DEPOSITOR PROTECTION ACT

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DEPOSITOR PROTECTION ACT — 법갈피

Article 21(Requesting insured financial companies to submit data) #

(1) The Corporation may request an insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act to submit data related to their affairs and financial conditions to the extent necessary to conduct affairs concerning the determination of an insolvent financial company or insolvency-threatened financial companies, the calculation and receipt of insurance premiums and special contributions under Articles 30 and 30-3, the payment and calculation of insurance money under Articles 31 and 32, and the resolution of insolvent financial companies under CHAPTER IV.

(2) Where the Corporation deems that an insured financial company is likely to go insolvent in accordance with standards prescribed by Presidential Decree based on data, etc. submitted pursuant to paragraph (1), or where verification under paragraph (5) is not made, it may examine its affairs and financial conditions of an insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act.

(3) Where the Corporation deems it necessary to protect depositors, etc. and maintain the stability of the financial system, it may request the Governor of the Financial Supervisory Service established pursuant to the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the "Governor of the Financial Supervisory Service") to examine an insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act, defining a specific scope of such examination, or to allow employees of the Corporation to participate jointly in the examination, subject to a resolution of the Committee. In such cases, the Governor of the Financial Supervisory Service in receipt of such request shall comply with the request.

(4) Where the Corporation deems it necessary to protect depositors, etc., it may request the Governor of the Financial Supervisory Service to provide data related to an insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act to a specific extent defined. In such cases, the Governor of the Financial Supervisory Service shall comply with such request.

(5) Where the Corporation deems it necessary to verify whether or not data provided pursuant to paragraph (4) are true and authentic in order to determine whether an insured financial company is likely to face insurance contingencies, it may request the Governor of the Financial Supervisory Service to verify, within a period of up to one month, whether or not such data are true and authentic through examinations, etc. of the relevant insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act.

(6) The Corporation may request the Governor of the Financial Supervisory Service to take necessary corrective measures against the relevant insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act according to the result of examination referred to in paragraph (2). In such cases, the Governor of the Financial Supervisory Service requested shall comply with such request except for extenuating circumstances, and send the result of measures he or she has taken, and the details of implementation followed by institutions subject to such measures to the Corporation.

(7) Where the Corporation deems that an insured financial company is likely to face insurance contingencies as a result of examination under paragraph (2), it shall notify the Financial Service Commission of its opinion and request the Financial Service Commission to take appropriate measures. In such cases, the Financial Service Commission in receipt of such request shall comply with the request except for extenuating circumstances.

(8) The Corporation may request the Governor of the Financial Supervisory Service to send the result of examination under paragraph (3) or request him or her to take necessary corrective measures against the relevant insured financial company and a financial holding company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act in accordance with the results of examination. In such cases, the Governor of the Financial Supervisory Service in receipt of such request shall comply with the request and send the result of measures he or she has taken, and the details of implementation followed by institutions subject to such measures to the Corporation.

[This Article Wholly Amended on Dec. 22, 2015]

Article 21-2(Exercise of right of subrogation to claim damages) #

(1) In any of the following cases, the Corporation may request an insolvent financial company or insolvency-threatened financial company (hereinafter referred to as "insolvent financial company, etc.", including the liquidated corporation or the bankruptcy estate thereof in this Article only) to claim damages against persons related to insolvency who are deemed responsible for the insolvency thereof or concerns over the insolvency thereof [referring to the former and incumbent executive officers and employees of the insolvent financial company, etc., persons provided for in the subparagraphs of Article 401-2(1) of the Commercial Act, debtors who have failed to meet their debt obligations to the insolvent financial company, etc. (where a debtor is a corporation, the former and incumbent executive officers and employees of such corporation, persons provided for in the subparagraphs of Article 401-2(1) of the Commercial Act and major shareholders prescribed by Presidential Decree shall be included), and other third parties; hereinafter referred to as "person related to insolvency")]:

1. Where the Corporation determines to pay insurance money or pays insurance money pursuant to Articles 31 and 34(1);

2. Where a financial company authorized to perform resolution under Article 36-3(1) determines to take over, or takes over, business or contracts, or determines to pay or pays claims such as deposits;

3. Where the Corporation determines to provide or provides financial assistance pursuant to Article 38.

(2) The Corporation shall make a request under paragraph (1) in writing, specifying reasons therefor, the method of filing a claim, and the period of filing a claim.

(3) Where an insolvent financial company, etc. fails to comply with a request under paragraph (1), the Corporation may immediately file a claim for damages against a person related to insolvency on behalf of the relevant insolvent financial company, etc.

(4) Where an insolvent financial company, etc. files a claim for damages under paragraph (1) by filing a lawsuit, the Corporation may participate in the lawsuit to assist the relevant insolvent financial company, etc. while the lawsuit is being brought. In such cases, Articles 71 through 77 of the Civil Procedure Act shall apply mutatis mutandis.

(5) Where the Corporation wins a lawsuit by exercising the right of subrogation to claim damages pursuant to paragraph (3) or participates in a lawsuit under paragraph (4) at the request of the insolvent financial company, etc., the relevant insolvent financial company, etc. shall bear expenses incurred in winning or participating in the lawsuit.

(6) Where an insolvent financial company, etc. goes bankrupt, any claim for expenses referred to in paragraph (5) which have not been borne by such insolvent financial company, etc. shall be deemed a claim of the estate.

(7) Where it is necessary to request a claim for damages, to exercise the right of subrogation to claim damages or to participate in a lawsuit pursuant to paragraphs (1) through (4), the Corporation may request the relevant insolvent financial company, etc., persons related to insolvency or any of the following interested persons (hereinafter referred to as "interested persons") to submit data concerning their affairs and financial conditions and to appear before the Corporation (excluding a request for attendance of interested persons), and conduct investigations; provided, the scope of other third parties among persons related to insolvency shall be limited to accounting corporations and certified public accountants:

1. A spouse of the person related to insolvency;

2. A lineal ascendant or descendant of the person related to insolvency;

3. A lineal ascendant or descendant of the spouse of the person related to insolvency;

4. A person who gains a direct profit due to legal action he or she has performed along with a person related to insolvency for the purpose of acquiring the right to property and a subsequent purchaser;

5. A person who is involved in concealing assets of the person related in insolvency.

(8) Paragraphs (1) through (6) shall apply mutatis mutandis to any insured financial company that survives after the merger of an insolvent financial company, etc. or the takeover of an insolvent financial company, etc. by a third party. In such cases, the Corporation may request the relevant insured financial company to submit data necessary to file a claim for damages against a person related to insolvency or to participate in a lawsuit, and the insured financial company requested shall comply with such request except for extenuating circumstances.

(9) A person who conducts an investigation pursuant to paragraph (7) shall carry a certificate indicating his or her authority, and produce it to the person concerned.

(10) Matters necessary for methods, procedures, etc. for conducting investigations under paragraph (7) shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Dec. 22, 2015]

Article 21-3(Request for provision of data) #

(1) Where it is necessary for the Corporation to request a claim for damages, to exercise the right of subrogation to claim damages or to participate in a lawsuit under Article 21-2(1) through (4), it may request the head of the Office of Court Administration, the heads of relevant central administrative agencies, local governments, virtual asset service providers defined in subparagraph 2 of Article 2 of the Act on the Protection of Virtual Asset Users and other public institutions and financial companies prescribed by Presidential Decree (hereinafter referred to as "public institutions, etc." in this Article) to provide data or information relating to the family relationship registration, property and affairs of persons related to insolvency and interested persons; provided, where the Corporation requests the head of a financial company or a specific business office thereof to provide information or data on the financial transactions of persons related to insolvency and interested persons, Article 21-4 shall apply. <Amended on Nov. 26, 2019; Oct. 22, 2024>

(2) Where it is necessary for the Corporation to request a claim for damages, to exercise the right of subrogation to claim damages or to participate in a lawsuit under Article 21-2(1) through (4), it may request the heads of the competent tax office and the competent local government to provide tax information in writing, stating the following matters. In such cases, the tax information requested shall be limited to the minimum necessary information and shall not be abused for other purposes:

1. Personal information about a taxpayer;

2. Purpose of use.

(3) The heads of public institutions, etc. and tax offices who receive a request under the main sentence of paragraph (1) and paragraph (2) shall comply with such request except for extenuating circumstances.

(4) The Personal Information Protection Act shall apply to requests for the provision of data and the provision of data under the main sentence of paragraph (1) and paragraphs (2) and (3).

[This Article Wholly Amended on Dec. 22, 2015]

Article 24(Establishment of Deposit Insurance Fund) #

(1) The Deposit Insurance Fund shall be established in the Corporation to conduct the following affairs:

1. Receipt of insurance premiums under Article 30;

2. Payment of insurance money, etc. under Articles 31 and 32;

3. Purchase of claims such as deposits under Article 35-2;

4. Investment in equity shares referred to in Article 36-3(4);

5. Financial assistance referred to in Articles 36-5(3) and 38.

(2) The Deposit Insurance Fund shall be created with the following funds:

1. Contributions from insured financial companies;

2. Contributions from the Government;

3. Funds created with the issuance of the Deposit Insurance Fund bonds;

4. State property transferred to the Corporation by the Government without compensation pursuant to Article 24-2;

5. Borrowings under Article 26;

6. Insurance premiums received pursuant to Article 30(1);

7. Funds earned by collecting claims acquired pursuant to Article 35;

8. Funds earned by collecting claims, such as deposits, purchased pursuant to Article 35-2;

9. Funds earned by collecting funds provided for the resolution, etc. of insolvent financial companies referred to in Article 36-5(3) or 38;

10. Operating profits and other earnings of the Deposit Insurance Fund.

(3) Funds of the Deposit Insurance Fund shall be used for the following purposes:

1. Repayment of the principal and payment of interest of the Deposit Insurance Fund bonds;

2. Insurance money, payments to depositors, etc. pursuant to Article 35-2, investments referred to in Article 36-3(4), funds provided for the resolution, etc. of insolvent financial companies under Article 36-5(3) or 38 and expenses incidental thereto;

3. Payment to the National Treasury;

4. Repayment of loans and payment of interest thereon;

5. Transfer to the accounting that manages funds necessary for the operation of the Corporation referred to in Article 24-3(1).

(4) Contributions referred to in paragraph (2)1 shall be determined, for each insured financial company, taking into account the balance, etc. of deposits, etc. of each insured financial company, to the extent not exceeding 1/100 (in cases of merchant banks and mutual savings banks,10/100) of its paid-in capital or own capital, and the amount of contributions to be paid, the time, method, etc. of the payment of contributions shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Dec. 22, 2015]

Article 24-3(Separate accounting) #

(1) The Deposit Insurance Fund, the Redemption Fund, and the erroneous remittance return assistance account established under Article 26-4 (hereinafter referred to as "assistance account") shall keep their accounting separate from that of each other and from that of the funds necessary for the operation of the Corporation. <Amended on Jan. 5, 2021>

(2) The Deposit Insurance Fund shall establish separate accounts for banks, investment dealers and investment brokers, life insurance companies, non-life insurance companies, merchant banks and mutual savings banks and manage such accounts separately from one another, and the Redemption Fund shall establish separate accounts for banks, investment dealers and investment brokers, life insurance companies, non-life insurance companies, merchant banks, mutual savings banks and credit unions and manage such accounts separately from one another.

(3) The Committee shall determine a blanket transfer of assets and liabilities between accounts under paragraph (2), transactions such as loans (including the lending limits), transactions between accounts prescribed in paragraph (2) and the Corporation, and methods of allocating operating expenses of the Corporation.

(4) The Deposit Insurance Fund, the Redemption Fund, and the assistance account shall not transact with each other. <Amended on Jan. 5, 2021>

(5) With regard to lending between accounts prescribed in paragraph (3), where it is difficult for the Corporation to independently and promptly normalize a specific account due to heavy cumulative losses on such account, it may reduce or exempt interest thereon for a period of up to 10 years; where the liquidity of a specific account is temporarily insufficient, it may grant a grace period for the payment of such interest.

(6) Specific methods, procedures, etc. necessary for the reduction or exemption of interest or grant of a grace period under paragraph (5) shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Dec. 22, 2015]

Article 24-4(Establishment of special account for restructuring of mutual savings banks) #

(1) The Corporation shall establish a special account (hereinafter referred to as "special account") for restructuring of mutual savings banks in the Deposit Insurance Fund in order to support the normalization of the account of mutual savings banks established in the Deposit Insurance Fund pursuant to Article 24-3(2), and manage its accounting separately from that of each of the other accounts of the Deposit Insurance Fund under Article 24-3(2).

(2) Revenue of the special account shall be earned with the following funds:

1. Contributions by the Government;

2. Funds created with the issuance of the Deposit Insurance Fund bonds;

3. Borrowed money from each account of the Deposit Insurance Fund established pursuant to Article 24-3(2);

4. Borrowed money prescribed in Article 26;

5. Insurance premiums equivalent to 45/100 of the annual insurance premiums paid by each insured financial company pursuant to Article 30(1); provided, the ratio of insurance premiums paid by mutual savings banks into the special account may be determined by the Committee within the total amount of insurance premiums, taking into account the size of financial assistance, etc. provided to the account of mutual savings banks from the special account;

6. Late fees equivalent to the portion of insurance premiums which provides revenue for the special account pursuant to subparagraph 5 among late fees referred to in Article 30(3);

7. Funds earned by collecting claims acquired pursuant to Article 35;

8. Funds earned by collecting claims, such as deposits, purchased pursuant to Article 35-2;

9. Funds earned by collecting funds provided for the resolution, etc. of insolvent financial companies referred to in Article 36-5(3) or 38;

10. Operating profits and other earnings of the Deposit Insurance Fund.

(3) The Corporation may transfer all or some of assets and liabilities in the account of mutual savings banks of the Deposit Insurance Fund to the special account through a resolution of the Committee.

(4) Where the Corporation transfers assets and liabilities to the special account pursuant to paragraph (3), it may make disbursements of the Deposit Insurance Fund under Article 24(3) from the special account in relation to mutual savings banks.

(5) With respect to borrowings of the special account from each account of the Deposit Insurance Fund under Article 24-3(2), the Corporation may reduce or exempt interest thereon, or allow the grace period for the payment of such interest through a resolution of the Committee, taking into account the balance in the burden of each account based on the amount of borrowing.

(6) The Corporation shall report the results of settlement of the accounts of the special account for the preceding year and the operational plan, etc. for the relevant year to the competent Standing Committee of the National Assembly by March 31 every year.

(7) The Corporation shall publish the white paper on the management of the special account concerning the actual condition of the operation of the special account by March 31 every year, as prescribed by Presidential Decree.

(8) Except as provided in this Article, the provisions (excluding Article 30-4) on each account of the Deposit Insurance Fund under Article 24-3(2) shall apply mutatis mutandis to the special account unless they are contrary to the nature of the special account.

(9) Other matters necessary for the operation of the special account shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Dec. 22, 2015]

[The amended provisions of Article 24-4 of Act No. 10476 (Mar. 29, 2011) shall be effective until December 31, 2026 under Article 2(1) of the Addenda of that Act]

Article 26-3(Establishment of Deposit Insurance Fund Bond Redemption Fund) #

(1) The Deposit Insurance Fund Bond Redemption Fund shall be established in the Corporation to repay debts of the Deposit Insurance Fund (limited to debts incurred until December 31, 2002) in the process of supporting the restructuring of insured financial companies.

(2) The Redemption Fund shall be created with the following funds:

1. Contributions from the Public Capital Redemption Fund under Article 4 of the Public Capital Redemption Fund Act;

2. Funds raised by the issuance of bonds of the Deposit Insurance Fund Bond Redemption Fund (hereinafter referred to as "Redemption Fund bonds") under paragraph (4);

3. Borrowed money under Article 26(1);

4. Special contributions received pursuant to Article 30-3;

5. Funds earned by collecting claims acquired pursuant to Article 35;

6. Funds earned by collecting claims, such as deposits, purchased pursuant to Article 35-2;

7. Funds earned by collecting funds provided for the resolution, etc. of insolvent financial companies referred to in Article 36-5(3) or 38;

8. Operating profits and other earnings of the Redemption Fund.

(3) Funds of the Redemption Fund shall be used for the following purposes: <Amended on Dec. 29, 2020>

1. Repayment of the principal and interest of the Deposit Insurance Fund bonds (limited to those issued on or before December 31, 2002) and the Redemption Fund bonds;

2. Insurance money, payments to depositors, etc. pursuant to Article 35-2, and funds provided for the resolution, etc. of insolvent financial companies under Article 36-5(3) or 38 and expenses incidental thereto;

3. Repayment of borrowings and payment of interest thereon;

4. Transfer to the accounting of the funds necessary for the operation of the Corporation under Article 24-3(1);

5. Return of contributions under an agreement on settlement concluded pursuant to Article 4(3) of the Public Capital Redemption Fund Act.

(4) Where necessary to repay the principal and interest of the Deposit Insurance Fund bonds and Redemption Fund bonds, the Corporation may issue the Redemption Fund bonds at the expense of the Redemption Fund through a resolution of the Committee. In such cases, Article 26-2(2) through (6) shall apply mutatis mutandis.

[This Article Wholly Amended on Dec. 22, 2015]

Article 30(Payment of premiums) #

(1) Each insured financial company shall pay the amount (where the amount is less than 100,000 won, 100,000 won) calculated by multiplying the balance of deposits, etc. (in cases of an insurance company, the amount prescribed by Presidential Decree in consideration of liability reserves under Article 120 of the Insurance Business Act) by the rate prescribed by Presidential Decree to the extent not exceeding 5/1,000 to the Corporation as annual insurance premiums. In such cases, the rate shall be set differently as prescribed by Presidential Decree in consideration of management conditions and financial standing of each insured financial company, reserves in each account of the Deposit Insurance Fund under Article 24-3(2), etc. <Amended on Sep. 10, 2024>

(2) Notwithstanding paragraph (1), the Corporation may allow a reduction in all or some of contributions under Article 24(2)1, insurance premiums and late fees under paragraphs (1) and (3) to any of the following insured financial companies, or postpone the payment thereof for a fixed period through a resolution of the Committee:

1. Where an insurance contingency occurs, an insured financial company involved in the relevant insurance contingency;

2. An insured financial company which has great difficulty in normal management, such as where the payment of deposits, etc. is likely to be suspended in light of its financial standing, etc.

(3) Where an insured financial company fails to pay insurance premiums under paragraph (1) by the deadline for payment, such insured financial company shall pay the amount calculated by adding late fees prescribed by Presidential Decree to insurance premiums to the Corporation.

(4) Methods and time for paying insurance premiums and late fees under paragraphs (1) and (3) and other necessary matters shall be prescribed by Presidential Decree.

(5) The Corporation shall have the right to receive contributions under Article 24(2)1 and insurance premiums and late fees under paragraphs (1) and (3) payable by an insured financial company to which an insurance contingency has occurred in preference to other claims, next to national taxes and local taxes.

(6) Of the amount paid by an insured financial company as insurance premiums under paragraph (1), the Corporation shall return any amount paid erroneously or in excess of the amount actually due with accrued interest prescribed by Presidential Decree.

(7) Unless the right of the Corporation to receive insurance premiums under paragraph (1) is exercised in 3 years from the deadline for payment or the right of an insured financial company to receive a refund under paragraph (6) is exercised in 3 years from the time of payment of insurance premiums, such right shall lapse by the completion of the prescription.

[This Article Wholly Amended on Dec. 22, 2015]

Article 31(Payment of insurance money) #

(1) Where an insurance contingency occurs in an insured financial company, the Corporation shall pay insurance money upon the request of depositors, etc. of such insured financial company; provided, with respect to Class 1 insurance contingency, the Corporation shall make a decision on whether to pay insurance money under Article 34.

(2) In cases of Class 1 insurance contingency, the Corporation may pay depositors, etc. part of their claims such as deposits upon their request in advance, as prescribed by Presidential Decree.

(3) The Corporation shall make a public announcement of the date of commencement of payment of insurance money, the period and methods of payment, and other necessary matters under paragraph (1) or (2), as prescribed by Presidential Decree.

(4) An insured financial company which is newly established due to a merger or conversion, an insured financial company which survives after a merger, or an insured financial company which survives after a conversion shall be deemed to exist independently from an insured financial company which no longer exists due to such merger or conversion or an insured financial company before such conversion for one year from the date of registration of the merger or the date of registration of the alteration when paragraph (1) applies.

(5) Where Class 2 insurance contingency occurs after Class 1 insurance contingency has occurred, the Class 2 insurance contingency shall not be deemed an independent insurance contingency in applying paragraph (1).

(6) Where a depositor, etc. falls under the category of persons related to insolvency under Article 21-2(1) or has a special relation prescribed by Presidential Decree with a person related to insolvency when the Corporation pays insurance money under paragraph (1), it may withhold the payment of insurance money on the claim, such as the deposit of the depositor, etc., for up to 6 months from the date of public announcement of the date of commencement of the payment of insurance money (hereinafter referred to as "date of public announcement of the payment of insurance money") under paragraph (3), as prescribed by Presidential Decree.

(7) The right to claim insurance money of a depositor, etc. under paragraph (1) shall lapse with the completion of the prescription if such right is not exercised for 5 years from the date of commencement of payment under paragraph (3).

(8) Notwithstanding paragraph (7) and subparagraph 3 of Article 168 of the Civil Act, information and notice, etc. provided to a depositor, etc. by the Corporation in order to urge him or her to exercise the right to claim insurance money shall not have the effect of interrupting the running of prescription.

(9) When the Corporation pays insurance money under paragraph (1), it may oppose a person who has the right to claim insurance money based on a plea which an insured financial company to which an insurance contingency has occurred has against a depositor, etc.

[This Article Wholly Amended on Dec. 22, 2015]

Article 38-5(Principle of fair loss sharing) #

(1) Where the Corporation provides financial assistance, it shall provide financial assistance on the condition that a person liable for the insolvency of an insured financial company to be provided with financial assistance should fairly share any losses.

(2) Where the Corporation provides financial assistance, it shall enter into a written agreement (hereinafter referred to as "agreement") with the relevant insured financial company for the implementation of a plan for the normalization of management, as prescribed by Presidential Decree. In such cases, the agreement shall contain the following matters for the normalization of management of such insured financial company:

1. Target level of the relevant insured financial company concerning financial soundness standards prescribed by Presidential Decree, such as the capital adequacy ratio;

2. Target level of the relevant insured financial company concerning profitability standards prescribed by Presidential Decree, such as the return on assets;

3. Target level of the relevant insured financial company concerning asset quality standards prescribed by Presidential Decree, such as the non-performing loan ratio;

4. A specific action plan including a restructuring plan, such as the adjustment of human resources, organization and wages of the relevant insured financial company, and a fund raising plan necessary to implement the target level under subparagraphs 1 through 3;

5. A written consent to matters which requires the consent of the labor union of the relevant insured financial company, which are stipulated in subparagraph 4;

6. Where the relevant insured financial company fails to attain the target level under subparagraphs 1 through 3, an implementation plan it should additionally push forward, such as wage freeze;

7. Other matters prescribed by Presidential Decree.

(3) Where the Corporation has entered into an agreement, it shall disclose the agreement by means of electronic document, etc.; provided, the foregoing shall not apply to matters prescribed by Presidential Decree, which may have an important influence on the management of the relevant insured financial company.

(4) The Corporation shall check, on a quarterly basis, the result of implementation referred to in the agreement and report it to the Committee.

(5) The Corporation may request an insured financial company to which it has provided financial assistance to report its business or assets and submit data and request relevant persons to attend its meetings and make statements in order to check the result of implementation under paragraph (4).

(6) Where any executive officer or employee of an insured financial company to which the Corporation has provided financial assistance falls under any of the following cases, the Corporation may require the head of the relevant insured financial company to correct it or require him or her to dismiss the executive officer concerned, suspend his or her duties, warn and caution him or her, or to take disciplinary action against and warn the relevant employee:

1. Where he or she fails to fulfill the agreement;

2. Where he or she falsely prepares any report or data requested by the Corporation in accordance with this Article or the agreement, or neglects to submit such report or data;

3. Where he or she refuses, interferes with, or evades the performance of duties by the Corporation under this Article or the agreement;

4. Where he or she neglects to comply with the Corporation's order to make corrections or request for disciplinary action.

[This Article Wholly Amended on Dec. 22, 2015]

DEPOSITOR PROTECTION ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Establishment) #

Article 4(Legal personality) #

Article 5(Registration) #

Article 5-2(Offices) #

Article 6(Articles of incorporation) #

Article 7(Prohibition of use of similar name) #

Article 8(Deposit Insurance Committee) #

Article 9(Composition of Committee) #

Article 9-2(Prohibition of political activities) #

Article 9-3(Guarantee of status of members) #

Article 10(Operation) #

Article 11(Executive officers) #

Article 12(Duties of executive officers) #

Article 13(Guarantee of status of executive officers) #

Article 14(Board of directors) #

Article 15(Appointment and dismissal of employees) #

Article 15-2(Appointment of agents) #

Article 15-3(Request for dispatch of public officials) #

Article 16(Grounds for disqualification of executive officers and employees) #

Article 17(Duty of confidentiality) #

Article 18(Scope of affairs) #

Article 19 #

Article 20(Conducting affairs on behalf of Corporation) #

Article 21(Requesting insured financial companies to submit data) #

Article 21-2(Exercise of right of subrogation to claim damages) #

Article 21-3(Request for provision of data) #

Article 21-4(Request for provision of information about financial transactions) #

Article 21-5(Information Protection Deliberative Committee) #

Article 22(Accounting) #

Article 23(Budget and settlement of accounts) #

Article 24(Establishment of Deposit Insurance Fund) #

Article 24-2(Gratuitous transfer of state property) #

Article 24-3(Separate accounting) #

Article 24-4(Establishment of special account for restructuring of mutual savings banks) #

Article 25(Operation of surplus funds) #

Article 26(Borrowing) #

Article 26-2(Issuance of Deposit Insurance Fund bonds) #

Article 26-3(Establishment of Deposit Insurance Fund Bond Redemption Fund) #

Article 26-4(Establishment and operation of erroneous remittance return assistance account) #

Article 27(Supervision) #

Article 28(Report and examination) #

Article 29(Insurance relations) #

Article 30(Payment of premiums) #

Article 30-2(Duty of confidentiality of insured financial companies) #

Article 30-3(Special contributions for Deposit Insurance Fund Bond Redemption Fund) #

Article 30-4(Establishment of target amount of reserves of Deposit Insurance Fund) #

Article 30-5(Objections against differential insurance premium rates) #

Article 31(Payment of insurance money) #

Article 32(Calculation of insurance money) #

Article 33(Notification of insurance contingencies) #

Article 34(Decision on payment) #

Article 35(Acquisition of claims) #

Article 35-2(Purchase of claims, such as deposits) #

Article 35-3(Estimated payment rates) #

Article 35-4(Approval for making estimated payments) #

Article 35-5(Public announcement of purchase) #

Article 35-6(Right to set off on behalf of depositors) #

Article 35-7(Duties of administrator) #

Article 35-8(Duties of liquidator or receiver) #

Article 35-9(Purchase of liability insurance) #

Article 36(Intermediation of merger) #

Article 36-2(Request for transfer of contracts) #

Article 36-3(Establishment of financial company authorized to perform liquidation) #

Article 36-4(Appointment and authority of executive officers) #

Article 36-5(Scope of affairs of financial company authorized to perform resolution) #

Article 36-6(Incorporation registration and public announcement) #

Article 36-7(Period of business operations of financial company authorized to perform resolution) #

Article 36-8(Relationship to other Acts) #

Article 37(Application for financial assistance) #

Article 38(Financial assistance to insured financial companies) #

Article 38-2 #

Article 38-3(Special cases of assignment of claims) #

Article 38-4(Least cost principle) #

Article 38-5(Principle of fair loss sharing) #

Article 38-6(Special cases concerning notice or delivery concerning auction) #

Article 39(Special cases concerning continuation of affairs) #

Article 39-2(Claims to be purchased) #