| (1) | Where an insurance contingency occurs in an insured financial company, the Corporation shall pay insurance money upon the request of depositors, etc. of such insured financial company; provided, with respect to Class 1 insurance contingency, the Corporation shall make a decision on whether to pay insurance money under Article 34. |
| (2) | In cases of Class 1 insurance contingency, the Corporation may pay depositors, etc. part of their claims such as deposits upon their request in advance, as prescribed by Presidential Decree. |
| (3) | The Corporation shall make a public announcement of the date of commencement of payment of insurance money, the period and methods of payment, and other necessary matters under paragraph (1) or (2), as prescribed by Presidential Decree. |
| (4) | An insured financial company which is newly established due to a merger or conversion, an insured financial company which survives after a merger, or an insured financial company which survives after a conversion shall be deemed to exist independently from an insured financial company which no longer exists due to such merger or conversion or an insured financial company before such conversion for one year from the date of registration of the merger or the date of registration of the alteration when paragraph (1) applies. |
| (5) | Where Class 2 insurance contingency occurs after Class 1 insurance contingency has occurred, the Class 2 insurance contingency shall not be deemed an independent insurance contingency in applying paragraph (1). |
| (6) | Where a depositor, etc. falls under the category of persons related to insolvency under Article 21-2(1) or has a special relation prescribed by Presidential Decree with a person related to insolvency when the Corporation pays insurance money under paragraph (1), it may withhold the payment of insurance money on the claim, such as the deposit of the depositor, etc., for up to 6 months from the date of public announcement of the date of commencement of the payment of insurance money (hereinafter referred to as "date of public announcement of the payment of insurance money") under paragraph (3), as prescribed by Presidential Decree. |
| (7) | The right to claim insurance money of a depositor, etc. under paragraph (1) shall lapse with the completion of the prescription if such right is not exercised for 5 years from the date of commencement of payment under paragraph (3). |
| (8) | Notwithstanding paragraph (7) and subparagraph 3 of Article 168 of the Civil Act, information and notice, etc. provided to a depositor, etc. by the Corporation in order to urge him or her to exercise the right to claim insurance money shall not have the effect of interrupting the running of prescription. |
| (9) | When the Corporation pays insurance money under paragraph (1), it may oppose a person who has the right to claim insurance money based on a plea which an insured financial company to which an insurance contingency has occurred has against a depositor, etc. |
[This Article Wholly Amended on Dec. 22, 2015]