Name of Law

Article (Paragraphs, Subparagraphs)

Content of Law

Insurance Act

Paragraph 1 of Article 34

(Online Insurance Services conducted by the insurers are excluded)

After the proposer or insured has submitted all supporting documents for a claim, the insurer shall pay indemnification within the stipulated time period. If the time period has not been stipulated, indemnification shall be paid within 15 days upon receipt of notification.

Insurance Act

Paragraph 3 of Article 64

The right to rescind as stated in the preceding paragraph shall be extinguished if not exercised within one month as of the date the insurer knows the cause for rescission. Once two years have elapsed after the contract is entered into, the contract may not be rescinded even if cause for rescission exists.

Insurance Act

Paragraph 3 of Article 82

The insurer shall notify the proposer fifteen days prior to the termination of the contract.

Insurance Act

Article 106

Transfer or pledge of rights under a life insurance contract entered into by a third party shall not take effect without the written acknowledgement of the insured.

Insurance Act

Paragraphs 1, 2, and 6 of Article 116

Unless otherwise stipulated in the contract, when the due premium of life insurance is unpaid, and remains unpaid upon thirty days after receipt of notice of payment due, the validity of the insurance contract shall be suspended.

Notice of payment due shall be served to the most recent domicile or residence of the proposer or the person obliged to pay the premium. After notice of payment due has been served, the premium shall be paid at the business office of the insurer.

The insurer has the right to terminate the contract upon expiration of the time period set forth in the preceding paragraph.

Insurance Act

Article 135-4

The provisions of Article 103, Article 104, Article 106, and Articles 114 through Article 124 apply mutatis mutandis to annuity insurance. However, during the annuity payment period, the proposer may not terminate the contract or pledge such contract to the insurer as loan collateral.

Compulsory Automobile Liability Insurance Act

Article 11

In this Act, "claimant" means any of the following persons that may claim insurance benefits from an insurer or compensation from the Compensation Fund:

1.     In the case of a person who has suffered injury as the result of an automobile traffic accident, it shall be the injured party himself.

2.     In the case of a person who has suffered death as the result of an automobile traffic accident, it shall be the survivors of the injured party in the following order:

(1)   parents, children, and spouse;

(2)   grandparents;

(3)   grandchildren;

(4)   siblings.

When there are several survivors in the same order, insurance benefits or compensation will be distributed equally according to the number of people.

In the event of death of the victim and there is no claimant as provided in Subparagraph 2 of Paragraph 1, persons who paid the funeral expenses for the deceased may, within the limit of actual funeral expenses, request payment from an insurer or compensation from the Compensation Fund. Any balance after deduction of funeral expenses from the insurance benefits shall belong to the Compensation Fund. In the event of death of the victim and there is no claimant as provided in Subparagraph 2 of Paragraph 1 and no person to pay the funeral expenses, the insurance benefits shall be paid to the Compensation Fund.

Items and amounts of the funeral expenses under the preceding paragraph shall be determined and announced by the competent authority.

Compulsory Automobile Liability Insurance Act

Paragraph 3 of Article 20

Prior to terminating an insurance contract as provided in the preceding paragraph, an insurer shall notify the proposer in writing to make rectification within 10 days after its receipt of the notice; if the proposer makes rectification at any time prior to receipt of a notice of termination of the contract, the insurer may not terminate the contract.

Compulsory Automobile Liability Insurance Act

Article 35

When an automobile traffic accident results in death, a claimant may make a claim against the insurer for provisional payment in an amount equivalent to one-half of the insurance benefits by submitting evidentiary documents.

When an automobile traffic accident results in disability, a claimant may make a claim against the insurer for provisional payment of the insurance proceeds based on a disability tier already determined by the insurer, by submitting evidentiary documents.

The insurer shall make payment within 10 working days from the day after a claimant presents evidentiary documents as provided in either of the preceding two paragraphs. If the insurer fails to make payment within the prescribed time limit for reasons attributable to itself, it shall pay default interest at the rate of 10 percent per annum from the time the prescribed time limit expires.

When a provisional payment of insurance proceeds by an insurer exceeds the amount of insurance benefits actually payable, the insurer may claim for return of the excess portion from the claimant.

Compulsory Automobile Liability Insurance Act

Paragraph 1 of Article 40

When an automobile traffic accident occurs and a claimant is unable to claim insurance benefits from an insurer in accordance with this Act for one of the following reasons, the claimant may request compensation from the Compensation Fund within the insurance amount provided for herein:

1.     the accident vehicle cannot be traced;

2.     the accident vehicle is an uninsured automobile;

3.     the accident vehicle is an insured automobile that was used or managed without the consent of the insured; or

4.     all or some of the accident vehicles are ones for which entering into a contract for this insurance is not required.

Compulsory Automobile Liability Insurance Act

Paragraph 2 of Article 42

After paying compensation, the Compensation Fund may be subrogated to the claimant's right of claim against the party liable for damages, provided that the amount claimable thereby may not exceed the amount of compensation paid.

Compulsory Automobile Liability Insurance Act

Article 50

(excluding Paragraph 1 concerning the inspection of insurance certificates)

Certificates of insurance shall be inspected by highway supervisory authorities during roadside checks and by the police when engaged in traffic duties; those who not insured this insurance as required shall be reported.

Upon receipt of a notice of violation of this insurance, a party with the duty to insure shall appear at the designated location to receive a decision within 15 days; when said party has failed to appear by the end of that period, the highway supervisory authority may issue a default decision, provided that when the party with the duty to insure acknowledges that the facts of the violation are as stated in the notice, said party may directly pay the administrative fine imposed by the highway supervisory authority at the designated site without waiting for a decision, and the case will then be closed.

Compulsory Automobile Liability Insurance Act

Article 51

Prior to the payment of an administrative fine issued pursuant to this Act, a highway supervisory authority will not process any license re-issuance, register an alteration, or handle inspection for an automobile which is required to enter into the insurance contract.

Compulsory execution procedures will be initiated in accordance with the law in the event of failure to pay the administrative fine referred to in the preceding paragraph within the prescribed period.