No. 17636
Promulgation Date 2020-12-08
Financial Services Commission
ALL
CHAPTER I GENERAL PROVISIONS
Article 1 (Purpose)
Article 2 (Definitions)
Article 3 (Conclusion of Insurance Contracts)
CHAPTER II LICENSE OF INSURANCE BUSINESS
Article 4 (License for Insurance Business)
Article 5 (Submission of Applications for Licenses)
Article 6 (Requirements for Licenses)
Article 7 (Preliminary Licenses)
Article 8 (Company Name or Title)
Article 9 (Capital or Fund)
Article 10 (Prohibition on Concurrent Operation of Insurance Business)
Article 11 (Concurrent Operation by Insurance Companies)
Article 11-2 (Incidental Business of Insurance Companies)
Article 11-3 (Handling of Accounting of Concurrent Operation and Incidental Business)
Article 12 (Installation of Local Offices in Republic of Korea by Foreign Insurers)
CHAPTER III INSURANCE COMPANIES
Section 1 Deleted.
Article 13 Deleted.
Article 14 Deleted.
Article 15 Deleted.
Article 16 Deleted.
Article 17 Deleted.
Section 2 Stock Companies
Article 18 (Reduction of Capital)
Article 19 Deleted.
Article 20 (Changes to Organization)
Article 21 (Resolution on Change in Organization)
Article 22 (Public Announcement and Notification of Resolution on Change in Organization)
Article 23 (Insurance Contracts after Public Announcement on Resolution of Change to Organization)
Article 24 (Convocation of General Meeting of Policyholders)
Article 25 (Agency of General Meeting of Policyholders)
Article 26 (Resolution Methods of General Meeting of Policyholders)
Article 27 (Reports at General Meetings of Policyholders)
Article 28 (Resolution of General Meetings of Policyholders)
Article 29 (Registration of Change in Organization)
Article 30 (Membership Following Change in Organization)
Article 31 (Application Mutatis Mutandis of the Commercial Act)
Article 32 (Preferential Acquisition Rights of Policyholders)
Article 33 (Preferential Rights to Payment from Deposited Assets)
Section 3 Mutual Companies
Subsection 1 Incorporation
Article 34 (Matters to Be Entered in Articles of Incorporation)
Article 35 (Name)
Article 36 (Payment of Fund)
Article 37 (Number of Members)
Article 38 (Instruments of Subscription for Membership)
Article 39 (Inaugural General Meeting)
Article 40 (Registration of Incorporation)
Article 41 (Register)
Article 42 (Liability for Compensation)
Article 43 (Lawsuits Filed Against Incorporators)
Article 44 (Application Mutatis Mutandis of the Commercial Act)
Article 45 (Application Mutatis Mutandis of the Non-Contentious Case Procedure Act)
Article 45-2 (Application Mutatis Mutandis of the Commercial Registration Act)
Subsection 2 Rights and Duties of Members
Article 46 (Indirect Responsibility)
Article 47 (Limited Liability)
Article 48 (Prohibition on Offset)
Article 49 (Reduction in Amount of Insurance Proceeds)
Article 50 (Succession of Life Insurance Contracts)
Article 51 (Transfer of Objectives of Non-Life Insurance)
Article 52 (Roll of Members)
Article 53 (Notification and Peremptory Notice)
Subsection 3 Agencies of Companies
Article 54 (Agency of General Meeting of Members)
Article 55 (Voting Right)
Article 56 (Right to Request for Calling General Meetings of Members)
Article 57 (Keeping and Perusal of Documents)
Article 58 (Exercise of Rights by Minority Members of Mutual Companies)
Article 59 (Application Mutatis Mutandis of the Commercial Act)
Subsection 4 Accounting of Companies
Article 60 (Reserves for Making up for Losses)
Article 61 (Restrictions on Payment of Interest Accruing from Fund)
Article 62 (Reserves for Redeeming Fund)
Article 63 (Distribution of Surplus)
Article 64 (Application Mutatis Mutandis of the Commercial Act)
Subsection 5 Amendment to Articles of Incorporation
Article 65 (Amendment to Articles of Incorporation)
Subsection 6 Resignation of Members
Article 66 (Grounds of Resignations)
Article 67 (Right to Claim Refund)
Article 68 (Deadline for Refund and Prescription)
Subsection 7 Dissolution
Article 69 (Public Announcement of Dissolution)
Article 70 (Application Mutatis Mutandis of the Commercial Act)
Subsection 8 Liquidation
Article 71 (Liquidation)
Article 72 (Order in Disposal of Assets)
Article 73 (Application Mutatis Mutandis of the Commercial Act)
Section 4 Local Branches of Foreign Insurers
Article 74 (Revocation of Licenses for Local Branches of Foreign Insurers)
Article 75 (Obligation to Hold Local Assets)
Article 76 (Representatives of Local Branches)
Article 77 (Persons in Charge of Clearing Up Remaining Business)
Article 78 (Registration)
Article 79 (Application Mutatis Mutandis of the Commercial Act)
Article 80 (Application Mutatis Mutandis of the Non-Contentious Case Procedure Act)
Article 80-2 (Application Mutatis Mutandis of the Commercial Registration Act)
Article 81 (Legal Fiction of Resolution of General Meeting of Shareholders)
Article 82 (Exclusion from Application)
CHAPTER IV SOLICITATION
Section 1 Persons Engaged in Solicitation
Article 83 (Persons Entitled to Be Engaged in Solicitation)
Article 84 (Registration of Insurance Solicitors)
Article 85 (Restrictions on Solicitation by Insurance Solicitors)
Article 85-2 (Training of Insurance Solicitors)
Article 85-3 (Prohibition against Unfair Conducts to Insurance Solicitors)
Article 85-4 (Duty to Take Protection Measures for Customer Service Employees)
Article 86 (Revocation of Registration)
Article 87 (Registration of Insurance Agencies)
Article 87-2 (Qualifications for Executive Officers of Corporate Insurance Agencies)
Article 87-3 (Scope of Business of Corporate Insurance Agencies)
Article 88 (Revocation of Registration of Insurance Agencies)
Article 89 (Registration of Insurance Brokers)
Article 89-2 (Qualifications for Executive Officers of Certified Corporate Insurance Brokers)
Article 89-3 (Scope of Business of Certified Corporate Insurance Brokers)
Article 90 (Revocation of Registrations of Certified Insurance Brokers)
Article 91 (Business Standards for Insurance Agencies of Financial Institutions)
Article 91-2 (Special Cases concerning Insurance Agencies of Financial Agencies)
Article 92 (Duties of Certified Insurance Brokers)
Article 93 (Matters to Be Reported)
Article 94 (Registration Fees)
Section 2 Matters to Be Observed In Relation to Insurance Solicitation
Article 95 (Insurance Prospectuses)
Article 95-2 (Duty to Explain)
Article 95-3 Deleted.
Article 95-4 Deleted.
Article 95-5 (Duty to Verify Conclusion of Dual Contracts)
Article 96 (Matters to Be Observed in Relation to Insurance Solicitation, Cancellation and Surrender Using Means of Communication)
Article 97 (Prohibited Conduct concerning Conclusion or Solicitation of Insurance Contracts)
Article 98 (Prohibition against Provision of Special Benefits)
Article 99 (Prohibition on Payment of Commissions)
Article 100 (Prohibited Conducts of Insurance Agencies of Financial Institutions)
Article 101 (Prohibition on Representation of other Party)
Article 101-2 (Application Mutatis Mutandis of the Act on the Protection of Financial Consumers)
Section 3 Rights of Policyholders
Article 102 Deleted.
Article 102-2 (Obligation of Policyholders)
Article 102-3 (Obligations of Persons Engaged in Insurance-Related Business)
Article 102-4 Deleted.
Article 102-5 Deleted.
Article 103 (Preferential Right to Be Paid from Business Bonds)
CHAPTER V ASSET MANAGEMENT
Section 1 Principles for Asset Management
Article 104 (Principles for Asset Management)
Article 105 (Prohibited or Restricted Asset Management)
Article 106 (Methods and Ratio of Asset Management)
Article 107 (Exception of Restrictions on Asset Management)
Article 108 (Establishment and Operation of Special Account)
Article 109 (Restriction on Investment in other Companies)
Article 110 (Prohibited Conduct in Connection with Financial Support)
Article 110-2 Deleted.
Article 110-3 (Demand for Fall in Interest Rates)
Article 111 (Prohibition against Transactions with Large Shareholders)
Article 112 (Requests to Large Shareholders for Materials)
Article 113 (Prohibition on Debt Guarantee for Third Persons)
Article 114 (Methods of Appraising Assets)
Section 2 Subsidiaries
Article 115 (Holding of Subsidiaries)
Article 116 (Prohibited Conduct with Subsidiaries)
Article 117 (Obligation to Report on Subsidiaries)
CHAPTER VI ACCOUNTING
Article 118 (Submission of Financial Statements)
Article 119 (Keeping of Documents)
Article 120 (Accumulation of Liability Reserves)
Article 120-2 (Verification of Adequacy of Liability Reserves)
Article 121 (Handling of Accounting of Dividend Insurance Contracts)
Article 121-2 (Handling of Accounting of Insurance Contracts other than Dividend Insurance Contracts)
Article 122 (Special Cases concerning Use of Revaluated Reserves)
CHAPTER VII SUPERVISION
Article 123 (Maintenance of Financial Soundness)
Article 124 (Public Notices)
Article 125 (Authorization of Mutual Agreement)
Article 126 (Report on Amendments to Articles of Incorporation)
Article 127 (Preparation and Submission of Basic Documents)
Article 127-2 (Recommendation for Changes to Basic Documents)
Article 127-3 (Obligation to Observe Matters Entered in Basic Documents)
Article 128 (Verification of Basic Documents)
Article 128-2 (Management Standards of Basic Documents)
Article 128-3 (Principles for Preparing and Changing Basic Documents)
Article 128-4 (Evaluation on Understanding of Insurance Policies)
Article 129 (Principles for Calculating Premium Rates)
Article 130 (Matters to Be Reported)
Article 131 (Financial Services Commission's Rights to Issue Orders)
Article 131-2 (Measures for Insolvency of Insurance Proceeds)
Article 132 (Application Mutatis Mutandis)
Article 133 (Submission of Materials and Inspection)
Article 134 (Sanctions against Insurance Companies)
Article 135 (Notification of Measures Taken against Retired Executive Officers)
Article 136 (Application Mutatis Mutandis)
CHAPTER VIII DISSOLUTION AND LIQUIDATION
Section 1 Dissolution
Article 137 (Grounds for Dissolution)
Article 138 (Resolution on Dissolution and Merger)
Article 139 (Authorization of Dissolution and Merger)
Article 140 (Transfer of Insurance Contracts)
Article 141 (Public Announcement and Notification on Resolution on Transfer of Insurance Contracts and Raising of Objection)
Article 142 (Prohibition on New Insurance Contracts)
Article 143 (Changes to Contract Terms and Conditions)
Article 144 (Prohibition on Disposal of Assets)
Article 145 (Public Announcement on Transfer of Insurance Contracts)
Article 146 (Succession to Rights and Duties)
Article 147 (Membership Following Transfer of Insurance Contracts)
Article 148 (Resolution on Transfer of Insurance Contracts after Dissolution)
Article 149 (Application for Registration of Dissolution)
Article 150 (Authorization of Transfer and Takeover of Insurance Business)
Article 151 (Public Announcement on Merger Resolution)
Article 152 (Amendment to Contract Terms and Conditions)
Article 153 (Merger of Mutual Companies)
Article 154 (Relations of Members in Cases of Merger)
Article 155 (Submission of Reorganization Plans)
Section 2 Liquidation
Article 156 (Liquidator)
Article 157 (Remuneration for Liquidator)
Article 158 (Payment of Insurance Proceeds after Dissolution)
Article 159 (Repayment within Claim Reporting Period)
Article 160 (Supervision of Liquidator)
Article 161 (Compulsory Management after Dissolution)
CHAPTER IX INVESTIGATION OF RELATED PERSONS
Article 162 (Subject and Methods of Investigation)
Article 163 (Insurance Investigation Committee)
Article 164 (Publication of Information Related to Investigation)
CHAPTER X PROTECTION OF THIRD PARTIES TO NON-LIFE INSURANCE CONTRACTS
Article 165 (Guarantees of Payment of Insurance Proceeds to Third Parties)
Article 166 (Scope of Application)
Article 167 (Report on Insolvency)
Article 168 (Contributions)
Article 169 (Payment of Insurance Proceeds)
Article 170 (Request for Submitting Materials)
Article 171 (Borrowing of Funds)
Article 172 (Handling of Accounting of Contributions)
Article 173 (Claim for Indemnity)
Article 174 (Adjustment)
CHAPTER XI INSURANCE-RELATED ORGANIZATIONS
Section 1 Insurance Associations
Article 175 (Insurance Associations)
Article 176 (Premium Rate Calculation Agencies)
Article 177 (Obligations to Be Observed by Users of Personal Information)
Article 178 (Other Insurance-Related Organizations)
Article 179 (Supervision)
Article 180 (Application Mutatis Mutandis of the Civil Act)
Section 2 Insurance Accounting and Damage Adjustment
Article 181 (Insurance Actuarial Service)
Article 182 (Certified Insurance Actuaries)
Article 183 (Insurance Actuarial Business)
Article 184 (Duties of Certified Senior Actuaries)
Article 185 (Damage Adjustment)
Article 186 (Certified Damage Adjusters)
Article 187 (Damage Adjusting Business)
Article 188 (Services of Certified Damage Adjusters)
Article 189 (Duties of Certified Damage Adjusters)
Article 190 (Revocation of Registration)
Article 191 (Guarantee of Indemnity of Damage)
Article 192 (Supervision)
CHAPTER XII SUPPLEMENTARY PROVISIONS
Article 193 (Consultations about Mutual Aid)
Article 194 (Entrustment of Affairs)
Article 195 (Public Announcement on License)
Article 196 (Penalty Surcharges)
CHAPTER XIII PENALTY PROVISIONS
Article 197 (Penalty Provisions)
Article 198 (Penalty Provisions)
Article 199 (Penalty Provisions)
Article 200 (Penalty Provisions)
Article 201 (Penalty Provisions)
Article 202 (Penalty Provisions)
Article 203 (Penalty Provisions)
Article 204 (Penalty Provisions)
Article 205 (Attempted Offenders)
Article 206 (Concurrent Punishment)
Article 207 (Forfeiture)
Article 208 (Joint Penalty Provisions)
Article 209 (Administrative Fines)
Article 210 Deleted.
ADDENDA <Act No. 6891, May 29, 2003>
ADDENDA <Act No. 7379, Jan. 27, 2005>
ADDENDA <Act No. 7428, Mar. 31, 2005>
ADDENDA <Act No. 7971, Aug. 29, 2006>
ADDENDA <Act No. 8386, Apr. 27, 2007>
ADDENDA <Act No. 8520, Jul. 19, 2007>
ADDENDA <Act No. 8572, Aug. 3, 2007>
ADDENDA <Act No. 8635, Aug. 3, 2007>
ADDENDA <Act No. 8852, Feb. 29, 2008>
ADDENDA <Act No. 8863, Feb. 29, 2008>
ADDENDA <Act No. 8902, Mar. 14, 2008>
ADDENDA <Act No. 9617, Apr. 1, 2009>
ADDENDA <Act No. 10303, May 17, 2010>
ADDENDA <Act No. 10394, Jul. 23, 2010>
ADDENDA <Act No. 10688, Jun. 19, 2011>
ADDENDA <Act No. 10866, Jul. 21, 2011>
ADDENDA <Act No. 11758, Apr. 5, 2013>
ADDENDA <Act No. 12262, Jan. 14, 2014>
ADDENDA <Act No. 12836, Oct. 15, 2014>
ADDENDA <Act No. 13216, Mar. 11, 2015>
ADDENDA <Act No. 13446, Jul. 24, 2015>
ADDENDA <Act No. 13453, Jul. 31, 2015>
ADDENDA <Act No. 13612, Dec. 22, 2015>
ADDENDA <Act No. 13613, Dec. 22, 2015>
ADDENDA <Act No. 14124, Mar. 29, 2016>
ADDENDA <Act No. 14821, Apr. 18, 2017>
ADDENDA <Act No. 15019, Oct. 31, 2017>
ADDENDA <Act No. 15022, Oct. 31, 2017>
ADDENDA <Act No. 15414, Feb. 21, 2018>
ADDENDA <Act No. 15614, Apr. 17, 2018>
ADDENDA <Act No. 15931, Dec. 11, 2018>
ADDENDA <Act No. 16185, Dec. 31, 2018>
ADDENDA <Act No. 16957, Feb. 4, 2020>
ADDENDA <Act No. 17112, Mar. 24, 2020>
ADDENDA <Act No. 17292, May. 19, 2020>
ADDENDA <Act No. 17636, Dec. 8, 2020>