TRADE INSURANCE ACT

Article 1(Purpose) #

The purpose of this Act is to encourage trade and overseas investment, thereby to enhance national competitiveness and to contribute to growth of the national economy, through efficient operation of the trade insurance system designed to cover risks arising in connection with trade or other foreign transactions.

[This Article Wholly Amended on Apr. 5, 2010]

Article 2(Definitions) #

The terms used in this Act shall be defined as follows:

1. The term "trade" means the exportation and importation under subparagraph 1 of Article 2 of the Foreign Trade Act; provided, importation shall be limited to the importation of resources and goods that are important for 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 lay the foundation for export, have the effect of acquiring foreign currencies, or otherwise boost export through trade insurance, export credit guarantee, etc. and recognized by the Korea Trade Insurance Corporation (hereinafter referred to as the "Corporation") under Article 37.

[This Article Wholly Amended on Apr. 5, 2010]

Article 3(Types of trade insurance) #

The types of trade insurance shall be determined by the Corporation after obtaining approval from the Minister of Trade, Industry and Resources. <Amended on Feb. 29, 2008; Apr. 5, 2010; Mar. 23, 2013>

[This Article Wholly Amended on Dec. 27, 2007]

[Title Amended on Apr. 5, 2010]

Article 3-2(Coinsurance and reinsurance) #