of the reasons for a suspension of payment of insurance money, or the completion of period of a suspension of its payment. |
| (3) | In cases of insurance money paid by the Corporation for the defined contribution retirement pension plan, the individual retirement pension plan, the retirement pension fund system for small and medium enterprises, or retirement insurance and a lump sum retirement allowance trust (hereafter referred to as "defined contribution retirement pension plan, etc." in this Article) under the main clause of Article 2 of the Addenda to the Act on the Guarantee of Workers' Retirement Benefits, wholly amended by Act No. 10967, pursuant to the proviso of Article 32 (1) of the Act , the total amount of debts which the policyholder (referring to the policyholder under subparagraph 11 of Article 2 of the Act on the Guarantee of Workers' Retirement Benefits, including an insured or beneficiary of retirement insurance or a lump sum retirement allowance trust under the main clause of Article 2 (1) of the Addenda to the Guarantee of Workers' Retirement Benefits Act, wholly amended by Act No. 10967; hereafter the same shall apply in this Article) owes to the relevant insured financial company shall not be deducted from the total amount of claims, such as deposits, which the policyholder has in the relevant insured financial company as of the date of public announcement of the payment of insurance money (hereafter referred to as "date of public announcement of the payment of insurance money" in this Article) under Article 31 (3) of the Act; provided, this shall not apply where the relevant insured financial company has been provided with security (only applicable to cases of the defined contribution retirement pension plan, the individual retirement pension plan, and the retirement pension fund system for small and medium enterprises) pursuant to Article 7 (2) of the Act on the Guarantee of Workers' Retirement Benefits or obtained consent in writing from the relevant policyholder. <Amended on Oct. 10, 1998; Aug. 19, 2005; Jun. 9, 2009; Feb. 26, 2015; Mar. 11, 2016; Oct. 17, 2023> |
| (4) | Where the price is settled with an investment trader and investment broker after the announcement date of the payment of insurance money as securities are bought and sold by depositors, etc. prior to the announcement date of the payment of insurance money, the Corporation shall calculate insurance money, including the settled price, and it may suspend the payment of insurance money until the price is settled. <Amended on Oct. 10, 1998; Feb. 28, 2007; Jul. 29, 2008> |
| (5) | The amount of claims, such as deposits, in calculating insurance money under Article 32 (1) of the Act shall be limited to the amount calculated by adding the amount of deposits to the amount calculated by multiplying that amount by the interest rate determined by the Committee, taking into account the average interest rates of one-year maturity term deposits in insured financial companies; provided, in cases of insurance money (excluding insurance money paid due to the termination of the insurance period) of claims such as deposits against insurance companies, the amount of the relevant insurance money shall be the maximum amount. <Amended on Dec. 30, 2002; Feb. 28, 2007; Jun. 15, 2021> |
| (6) | If a securities finance company or a trust business entity has decided to preferentially pay investor deposits placed in a deposit or trust to depositors, etc. under Article 74 (5) of the Financial Investment Services and Capital Markets Act, the Corporation may deduct the investor deposits subject to such preferential payment from insurance money when calculating insurance money in accordance with Article 32 (1) of the Act. <Added on Dec. 27, 2022> |
| (7) | The maximum amount of insurance money referred to in Article 32 (2) of the Act shall be 100 million won (hereinafter referred to as "maximum amount of insurance money"). In any of the following cases, the maximum amount of insurance money shall apply, as prescribed by the following subparagraphs: <Amended on Mar. 11, 2016; Dec. 27, 2022; Oct. 17, 2023; Jul. 29, 2025> |
| 1. | In cases of the following claims, such as deposits: The maximum amount of insurance money shall apply to the following relevant claims, such as deposits, respectively: |
| (a) | Claims, such as deposits, under the defined contribution retirement pension plan, etc. In such cases, the maximum amount of insurance money shall apply to each policyholder; |
| (b) | Claims, such as deposits, that are aggregated with the following claims, such as deposits: |
| (i) | Claims, such as deposits, in the pension savings accounts under Article 40-2 (1) 1 (a) and (c) of the Enforcement Decree of the Income Tax Act; |
| (ii) | Claims, such as deposits, against insured financial companies and insurance companies that are trust companies, out of claims, such deposits, in the private annuity savings under Article 40 of the Addenda to the Act on Restriction on Special Cases concerning Taxation (Act No. 11614); |
| (iii) | Claims, such as deposits, against insured financial companies and insurance companies that are trust companies, out of claims, such as deposits, in the annuity savings under Article 41 of the Addenda to the Act on Restriction on Special Cases concerning Taxation (Act No. 11614); |
| (c) | Insurance money (excluding insurance money that is paid upon termination of the insurance period), out of claims, such as deposits, against insurance companies (excluding the claims, such as deposits, specified in items (a) and (b)); |
| (d) | Claims, such as deposits, except the claims, such as deposits, prescribed in items (a) through (c); |
| 2. | In cases of claims, such as deposits, in individual savings accounts: The maximum amount of insurance money shall apply to the total amount of claims, such as deposits, in the individual savings accounts and the claims, such as deposits, specified in subparagraph 1 (d). In such cases, the maximum amount of insurance money shall apply to each account holder. |