POSTAL SAVINGS AND INSURANCE ACT

Transcription

1 POSTAL SAVINGS AND INSURANCE ACT Act No. 3610, Dec. 31, 1982 Amended by Act No. 5454, Dec. 13, 1997 Act No. 5563, Sep. 17, 1998 Act No. 6062, Dec. 28, 1999 Act No. 6529, Dec. 19, 2001 Act No. 6891, May 29, 2003 Act No. 7141, Jan. 29, 2004 Act No. 7819, Dec. 30, 2005 Act No. 8635, Aug. 3, 2007 Act No. 8852, Feb. 29, 2008 Act No. 8863, Feb. 29, 2008 Act No. 9628, Apr. 22, 2009 CHAPTER ⅠGENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to encourage the people's will to save through the popularization of finance by having communications agencies manage simple and reliable savings and insurance business, and to contribute to the stabilization of economic livelihood of the people and the promotion of public welfare by having the people jointly cope with risks of accidents through the popularization of insurance. Article 2 (Definitions) The terms used in this Act shall be defined as follows: 1. The term "postal savings" means savings dealt in by a communications agency pursuant to this Act; 2. The term "passbook" means a passbook issued by a communications agency to verify deposit and payment of postal savings; 3. The term "certificate of deposit" means a certificate issued by a communications agency to verify deposit and payment of postal savings; 4. The term "postal insurance" means insurance dealt in by a communications agency which regard to life or bodily harm of the insured as an insured accident pursuant to this Act; 5. The term "insurance contract" means a contract with the condition that a policy holder is to pay premiums and a communication agency is to pay insurance proceeds when an insured incident occurs; 6. The term "insured incident" means an indeterminate incident effecting the life or body of the insured, which imposes an obligation on a communications agency to pay insurance proceeds or other benefits to a beneficiary of an insurance policy according to an insurance contract. Article 3 (Charge of Postal Savings and Insurance Business) The State shall manage postal savings business and postal insurance business, and the Minister of Knowledge Economy shall take charge of the business. Article 3-2 (Maintenance and Control of Soundness) (1) Where necessary to maintain and control soundness of postal savings and insurance business, the Minister of Knowledge Economy may request the Financial Services Commission to inspect the business. (2) The Minister of Knowledge Economy shall determine and publicly announce standards necessary to maintain and control soundness in consultation with the Financial Services Commission for the sound promotion of postal savings and insurance business and for the protection of contracting parties. Article 4 (State Responsibility for Payment)

2 The State shall take the responsibility for payment of postal savings (including interest) and insurance proceeds, etc. according to postal insurance contracts. Article 5 Deleted. <by Act No. 9628, Apr. 22, 2009> Article 6 (Restrictions on Conducting Business) (1) In cases of a war, an incident, a natural disaster or any other extenuating circumstance, the Minister of Knowledge Economy may restrict or suspend the business of postal savings (hereinafter referred to as "savings") and postal insurance (hereinafter referred to as "insurance"), as prescribed by Ordinance of the Ministry of Knowledge Economy. (2) Where the Minister of Knowledge Economy has restricted or suspended the business of savings and insurance pursuant to paragraph (1), he/she shall make a public announcement of the details thereof. Article 7 (Providing Convenience to Depositors Who Suffer Damage) (1) The Minister of Knowledge Economy may exempt any depositor, policyholder, insured or beneficiary of an insurance policy (hereinafter referred to as "policyholder, etc.") who have suffered damage due to a war, an incident, a natural disaster or any other extenuating circumstance from charges for conducting business of savings and insurance or provide them with any other convenience, as prescribed by Ordinance of the Ministry of Knowledge Economy. (2) Where the Minister of Knowledge Economy exempts charges or provides any other convenience pursuant to paragraph (1), he/she shall make a public announcement of the details thereof. Article 8 (Activities to Increase Savings and Insurance) (1) The Minister of Knowledge Economy may conduct necessary activities to increase and maintain savings and insurance. (2) Details of activities under paragraph (1) and matters necessary for incurring expenses for the activities shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 9 (Gratuitous Handling of Postal Matter) Postal matter regarding business of savings and insurance may be processed gratuitously, as prescribed by Ordinance of the Ministry of Knowledge Economy. Article 10 (Consultation with Relevant Authorities) (1) The Minister of Knowledge Economy shall consult with the Financial Services Commission to determine interest rates on deposits by kind pursuant to Article 14 (2): Provided, That this shall not apply to cases where he/she intends to determine interest rates within the extent of standards determined by the Financial Services Commission pursuant to subparagraph 13 of Article 28 of the Bank of Korea Act. (2) The Minister of Knowledge Economy shall consult with the Financial Services Commission to determine kinds of insurance and the limit of contracted insurance proceeds in accordance with the Ordinance of the Ministry of Knowledge Economy pursuant to Article 28: Provided, That this shall not apply to cases where he/she intends to determine kinds of insurance within the extent of standards determined by the Financial Services Commission pursuant to Article 127 (2) of the Insurance Business Act. (3) Where the Minister of Knowledge Economy has determined interest rates on trading of national bonds and public bonds pursuant to Article 19 (2) and interest rates of deposits by kind pursuant to the proviso to paragraph (1), he/she shall notify the Financial Services Commission of such determination, and where he/she has established or amended the terms related to transaction of deposits or determined kinds of insurance pursuant to the proviso to paragraph (2), he/she shall notify the Financial Services Commission thereof. CHAPTER Ⅱ DEPOSITS Article 11 (Kinds of Deposits) (1) Deposits shall be classified into demand deposits and savings deposits. (2) The Minister of Knowledge Economy shall determine and publicly announce necessary matters concerning kinds of deposits, details of deposits by kind and persons eligible for such deposits, etc. (3) Matters necessary for conducting business of deposits, etc. shall be prescribed by Ordinance of the Ministry of Knowledge Economy.

3 Article 12 (Issue of Deposit Passbook) A communications agency shall issue a deposit passbook or a certificate of deposit to a depositor when he/she first deposits. Article 13 (Seal and Signature) (1) Seal or signature (including authorized digital signature pursuant to subparagraph 3 of Article 2 of the Digital Signature Act) which a depositor is to use regarding his/her deposit shall be his/her seal or signature registered with a communications agency. (2) Seal pursuant to paragraph (1) may be changed upon reporting by a depositor. Article 14 (Payment of Interest) (1) Interest on deposit shall be paid, as prescribed by Ordinance of the Ministry of Knowledge Economy. (2) The Minister of Knowledge Economy shall determine and publicly announce interest rates of deposits by kind in consideration of interest rates of financial institutions. Article 15 (Deposit in Bank) (1) A deposit shall be made in cash, or with securities or certificates prescribed by Ordinance of the Ministry of Knowledge Economy. (2) Where a depositor has made a deposit with securities or certificates pursuant to paragraph (1), he/shall not claim payment of such deposit unless he/she settles accounts or pays with such securities or certificates. (3) Unless a depositor settles accounts or pays with securities or certificates pursuant to paragraph (2), the relevant deposit shall not be deemed to have been made. Article 16 (Limitation of Deposited Amount) (1) The Minister of Knowledge Economy may determine, by kind of deposits, the maximum amount of deposit which a depositor may make. (2) The Minister of Knowledge Economy may determine the minimum amount of deposit which a depositor may make at a time in consideration of trading practices and convenience in conducting business, etc. (3) Where the Minister of Knowledge Economy has determined the maximum amount under paragraph (1) or the minimum amount under paragraph (2), he/she shall publicly announce such amount. Article 17 (Payment of Deposit) A communications agency shall pay a deposit at the request of a depositor on a deposit passbook or a certificate of deposit. Article 18 (Management of Deposited Money) (1) The Minister of Knowledge Economy shall manage the deposited money by the following methods within the extent that does not obstruct payment of deposits (including interest): 1. Deposit in financial institutions; 2. Deposit in financial funds; 3. Trading and lending of securities under the Financial Investment Services and Capital Markets Act; 4. Lending to financial institutions through funds brokerage firms under Article 355 of the Financial Investment Services and Capital Markets Act; 5. Trading of derivatives under Article 5 of the Financial Investment Services and Capital Markets Act; 6. Acquisition, disposal and lease of real estate for business purpose prescribed by Presidential Decree. (2) The ratio of the respective total amount of purchasing of securities pursuant to paragraph (1) 3, of lending to financial institutions pursuant to subparagraph 4 of the same paragraph, and of trading of derivatives pursuant to subparagraph 5 of the same paragraph to the deposited money and the limit of possession of real estate for business purpose under subparagraph 6 of the same paragraph shall be prescribed by Ordinance of the Ministry of Knowledge Economy within the extent that does not damage the stability of deposits. (3) The Minister of Knowledge Economy may pay interest and appropriate to other necessary expenses from earnings generated from management of funds pursuant to paragraph (1).

4 Article 19 (Sale of National Bonds and Public Bonds) (1) A communications agency may sell national bonds and public bonds among securities purchased pursuant to Article 18 (1) 3. In such cases, upon the request of a purchaser, it may sell them on condition of repurchase. (2) The Minister of Knowledge Economy shall determine and publicly announce interest rates on trading of national bonds and public bonds sold on condition of repurchase pursuant to paragraph (1). (3) Sale of national bonds and public bonds under paragraph (1), procedures for repurchase agreements, communications agencies dealing therein, and other necessary matters shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 20 (Reissuance of Deposit Passbook) (1) In any of the following cases, a communications agency may reissue a deposit passbook, a certificate of deposit or a certificate of payment upon the request of a depositor: 1. Where the depositor has lost it; 2. Where mentioned items are not legible because it has been defaced or has got damaged; 3. Where no blank space remains in a deposit passbook. (2) Charges for reissue of a deposit passbook, etc., payment or exemption thereof, and other procedures for reissuance, etc. pursuant to paragraph (1) shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 21 (Submission of Deposit Passbook) Where a communications agency deems it necessary for conducting deposit business, it may request a depositor to submit his/her deposit passbook or certificate of deposit. Article 22 (Ascertainment of Rightful Person) Where a possessor of a deposit passbook or a certificate of deposit requests to pay his/her deposit, a communications agency may pay such deposit after ascertaining whether the possessor is a right rightful person. Article 23 (Exemption from Liability for Damage) In any of the following cases, a communications agency shall not be liable for damage which occurs due to delayed payment: 1. Where a request for payment is not made pursuant to this Act; 2. Where a communications agency is unable to conduct business due to a natural disaster or any other extenuating circumstance. Article 24 (Extinction of Right of Claim for Payment of Deposit) (1) Where a depositor fails to make a deposit for ten years or fails to make a request for payment of a deposit, addition of interest, change of his/her seal, reissuance of a deposit passbook (including a certificate of deposit), etc., a communications agency shall give peremptory notice that he/she shall make a request for payment of such a deposit or other necessary request for disposal of the deposit, as prescribed by Ordinance of the Ministry of Knowledge Economy. (2) Where a depositor fails to make a request for payment of a deposit or any other necessary request for disposition of the deposit until two months have passed after peremptory notice pursuant to paragraph (1), a right of claim for payment of such deposit of a depositor shall become extinct. (3) A right of claim for payment of a deposit for which a certificate of payment has been issued shall become extinct where a depositor fails to make a request for payment with three years after the issuance thereof. (4) A period of deposit until the maturity of a deposit the maturity of which is fixed, and the term of validity of a certificate of payment shall not be included in the period referred to in paragraphs (1) and (3). (5) A deposit, the right of claim for payment of a depositor of which has become extinct pursuant to paragraph (2) or (3) shall revert to the National Treasury. Article 24-2 (Support to Person who Fails to Request Deposit) (1) Where a depositor makes a request for payment of a deposit on ground prescribed by Ordinance of the Ministry of Knowledge Economy from among deposits reverted to the National Treasury pursuant to Article 24 (5), the Minister of Knowledge Economy may pay a specific amount which takes the place of the deposit to the depositor. (2) The limit of payment of the amount under paragraph (1) and other matters necessary for payment shall be prescribed by Ordinance of the Ministry of Knowledge Economy.

5 CHAPTER Ⅲ INSURANCE Article 25 (Acceptance of Application) (1) An insurance contract shall become effective where a person who intends to effect an insurance contract applies for an insurance contract together with payment of the first premium and a communications agency accepts such an application. (2) Where a communications agency accepts an application pursuant to paragraph (1), it shall prepare an insurance policy and produce it to a policyholder. (3) Items to be mentioned in an insurance policy referred to in paragraph (2) shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 26 (Prohibition of Disadvantageous Change According to Special Agreement) The Minister of Knowledge Economy shall not amend the provisions of this Act in any manner disadvantageous to a policyholder, etc. by special agreement with policyholder. Article 27 (Provisions of Insurance) (1) The Minister of Knowledge Economy shall determine and publicly announce matters concerning the contents of an insurance contract as the provisions of insurance within the extent prescribed by Ordinance of the Ministry of Knowledge Economy. (2) With respect to an insurance contract, the provisions of insurance shall apply to matters not prescribed by this Act or Ordinance of the Ministry of Knowledge Economy. Article 28 (Kinds and Amount of Insurance) Kinds of insurance, the limit of contracted insurance proceeds, matters necessary to carry on insurance business, etc. shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 29 (Exemption from Physical Examinations) When effecting an insurance contract, a physical examination on the insured shall not be held: Provided, That this shall not apply to the insured prescribed by Ordinance of the Ministry of Knowledge Economy. Article 30 (Beneficiary of Insurance) Where a policyholder does not designate a beneficiary of insurance, the policyholder shall be deemed a beneficiary of insurance. Article 31 (Payment of Insurance Proceeds after Reduction) Where an insured incident occurs within the period prescribed by Ordinance of the Ministry of Knowledge Economy after an insurance contract becomes effective, a communications agency need not pay part of the insurance proceeds, as prescribed by Ordinance of the Ministry of Knowledge Economy. Article 32 (Succession to Insurance Contract) (1) A policyholder may have a third party succeed to rights and duties according to an insurance contract with the consent of the insured. (2) Where a third party has succeeded to the rights and duties pursuant to paragraph (1), if a policyholder fails to advise a communications agency of the succession, he/she shall not oppose. Article 33 (Effect of Revision of Provisions of Insurance) (1) The revision of the provisions of insurance has no effect on an insurance contract already made. (2) In cases of the revision of the provisions on insurance, where the Minister of Knowledge Economy deems it specially necessary for the protection of interest of a policyholder, etc., notwithstanding paragraph (1), he/she may acknowledge the effect thereof for the future. Article 34 (Revision of Insurance Contract) A policyholder may request a communications agency to revise the contents of a contract, as prescribed by Ordinance of the Ministry of Knowledge Economy.

6 Article 35 (Cancellation of Insurance Contract) (1) A policyholder may cancel an insurance contract at any time before an insured incident occurs. (2) Where a policyholder or the insured fails to notify important matters prescribed by Ordinance of the Ministry of Knowledge Economy or makes a poor notification thereof by intention or by gross negligence when effecting an insurance contract, a communications agency may cancel such insurance contract within one month from the date it comes to know such fact or within five years from the date the insurance contract becomes effective. (3) Where a communications agency has come to know that an insured incident has already occurred or cannot occur except cases referred to in Article 36 (1) 2 at the time of the conclusion of an insurance contract, it may cancel the insurance contract. Article 36 (Invalidation of Insurance Contract) (1) An insurance contract falling under any of the following subparagraphs shall be invalidated: 1. An insurance contract concluded by a policyholder or the insured, by fraud; 2. An insurance contract effected which a policyholder, etc. knows at the time of the conclusion of the insurance contract that an insured incident has already occurred or cannot occur. (2) Where an insurance contract is invalidated pursuant to paragraph (1), no communications agency shall pay insurance proceeds nor shall return relevant premiums already paid by a policyholder. Article 37 (Loss of Effect of Insurance Contract) (1) Where a policyholder fails to pay premiums and the grace period prescribed by Ordinance of the Ministry of Knowledge Economy has lapsed, the insurance contract shall lose effect. (2) Paragraph (1) shall not apply to cases where a policyholder requests a communications agency, within one month after the grace period pursuant to paragraph (1) has lapsed, to change such insurance contract to an insurance contract of which payment of premiums has been completed. Article 38 (Payment of Refund) Where a communications agency has not come to pay insurance proceeds pursuant to Article 655 of the Commercial Act which is applied mutatis mutandis in Articles 34, 35, 36 (1), 37 (1), 43 and 50, it shall refund part of the amount accumulated for a beneficiary of an insurance policy to a policyholder. In such cases, matters concerning the extent of the amount to be refunded (hereinafter referred to as "refund") and procedures for refund, etc. shall be prescribed by Ordinance of the Ministry of Knowledge Economy: Provided, That where an insured incident pursuant to subparagraph 2 of Article 43 has occurred by a policyholder, a communications agency shall not refund. Article 39 (Revival of Insurance Contract) (1) A policyholder may request a communications agency to revive an insurance contract invalidated with payment of unpaid premiums within the period fixed in the provisions of insurance within two years after the insurance contract loses effect pursuant to Article 37 (1). (2) The revival pursuant to paragraph (1) shall become effective from the time a communications agency accepts such request. (3) Where an insurance contract is revived, the insurance contract shall not be deemed to have lost effect from the beginning. Article 40 (Provisions Applicable Mutatis Mutandis at Time of Revival of Insurance Contract) Articles 31, 35 (2) and (3) and 36 shall apply mutatis mutandis to the revival of an insurance contract. Article 41 (Lending of Refund) Upon the request of a policyholder, a communications agency may lend money within the extent of the amount refundable in cases of the cancellation of an insurance contract, etc,, as prescribed by Ordinance of the Ministry of Knowledge Economy. Article 42 (Deduction at Time of Payment of Insurance Money) If a loan has been made or an unpaid premium remains pursuant to Article 41 when a communications agency pays insurance proceeds or a refund, the communications agency shall pay insurance proceeds or a refund after the deduction of such loan or unpaid premium from the amount payable. Article 43 (Exemption from Responsibility of Communications Agency) A communications agency shall not be responsible for payment of insurance proceeds upon an insured incident falling under any of the following subparagraphs: 1. An insured incident which occurs because the insured commits suicide or injures himself/herself

7 within two years after an insurance contract or the revival of the insurance contract pursuant to Article 39 (2) becomes effective; 2. An insured incident to life or body which caused intentionally by a policyholder or a beneficiary of an insurance policy: Provided, That where beneficiaries of an insurance policy are several people, it shall be applicable only to part of the proceeds he/she is to receive. Article 44 (Payment of Insurance Proceeds after Reduction) (1) Where the occurrence of an insured incident due to a natural disaster, a war or any other uprising is likely to have important influence on the basis of the calculation of insurance proceeds, a communications agency may pay the insurance proceeds after the reduction. (2) The rate of reduction of payment of insurance proceeds pursuant to paragraph (1) shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 45 (Protection of Right of Receipt) (1) No right to receive insurance proceeds or a refund shall be transferred. (2) With regard to a right to receive insurance proceeds, no amount referred to in the following subparagraphs shall be seized: 1. The amount equivalent to 1/2 of a right of claim for a death benefit which a beneficiary of an insurance policy acquires due to death of his/her lineal ascendant, lineal descendant or spouse; 2. The amount equivalent to 1/2 of a right of claim for a disability benefit which a beneficiary of an insurance policy acquires due to disability of the person in question, his/her lineal ascendant, lineal descendant or spouse; 3. The amount equivalent to 1/2 of a right of claim for insurance proceeds (excluding a right of claim for insurance proceeds falling under suparagraph 1 or 2) which a person who receives a benefit pursuant to Article 7 of the National Basic Living Security Act or a disabled person registered pursuant to Article 32 of the Welfare of Disabled Persons Act acquires as a beneficiary of insurance; 4. The amount equivalent to 1/2 of a right of claim for insurance proceeds (excluding a right of claim for insurance proceeds falling under subparagraphs 1 through 3) which a beneficiary of an insurance policy acquires because an insured incident occurs to a disabled person registered pursuant to Article 32 of the Welfare of Disabled Persons Act. (3) With regard to a right to claim insurance proceeds and a right to claim a refund of term insurance except a right of claim for insurance proceeds referred to in the subparagraphs of paragraph (2), the amount prescribed by Presidential Decree (hereinafter in this Article referred to as "minimum guarantee amount") shall not be seized because it is deemed necessary for maintaining livelihood of a beneficiary of an insurance policy or a policyholder. In such cases, if insurance contracts are several, the aggregate amount falling under their rights to claim insurance proceeds or rights to claim refunds shall apply. (4) Where insurance contracts which acquire rights of claim for insurance proceeds referred to in the subparagraphs of paragraph (2) are several or the aggregate of insurance contracts which require rights of claim for insurance proceeds or rights of claim for refunds referred to in the subparagraphs of paragraph (2) and paragraph (3) are several, paragraph (3) shall not apply, and paragraph (2) shall apply to rights of claim for insurance proceeds only referred to in the subparagraphs of paragraph (2) by insurance contract. (5) Where the amount to which paragraphs (2) and (4) apply (where insurance contracts are several, referring to the total amount thereof) is less than the minimum amount of guarantee, notwithstanding paragraphs (2) and (4), the minimum amount of guarantee shall be the amount which shall not be seized. Article 46 (Collection of Unfair Profits) (1) A communications agency may request a person who has received insurance proceeds by deceit or any other unlawful means to return the amount paid. In such cases, where a policyholder, etc. has caused insurance proceeds to be paid by misrepresentation or false testimony, the policyholder, etc. shall take the responsibility jointly and severally. (2) In cases under paragraph (1), a refund shall not be paid. Article 46-2 (Reinsurance) (1) Where the Minister of Knowledge Economy deems it necessary for the efficient management of insurance and the proper diversification of risks, he/she may purchase a reinsurance policy. (2) The limit of reinsurance under paragraph (1) and other matters necessary for a reinsurance policy, etc. shall be prescribed by Ordinance of the Ministry of Knowledge Economy.

8 Article 47 (Installation of Welfare Facilities) (1) The Minister of Knowledge Economy may install facilities necessary for medical treatment, recuperation, etc. for the promotion of welfare of policyholders, etc. (2) The Minister of Knowledge Economy may allow persons other than policyholders, etc. to use facilities under paragraph (1). (3) Expenses incurred in installation and operation of facilities pursuant to paragraph (1) shall be disbursed from postal insurance reserves under the Act on Special Accounts for Postal Insurance. Article 48 (Payment of Compensation) (1) A communications agency may pay compensation to any person who conducts insurance business, based on his/her performance (2) Matters concerning kinds of compensation, the extent of payment, and the amount of compensation, etc. under paragraph (1) shall be prescribed by Ordinance of the Ministry of Knowledge Economy. Article 48-2 (Establishment of Postal Insurance Dispute Mediation Committee) (1) The Postal Insurance Dispute Mediation Committee shall be established under the control of the Minister of Knowledge Economy to mediate any dispute related to subscription to insurance and an insurance contract which arises between the persons interested in postal insurance. (2) Necessary matters concerning the formation, operation of and procedures for mediation, etc. of the Postal Insurance Dispute Mediation Committee shall be prescribed by Presidential Decree. Article 49 (Special Accounts) Accounts of insurance pursuant to this Act shall be prescribed separately by law. Article 50 (Application Mutatis Mutandis of Commercial Act) Articles 639, 643, 655, 662, 731, 733 and 734 of the Commercial Act shall apply mutatis mutandis to insurance. Article 51 (Delegation of Authority) The Minister of Knowledge Economy may delegate part of his/her authority under this Act to the head of its affiliated organization, as prescribed by Presidential Decree. ADDENDUM This Act shall enter into force on January 1, 1983: Provided, That the provisions on postal insurance shall enter into force on July 1, ADDENDUM <Act No. 5454, Dec. 13, 1997> This Act shall enter into force on January 1, (Proviso Omitted.) ADDENDA <Act No. 5563, Sep. 17, 1998> (1) (Enforcement Date) This Act shall enter into force on the date of its promulgation. (2) (Transitional Measures concerning Exemption from Responsibility of Communications Agency for Insured Incident) Notwithstanding the amended provisions of subparagraph 1 of Article 43, the previous provisions shall apply to the exemption from responsibility of a communications agency for an insured incident which occurs because the insured of an insurance contract which takes effect pursuant to Article 25 (1) or 39 (2) at the time this Act enters into force commits suicide or injures himself/herself. ADDENDA <Act No. 6062, Dec. 28, 1999> This Act shall enter into force on March 1, Article 2 (Transitional Measures concerning Change of Name) Communications savings and communications insurance pursuant to the previous provisions as at the time this Act enters into force shall be deemed postal savings and postal insurance respectively pursuant to this Act. Article 3 Omitted. ADDENDA <Act No. 6529, Dec. 19, 2001>

9 This Act shall enter into force on January 1, Articles 2 and 3 Omitted. ADDENDA <Act No. 6891, May 29, 2003> This Act shall enter into force three months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 34 Omitted. ADDENDUM <Act No. 7141, Jan. 29, 2004> This Act shall enter into force six months after the date of its promulgation. ADDENDUM <Act No. 7819, Dec. 30, 2005> This Act shall enter into force six months after the date of its promulgation. ADDENDA <Act No. 8635, Aug. 3, 2007> This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 44 Omitted. 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. 8863, Feb. 29, 2008> This Act shall enter into force on the date of its promulgation. Articles 2 through 5 Omitted. ADDENDA <Act No. 9628, Apr. 22, 2009> This Act shall enter into force six months after the date of its promulgation. Article 2 (Applicability to Payment of Refund) The amended provisions of Article 38 shall apply beginning with the first insurance contract invalidated pursuant to the amended provisions of Article 36 (1) after this Act enters into force. Article 3 (Applicability to Restrictions on Seizure of Insurance Proceeds or Refund) The amended provisions of Article 45 (2) through (5) shall also apply to cases falling under any of the following subparagraphs from May 29, 2008 until this Act enters into force: 1. Where a collecting creditor of claims against insurance proceeds and a refund raises a lawsuit claiming payment of money collected (including money transferred) and the lawsuit is pending; 2. Where the court has issued orders to seize and collect (including orders to transfer) claims against insurance proceeds and a refund; 3. Where the State and a local government notify a communications agency of the seizure of claims against insurance proceeds and a refund.