TRADE INSURANCE ACT CHAPTER I GENERAL PROVISIONS

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1 TRADE INSURANCE ACT Act No. 2063, Dec. 31, 1968 Amended byact No. 2167, Jan. 1, 1970 Act No. 2422, Dec. 30, 1972 Act No. 2952, Dec. 31, 1976 Act No. 3107, Dec. 5, 1978 Act No. 3399, Mar. 27, 1981 Act No. 4541, Mar. 6, 1993 Act No. 4573, Aug. 5, 1993 Act No. No,4776,Aug. 3, 1994 Act No. 5454, Dec. 13, 1997 Act No. 5982, ay24, 1999 Act No. 6063, Dec. 28, 1999 Act No. 6979, Sep. 29, 2003 Act No. 7280, Dec. 31, 2004 Act No. 8191, Jan. 3, 2007 Act No. 8799, Dec. 27, 2007 Act No. 8852, Feb. 29, 2008 Act No. 9617, Apr. 1, 2009 No. Act No. Apr , 5, 2010 CHAPTER I GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to encourage trade and overseas investment, and thus contribute to enhancing national competitiveness and the development of the national economy by efficiently administering the trade insurance system created to secure any risk arising in connection with trade or other foreign transactions. Article 2 (Definitions) The terms used in this Act shall be defined as follows: 1. The term "trade" means exportation and importation under subparagraph 1 of Article 2 of the Foreign Trade Act: Provided, That importation shall be limited to the importation of resources and goods which are important to the national economy; 2. The term "other foreign transactions" means any of the following transactions: (a) Overseas investments; (b) Transactions for securing overseas resources; (c) Transactions expected to create the foundation of export, obtain foreign currencies or boost other exports through trade insurance, export credit guarantee, etc. and recognized by the Korea Trade Insurance Corporation (hereinafter referred to as the "Corporation") under Article 37. Article 3 (Categories of Trade Insurance) The Corporation shall determine the categories of trade insurance after obtaining approval from the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> [This Article Wholly Amended by Act No. 8799, Dec. 21, 2007] Article 3-2 (Joint Insurance and Reinsurance) Where the Corporation deems it necessary to efficiently administer trade insurance and properly diversify risks, it may effect joint insurance or reinsurance. <Amended by Act No , Apr. 5, 2010> Article 4 (Premium Rates) The Corporation shall determine premium rates of trade insurance to maintain balance in the revenues

2 and expenditures of trade insurance business after obtaining approval from the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> [This Article Wholly Amended by Act No. 8799, Dec. 21, 2007] Article 5 (Cancellation, etc. of Contracts) Where any policyholder or the insured of trade insurance violates this Act or orders issued thereunder, the Corporation may take any of the following measures: <Amended by Act No , Apr. 5, 2010> 1. Refusal of payment of insurance proceeds under the relevant insurance contract; 2. Collection of all or some insurance proceeds paid; 3. Rescindment or cancellation of the relevant insurance contract. Article 5-2 (Payment of Insurance Proceeds, etc.) Where an insurance accident or credit guarantee accident occurs, the Corporation shall pay insurance proceeds or amount of subrogation upon receiving a claim to pay insurance proceeds or to discharge guarantee debt. [This Article Newly Inserted by Act No , Apr. 5, 2010] Article 5-3 (Subrogation of Insurance, etc.) (1) Where the Corporation has paid insurance proceeds, it may acquire whole or part of the object of the relevant insurance or the rights which the policyholder or the insured of trade insurance possesses against the third party. <Amended by Act No , Apr. 5, 2010> (2) Any policyholder or the insured to whom insurance proceeds have been paid shall endeavor to recover the relevant claims, as determined by the trade insurance contract. <Amended by Act No , Apr. 5, 2010> Article 6 (Restriction on Establishment of Insurance Relations) (1) If the risk in trade or other foreign transactions increases or it is deemed necessary for the operation of trade insurance business, the Corporation may prevent a trade insurance relationship under an open trade insurance contract already concluded from becoming effective for the future. <Amended by Act No , Apr. 5, 2010> (2) If the Corporation intends to take a measure under paragraph (1), it shall notify the policyholder thereof in advance. Article 7 (Ban on Adverse Selection of Insurance Accidents) Where it is deemed necessary for banning adverse selection of insurance accidents by a policyholder or an insured of trade insurance, the Corporation may take the following measures: <Amended by Act No , Apr. 5, 2010> 1. Restrictions on periods of insurance coverage; 2. Restrictions on the commencement of insurance liability. Article 7-2 (Effect of Blanket Insurance) Where the Corporation deems it necessary to efficiently diversify risks or equalize insurance premiums of trade insurance, it may effect the blanket insurance by commodity, company, association, financial institution or import origin. <Amended by Act No , Apr. 5, 2010> Article 8 (Limit on Conclusion of Contract) (1) The Minister of Knowledge Economy shall determine each year the limit of the conclusion of trade insurance contract (including the conclusion of any export credit guarantee contract, and any import credit guarantee contract for raw materials for export, under Article 53 (1) 2 and the conclusion of any insurance contract for guaranteeing the credibility of components and materials under Article 53 (2); hereafter the same shall apply in this Article): Provided, That in the case of trade insurance, the object of which is a mediumand long-term deferred-payment export trade, in which the bill settlement period exceeds two years, its limit shall be determined separately within the scope of the conclusion of the trade insurance contract. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> (2) Notwithstanding paragraph (1), from among trade insurance under Article 53 (1) 1, in cases of insurance securing risks involved in the fluctuation of the exchange rate and which is the insurance of forward exchange mode operated based on the export record, etc., its limit of the conclusion of the trade insurance contract may be not determined. <Amended by Act No , Apr. 5, 2010> (3) Where it is necessary to facilitate the operation of trade insurance business, the Minister of Knowledge Economy may separately determine the reserve limit of the conclusion of a trade insurance contract each year, in addition to the limit of the conclusion of the trade insurance contract under paragraph (1). <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> (4) In determining the limit of the conclusion of a trade insurance contract under paragraph (1) and the

3 reserve limit of the conclusion of a trade insurance contract under paragraph (3), the Minister of Knowledge Economy shall obtain prior resolution from the National Assembly after deliberation by the State Council. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> Article 8-2 Deleted. <by Act No. 4776, Aug. 3, 1994> Article 8-3 (Preferential Treatment of Small and Medium Enterprises) In order to support trade or other foreign transactions by small or medium enterprises, the Corporation may give a preferential treatment to any of the following persons with respect to insurance premium rates, date of the payment of insurance proceeds, etc.: <Amended by Act No , Apr. 5, 2010> 1. Small or medium entrepreneurs under Article 2 of the Framework Act on Small and Medium Enterprises; 2. Entities which carry out trade on behalf of small or medium entrepreneurs under subparagraph 1, from among those prescribed by Presidential Decree. CHAPTERS II through VI-4 Deleted. Articles 9 through Deleted. <by Act No. 4776, Aug. 3, 1994> CHAPTER VII TRADE INSURANCE FUND Article 30 (Establishment of Fund) The Trade Insurance Fund (hereinafter referred to as the "Fund") shall be established in order to effectively achieve the objectives of trade insurance business. <Amended by Act No , Apr. 5, 2010> Article 31 (Financing of Fund) (1) The Fund shall be financed with the following financial resources: 1. Contributions from the Government and entities, other than the Government; 2. Other financial resources prescribed by Presidential Decree. (2) The Government shall appropriate the contributions under paragraph (1) 1 to the expenditure budget within budget limits each fiscal year. Article 32 (Management of Fund) The Fund shall be managed by the Corporation. Article 33 (Operation of Fund) The Fund shall be operated by any method falling under any of the following subparagraphs: Provided, That where the Fund is operated by the method under subparagraph 4, the approval from the Minister of Knowledge Economy shall be obtained: <Amended by Act No. 8852, Feb. 29, 2008> 1. Deposits in financial institutions; 2. Purchase of national bonds, local bonds, or securities listed on the Stock Exchange; 3. Purchase of securities issued or guaranteed for payment by financial institutions or by other corporations established under special Acts; 4. Purchase of securities which do not fall under subparagraphs 2 and 3; 5. Other methods determined by the Minister of Knowledge Economy after consulting with the Minister of Strategy and Finance. Article 34 (Borrowings for Fund) (1) Where it is deemed necessary to pay insurance proceeds, the Corporation may make borrowings or temporary borrowings to be repaid by the Fund, after obtaining prior approval from the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008> (2) Temporary loans under paragraph (1) shall be repaid during the relevant fiscal year. Article 34-2 (Issuance, etc. of Bonds) (1) Where deemed necessary to pay insurance proceeds or amount of subrogation, the Corporation may issue the Trade Insurance Fund Bonds (hereafter referred to as "bonds" in this Article) at the expense of the Fund upon obtaining prior approval from the Minister of Knowledge Economy.

4 (2) Where the Minister of Knowledge Economy intends to approve the issuance of the bonds, he/she shall first consult with the Minister of Strategy and Finance. (3) The Government may guarantee the redemption of the principal of the bonds and interest accrued therefrom. (4) The period of extinctive prescription of the bonds shall be five years for the principal and two years for interest accrued therefrom, counting from the date of redemption. (5) In addition to those provided for in paragraphs (1) through (4), necessary matters concerning the issuance of the bonds shall be prescribed by Presidential Decree. [This Article Newly Inserted by Act No , Apr. 5, 2010] Article 35 (Revenues and Expenditures of Fund) (1) The revenues of the Fund shall come from financial resources financed under Article 31 (1), premiums, recovered amounts, interest, and profits resulting from the operation of the Fund and other profits, etc. resulting in the course of performing business of the Corporation. (2) Expenditures of the Fund shall be towards insurance proceeds, interest, and operational expenses of the Corporation and other expenses to be incurred in operating the Fund. Article 36 (Settlement of Profits and Losses) (1) All profits accrued in settlement of accounts of the Fund shall be accumulated. (2) Any loss accrued in settlement of accounts of the Fund shall be compensated from the reserve fund under paragraph (1) and if the reserve fund is insufficient to cover such deficit, the shortage shall be covered by the Government. CHAPTER VIII KOREA TRADE INSURANCE CORPORATION Article 37 (Incorporation) The Korea Trade Insurance Corporation shall be incorporated for the purpose of operating trade insurance business under this Act. <Amended by Act No , Apr. 5, 2010> Article 38 (Legal Personality) The Corporation shall be a juristic person. Article 39 (Articles of Association) (1) The articles of association of the Corporation shall include the following matters: <Amended by Act No , Apr. 5, 2010> 1. Purpose; 2. Name; 3. Offices; 4. Operation of the operating committee and the board of directors; 5. Its executives and employees; 6. Its business and administration thereof; 7. Its accounting; 8. Method of public announcement; 9. Amendment of the articles of association; 10. Enactment, amendment, and abolishment of agreements and rules. (2) When the Corporation intends to amend the articles of association, it shall obtain authorization from the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008> Article 40 (Registration) (1) The Corporation shall be established by effecting the registration of incorporation in the place in which its principal office is located. (2) Particulars to be registered under paragraph (1) shall be as follows and the written application for registration shall be accompanied by the articles of association of the Corporation and the copy of an authorization for incorporation of the Corporation issued by the Minister of Knowledge Economy: <Amended by Act No. 8852, Feb. 29, 2008> 1. Purpose; 2. Name; 3. Principal office; 4. Names and addresses of executives; 5. Method of public announcement.

5 (3) The registration of incorporation of the Corporation and other matters necessary for registration shall be prescribed by Presidential Decree. Article 41 (Prohibition of Use of Similar Name) No person, other than the Corporation, shall use the name "Korea Trade Insurance Corporation", or any other name similar thereto. <Amended by Act No , Apr. 5, 2010> Article 42 (Application Mutatis Mutandis of the Civil Act) The provisions concerning incorporated foundations under the Civil Act shall apply mutatis mutandis to matters on the Corporation not prescribed by this Act and the Act on the Management of Public Institutions. <Amended by Act No , Apr. 5, 2010> Article 43 (Operating Committee) (1) An operating committee shall be established in the Corporation. (2) An operating committee shall deliberate on and vote on the categories and premium rates of trade insurance, and other matters prescribed by Presidential Decree. <Amended by Act No , Apr. 5, 2010> (3) Necessary matters concerning the organization and operation of the operating committee shall be prescribed by Presidential Decree. Article 44 (Executives) (1) The Corporation shall have no more than 13 directors, including one President, and one auditor. (2) Directors shall be classified into standing and non-standing directors. Article 45 (Term of Office for Executives) (1) The term of office for the President shall be three years and the term of office for a director and auditor shall be two years. (2) A director may be reappointed by one year. Article 46 (Duties of Executives) (1) The President shall represent the Corporation, exercise overall control over its business, and shall be responsible for the management performance of the Corporation during his/her term of office. <Amended by Act No , Apr. 5, 2010> (2) Where the President is unable to carry out his/her duties due to extenuating circumstances, one standing director shall act on behalf of the President as stipulated by the articles of association, and where a standing director is not available or is unable to act on behalf of the President, the director stipulated by the articles of association shall act on behalf of the President. <Amended by Act No , Apr. 5, 2010> (3) The auditor shall audit the business and accounting of the Corporation. <Amended by Act No , Apr. 5, 2010> (4) Deleted. <by Act No , Apr. 5, 2010> Article 47 (Disqualifications of Executives) No person falling under any of the following subparagraphs shall be an executive of the Corporation: <Amended by Act No , Apr. 5, 2010> 1. A person who is not a national of the Republic of Korea; 2. A person falling under any subparagraph of Article 33 of the State Public Officials Act; 3. A person for whom three years have not yet passed from the date of his/her dismissal pursuant to Article 22 (1), 31 (6), 35 (2) and (3), 36 (2) or 48 (4) and (8) of the Act on the Management of Public Institutions. Article 48 (Guarantee of Status of Executives) No executive of the Corporation shall be dismissed against his/her will, during his/her term of office, unless he/she falls under any of the following cases: <Amended by Act No , Apr. 5, 2010> 1. Where he/she violates this Act or an order issued thereunder or the articles of association; 2. Where he/she intentionally or by negligence inflicts damage on the Corporation; 3. Where he/she has great difficulties in, or is capable of, performing his/her duties due to mental or physical disability; 4. Where he/she falls under subparagraphs 1 and 2 of Article 47; 5. Where he/she is dismissed pursuant to Article 22 (1), 31 (6), 35 (2) and (3), 36 (2) or 48 (4) and (8) of the Act on the Management of Public Institutions.

6 Article 49 (Board of Directors) (1) The board of directors shall be established in the Corporation for the purpose of deliberating on and determining important matters. (2) The board of directors shall be comprised of the President and directors, and the President shall chair meetings of the board of directors. (3) The board of directors shall be convened by a request by the chairperson or not less than 1/3 of all incumbent directors, and the chairperson of the board of directors shall preside over its meetings. (4) The board of directors shall pass resolutions with the consent of a majority of those present. (5) The auditor may attend meetings of the board of directors and express his/her opinion. Article 50 (Appointment or Dismissal of Employees) The employees of the Corporation shall be appointed or dismissed by the President, as prescribed by the articles of association. Article 51 (Restriction on Concurrent Office by Executives and Employees) (1) No standing directors and employees shall engage in any for-profit business, other than their own duties. (2) Standing directors with permission from the appointing authority or recommending authority, and employees with permission from the President may concurrently engage in any for-profit business. Article 52 (Legal Fiction as Public Officials in Application of Penal Provisions) Executives and employees of the Corporation shall be deemed public officials for the purposes of Articles 129 through 132 of the Criminal Act. <Amended by Act No , Apr. 5, 2010> [This Article Wholly Amended by Act No. 8799, Dec. 21, 2007] Article 53 (Business) (1) The Corporation shall perform the following business in order to achieve the objectives of trade insurance business: <Amended by Act No , Apr. 5, 2010> 1. Trade insurance (including any insurance securing risks involved in the fluctuation of exchange rates and of interest rates); 2. Export credit guarantee and import credit guarantee for raw materials for export; 3. Management and operation of the Fund; 4. Credit inquiry and management of credit information; 5. Business incidental to that under subparagraphs 1 through 4; 6. Other business entrusted by the Government. (2) The Corporation may carry out business of insurance securing risks of loss involved in the credibility of components and materials (hereafter referred to as "insurance guaranteeing the credibility of components and materials" in this Article) as part of credibility guarantee business. (3) Where the Corporation is delegated to carry out collection business from exporters, etc. for their overseas credits that have accrued from exports (excluding exports for which trade insurance contracts have been concluded) or from other foreign transactions, it may carry out the service of collecting claims under Article 4 (1) 3 of the Use and Protection of Credit Information Act, notwithstanding Articles 4 (2) and 5 (1) of the same Act. <Amended by Act No. 9617, Apr. 1, 2009; Act No , Apr. 5, 2010> (4) The Minister of Knowledge Economy shall determine objects of the application of the insurance securing risks involved in the fluctuation of interest rates, from among trade insurance stipulated in paragraph (1) 1, after consulting with the Minister of Strategy and Finance. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> (5) The Corporation shall endeavor to maintain, in the medium-to long-term aspect, the balance in the revenues and expenditures of the insurance which secures risks involved in the fluctuation of interest rates, without depending on financial assistance among trade insurance stipulated in paragraph (1) 1. <Amended by Act No , Apr. 5, 2010> (6) The provisions concerning trade insurance shall apply mutatis mutandis to the management of the export credit guarantee and the import credit guarantee for raw materials for export under paragraph (1) 2, and insurance guaranteeing the credibility of components and materials under paragraph (2). <Amended by Act No , Apr. 5, 2010> Article 53-2 (Vicarious Execution of Business) (1) If it is necessary to efficiently carry out the business under Article 53 (1) through (3), the Corporation may allow a foreign trade insurance-related agency to vicariously execute part of such business. <Amended by Act No , Apr. 5, 2010>

7 (2) If it is necessary in relation to the execution of the business under Article 53 (1), the Corporation may vicariously execute part of the trade insurance-related business to be carried out by a foreign trade insurance-related agency. <Amended by Act No , Apr. 5, 2010> Article 53-3 (Operating Manuals) The Corporation shall prepare operating manuals stating the method of handling the following affairs, and obtain approval thereof from the Minister of Knowledge Economy. The same shall also apply to a proposed modification to the operating manuals: <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> 1. Matters concerning the conclusion of insurance contract by category of trade insurance; 2. Matters concerning the payment of insurance proceeds and post management; 3. Other important matters concerning the performance of business of the Corporation. Article 53-4 (Negotiations on Recovery of Overseas Credits) (1) Where credits owed to local exporters, importers, etc. that have accrued from their trade for which trade insurance contracts have been concluded and from other foreign transactions remain to be unrecovered due to the risk of credit ratings of debtor nations, such as foreign exchange shortages, the Corporation may negotiate with the governments, etc. of such foreign debtor nations to recover such overdue credits. <Amended by Act No , Apr. 5, 2010> (2) In conducting negotiations under paragraph (1), the Corporation may, in receipt of a request from any creditor who holds any credit for which no trade insurance contract has been concluded, include a claim for such credit in such negotiations. <Amended by Act No , Apr. 5, 2010> (3) In promoting negotiations with foreign governments, etc., the Corporation may, if necessary, seek cooperation from related administrative agencies, overseas diplomatic missions or other related agencies under Article 58. Article 54 (Fiscal Year) The fiscal year of the Corporation shall coincide with that of the Government. Article 55 (Budget and Settlement of Accounts) The budget and the settlement of accounts of the Corporation shall be subject to approval from the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008> Article 56 (Reporting and Investigation) (1) Where the Corporation requests a policyholder or an insured of trade insurance to submit reports or data necessary for matters related to export/import contracts or trade insurance relations, or intends to investigate related account books, documents, or export/import cargos, such policyholder or insured shall comply with such request or investigation. <Amended by Act No , Apr. 5, 2010> (2) Persons who perform the investigation under paragraph (1) shall produce certificates indicating their authority to any relevant person. Article 57 (Raising Objections) (1) Any person dissatisfied with a disposition made by the Corporation under this Act may file an objection with the Corporation within one month from the date of becoming aware of such disposition or within three months from the date such disposition is made. (2) Where an objection is filed under paragraph (1), the Corporation shall, within one month, examine the objection and notify the relevant applicant of the results of the examination. Article 58 (Request for Cooperation to Related Agencies) (1) The Corporation may request access to or provision of credit information held by the State, local governments or public organizations prescribed by Presidential Decree and permitted to be made public pursuant to related Acts and subordinate statutes to the extent necessary to carry out business under Article 53 (1) or (2). (2) With regard to restrictions on import and on exchanges by foreign countries or matters necessary for the performance of trade insurance business by foreign trade companies, the Corporation may request foreign exchange banks, the overseas branches of the Korea Trade-Investment Promotion Agency or other related agencies (hereinafter referred to as "related agency") to investigate such matters. <Amended by Act No , Apr. 5, 2010> (3) Where any related agency receives a request for investigation under paragraph (2), it shall immediately investigate such matters and notify the Corporation of the results thereof. (4) Where the Corporation deems it specifically necessary, the Corporation may request the Minister of

8 Foreign Affairs and Trade or overseas diplomatic missions to make an investigation under paragraph (2). Article 59 (Supervision) The Minister of Knowledge Economy shall supervise business of the Corpo ration. <Amended by Act No. 8852, Feb. 29, 2008> Article 60 (Reporting and Inspections) (1) Where the Minister of Knowledge Economy deems it necessary, he/she may have the Corporation make reports with regard to the business, accounting, and assets of the Corporation, or may have his/her subordinate public officials inspect the conditions of the business and assets of the Corporation, the account books, documents, facilities, or other materials. <Amended by Act No. 8852, Feb. 29, 2008> (2) Where the Minister of Knowledge Economy discovers any illegal or unfair matter as a result of inspections under paragraph (1), he/she may order the Corporation to correct, pay more attention or take other necessary measures. <Amended by Act No. 8852, Feb. 29, 2008> CHAPTER IX SUPPLEMENTARY PROVISIONS Article 61 (Fines for Negligence) (1) Any executive or employee of the Corporation who falls under any of the following subparagraphs shall be punished by a fine for negligence not exceeding one million won: 1. When he/she fails to report or report falsely under Article 60 (1); 2. When he/she refuses, interferes with or evades an inspection under Article 60 (1); 3. When he/she violates any order under Article 60 (2). (2) A person who violates Article 41 shall be punished by a fine for negligence not exceeding 500,000 won. (3) Fines for negligence under paragraphs (1) and (2) shall be imposed and collected by the Minister of Knowledge Economy. <Amended by Act No. 8852, Feb. 29, 2008; Act No , Apr. 5, 2010> (4) through (6) Deleted. <by Act No , Apr. 5, 2010> Article 62 Deleted. <by Act No. 6063, Dec. 28, 1999> ADDENDUM This Act shall enter into force on January 1, ADDENDUM <Act No. 2167, Jan. 1, 1970> This Act shall enter into force on the date of its promulgation. ADDENDUM <Act No. 2422, Dec. 30, 1972> This Act shall enter into force on the date of its promulgation. ADDENDA <Act No. 2952, Dec. 31, 1976> (1) (Enforcement Date) This Act shall enter into force on January 1, (2) (Transitional Measures) Export insurance business and accounting business of export insurance funds, which have been executed by the Korea Reinsurance Corporation as proxy, in accordance with the previous provisions of Article 31 (1) and 32 (1), as at the time this Act enters into force, shall be transferred to the Export-Import Bank of Korea on the date this Act enters into force. ADDENDA <Act No. 3107, Dec. 5, 1978> (1) (Enforcement Date) This Act shall enter into force on January 1, (2) (Transitional Measures) The export insurance business which have been executed by the Export- Import Bank of Korea as proxy, in accordance with the previous provisions as at the time this Act enters into force, shall be deemed to have been executed as proxy under the provisions of this Act. ADDENDA <Act No. 3399, Mar. 27, 1981> This Act shall enter into force on the date of its promulgation: Provided, That the provisions of Article 8 (2) shall enter into force on January 1, 1982, and the provisions concerning the Corporation shall enter

9 into force on the date prescribed by Presidential Decree. Article 2 (Transitional Measures concerning Vicarious Execution of Export Insurance Business) (1) The vicarious execution of insurance business and fund accounts, in accordance with the previous provisions of Articles 31 and 32 as at the time this Act enters into force, shall be applicable until the Corporation under this Act is established. (2) The Corporation shall generally succeed to the rights and obligations arising from export insurance business. Article 3 (Transitional Measures concerning Fund) The Fund raised in accordance with the previous provisions as at the time this Act enters into force, shall be deemed to have been contributed by the Government under this Act. Article 4 (Preparation for Establishment of Corporation) (1) The Minister of Trade and Industry shall appoint no more than five establishing members to organize the incorporation committee, and have them work on the matters related to the incorporation of the Corporation. (2) After the incorporation committee formulates the articles of association of the Corporation and obtains authorization from the Minister of Trade and Industry, the incorporation committee shall affect the registration of incorporation of the Corporation. (3) The incorporation committee shall promptly transfer its business to the President of the Corporation, after effecting the registration for incorporation of the Corporation. The members of the incorporation committee shall be deemed to be discharged after completing the transfer of the business. ADDENDA <Act No. 4541, Mar. 6, 1993> This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 5 Omitted. ADDENDA <Act No. 4573, Aug. 5, 1993> This Act shall enter into force on January 1, Articles 2 through 8 Omitted. ADDENDA <Act No. 4776, Aug. 3, 1994> (1) (Enforcement Date) This Act shall enter into force three months after the date of its promulgation: Provided, That the approval of operating manuals under the amended provisions of Article 53-2, and other preparatory acts necessary for enforcing this Act, may be done before this Act enters into force. (2) Omitted. (3) (Transitional Measures concerning Limit of Contract) The total policy ceiling by category of export insurance in 1994, determined under the previous Article 8 as at the time this Act enters into force, shall be deemed the ceiling amount of the export insurance contract as determined under the amended provisions of Article 8. (4)(Transitional Measures concerning Existing Contract Portion) Any contract concluded before this Act enters into force, shall be governed by the previous provisions. ADDENDUM <Act No. 5454, Dec. 13, 1997> This Act shall enter into force on January 1, (Proviso Omitted.) ADDENDA <Act No. 5982, May 24, 1999> This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 6 Omitted. ADDENDA <Act No. 6063, Dec. 28, 1999> (1) (Enforcement Date) This Act shall enter into force on the date of its promulgation. (2) (Transitional Measures concerning Term of Office of Auditor) The term of office for any auditor who holds office as at the time this Act is in force, notwithstanding the amended provisions of Article 45, shall be governed by the previous provisions. (3) (Transitional Measures concerning Review Application) Any application for review of the results of any deliberation made by the Corporation in connection with any export insurance contract concluded before this Act enters into force, notwithstanding the amended provisions of Article 57 (3) and (4), shall

10 be governed by the previous provisions. ADDENDUM <Act No. 6979, Sep. 29, 2003> This Act shall enter into force on the date of its promulgation. ADDENDA <Act No. 7280, Dec. 31, 2004> (1) (Enforcement Date) This Act shall enter into force on March 1, (Proviso Omitted.) (2) Omitted. ADDENDUM <Act No. 8191, Jan. 3, 2007> This Act shall enter into force on the date of its promulgation. ADDENDUM <Act No. 8799, Dec. 27, 2007> This Act shall enter into force on the date of its promulgation. ADDENDA <Act No. 8852, Feb. 29, 2008> This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 7 Omitted. ADDENDA <Act No. 9617, Apr. 1, 2009> This Act shall enter into force six months after the date of its promulgation. Articles 2 through 13 Omitted. ADDENDA <Act No , Apr. 5, 2010> This Act shall enter into force three months after the date of its promulgation. Article 2 (Transitional Measures following Change of Name) (1) The former Korea Export Insurance Corporation and Export Insurance Fund as at the time this Act enters into force shall be deemed the Korea Trade Insurance Corporation and Trade Insurance Fund, respectively. (2) The Korea Trade Insurance Corporation under this Act shall succeed to all assets, rights and duties belonging to the former Korea Export Insurance Corporation as at the time this Act enters into force. In such cases, the value of the assets to be succeeded to shall be the book value as of the date immediately preceding the enforcement date of this Act. (3) The Korea Export Insurance Corporation shall be deemed the Korea Trade Insurance Corporation in connection with any conducts performed by the former Korea Export Insurance Corporation and other legal relation as at the time this Act enters into force. (4) The executives and employees of the former Korea Export Insurance Corporation as at the time this Act enters into force shall be deemed the executives and employees of the Korea Trade Insurance Corporation under this Act. In such cases, the term of office of an executive shall be the remaining term of the term of office under the Act on the Management of Public Institutions. (5) The name "Korea Export Insurance Corporation" on the registry and other official books as at the time this Act enters into force shall be deemed the name "Korea Trade Insurance Corporation". Article 3 (Modification, etc. of Articles of Association) The Korea Trade Insurance Corporation shall modify its articles of association pursuant to the amended provisions of this Act and obtain authorization thereof from the Minister of Knowledge Economy within three months after this Act enters into force, and file for registration of modification due to change of name, etc. Article 4 Omitted. Article 5 (Relation to other Acts and Subordinate Statutes) Where any other Act and subordinate statute cites the former Export Insurance Act, Export Insurance Fund or the Korea Export Insurance Corporation as at the time this Act enters into force, the Trade Insurance Act, Trade Insurance Fund or the Korea Trade Insurance Corporation shall be deemed cited, in lieu of the former provisions.

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CHAPTER I. GENERAL PROVISIONS

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