POSTAL SAVINGS AND INSURANCE ACT

CHAPTER I GENERAL 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.

[This Article Wholly Amended on Apr. 22, 2009]

Article 2(Definitions) #

The terms used in this Act are 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.

[This Article Wholly Amended on Apr. 22, 2009]

Article 3(Charge of Postal Savings and Insurance Business) #

The State shall manage postal savings business and postal insurance business, and the Minister of Science and ICT shall take charge of the business. <Amended on Mar. 23, 2013; Jul. 26, 2017>

POSTAL SAVINGS AND INSURANCE ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Charge of Postal Savings and Insurance Business) #

Article 3-2(Maintenance and Control of Soundness) #

Article 3-3(Protection of Consumers) #

Article 4(State Responsibility for Payment) #

Article 5 #

Article 6(Restrictions on Conducting Business) #

Article 7(Providing Convenience to Depositors who Suffer Damage) #

Article 8(Activities to Increase Savings and Insurance) #

Article 9(Gratuitous Handling of Postal Matter) #

Article 10(Consultation with Relevant Authorities) #

Article 11(Kinds of Deposits) #

Article 12(Issue of Deposit Passbook) #

Article 13(Seal and Signature) #

Article 14(Payment of Interest) #

Article 15(Deposit in Bank) #

Article 16(Limitation of Deposited Amount) #

Article 17(Payment of Deposit) #

Article 18(Management of Deposited Money) #

Article 19(Sale of National Bonds and Public Bonds) #

Article 20(Re-Issuance of Deposit Passbook) #

Article 21(Submission of Deposit Passbook) #

Article 22(Ascertainment of Rightful Person) #

Article 23(Exemption from Liability for Damage) #

Article 24(Extinction of Right of Claim for Payment of Deposit) #

Article 24-2(Support to Person who Fails to Request Deposit) #

Article 25(Acceptance of Application) #

Article 26(Prohibition against Disadvantageous Amendments According to Special Agreement) #

Article 27(Terms and Conditions of Insurance) #

Article 28(Kinds and Amount of Insurance) #

Article 29(Exemption from Physical Examinations) #

Article 30(Beneficiary of Insurance) #

Article 31(Payment of Insurance Proceeds after Reduction) #

Article 32(Succession to Insurance Contract) #

Article 33(Effect of Revision of Terms and Conditions of Insurance) #

Article 34(Revision of Insurance Contract) #

Article 35(Cancellation of Insurance Contract) #

Article 36(Invalidation of Insurance Contract) #

Article 37(Loss of Effect of Insurance Contract) #

Article 38(Payment of Refunds) #

Article 39(Revival of Insurance Contract) #

Article 40(Provisions Applicable Mutatis Mutandis at Time of Revival of Insurance Contract) #

Article 41(Lending of Refunds) #

Article 42(Deduction at Time of Payment of Insurance Money) #

Article 43(Exemption from Responsibility of Communications Agency) #

Article 44(Payment of Insurance Proceeds after Reduction) #

Article 45(Protection of Right of Receipt) #

Article 46(Collection of Unfair Profits) #

Article 46-2(Re-Insurance) #

Article 47(Installation of Welfare Facilities) #

Article 48(Payment of Compensation) #

Article 49(Special Accounts) #

Article 50(Application Mutatis Mutandis of Commercial Act) #

Article 51(Establishment and Composition of Postal Savings and Insurance Dispute Mediation Committee) #

Article 52(Exclusion of, Challenge to, or Recusal of Committee Members) #

Article 53(Dismissal of Members) #

Article 54(Dispute Mediation Process) #

Article 55(Legal Fiction as Public Officials for Purposes of Applying Penalty Provisions) #

Article 56(Delegation of Authority) #