AGRICULTURAL AND FISHERY DISASTER INSURANCE ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to contribute to the stability in management of agriculture and fisheries and the improvement of productivity in agriculture and fisheries and the balanced development of the national economy, by providing for the matters concerning agricultural and fishery disaster insurance designed to cover losses from property damage caused by agricultural and fishery disasters to agricultural crops, forestry products, aquaculture products, livestock, and facilities for agriculture or fisheries. <Amended on Jul. 25, 2011>

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on Jun. 25, 2011; Mar. 23, 2013>

1. The term "agricultural or fishery disaster" means a natural disaster, damage by blight and harmful insects, damage caused by birds or animals, a disease, or a fire that occurs in or to agricultural crops, forestry products, livestock, or agricultural facilities (hereinafter referred to as “agricultural disaster”) and a natural disaster, a disease, or a fire that occurs in or to aquaculture products or fisheries facilities (hereinafter referred to as “fishery disaster”);

2. The term "agricultural and fishery disaster insurance" means insurance to cover losses resulting from property damage caused by agricultural or fishery disasters;

3. The term "amount of insurance coverage" means an amount agreed upon by an insurance policyholder and an insurer on the maximum amount of compensation under insurance for losses sustained by the insurance policyholder as a result of property damage caused by agricultural or fishery disasters;

4. The term "insurance premium" means an amount that an insurance policyholder shall pay to an insurer in accordance with an agreement between the insurance policyholder and the insurer;

5. The term "insurance proceeds" means an amount that an insurer shall pay to an insurance policyholder in accordance with an agreement between the insurance policyholder and the insurer where the insurance policyholder sustains losses as a result of property damage caused by a disaster;

6. The term "pilot program" means an insurance program implemented in a limited area for a certain period to verify the utility of, and the feasibility of implementing, the agricultural and fishery insurance program (hereinafter referred to as the "disaster insurance program") before nationwide implementation of the disaster insurance program.

AGRICULTURAL AND FISHERY DISASTER INSURANCE ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 2-2(Formulation and Implementation of Master Plan and Action Plan) #

Article 3(Deliberative Committee) #

Article 4(Types of Disaster Insurance) #

Article 5(Subject Matter of Insurance) #

Article 6(Scope of Coverage) #

Article 7(Persons Eligible for Insurance) #

Article 8(Insurers) #

Article 9(Calculation of Insurance Premium Rates) #

Article 10(Solicitation of Insurance Contracts) #

Article 10-2(Obligation to Prevent Accidents) #

Article 11(Assessment of Damage) #

Article 11-2(Certified Damage Assessors) #

Article 11-3(Duties of Certified Damage Assessors) #

Article 11-4(Examination for Certified Damage Assessors) #

Article 11-5(Revocation of Qualifications as Certified Damage Assessors) #

Article 11-6(Supervision over Certified Damage Assessors) #

Article 11-7(Exclusive Account for Receipt of Insurance Proceeds) #

Article 11-8(Filing Objections against Damage Assessment) #

Article 12(Protection of Beneficial Rights) #

Article 13(Succession to Rights and Obligations by Transfer of Subject Matter of Insurance) #

Article 14(Entrustment of Business Affairs) #

Article 15(Separate Accounting) #

Article 16 #

Article 17(Mediation of Disputes) #

Article 18(Application of the Insurance Business Act) #

Article 19(Financial Support) #

Article 20(Re-Insurance Program) #

Article 21(Establishment of Fund) #

Article 22(Sources of Fund) #

Article 23(Use of Fund) #

Article 24(Management and Operation of Fund) #

Article 25(Accounting Authorities Responsible for Fund) #

Article 25-2(Management of Agricultural Disaster Insurance Program) #

Article 26(Gathering and Management of Statistics) #

Article 27(Pilot Programs) #

Article 28(Facilitation of Purchases of Insurance) #

Article 28-2(Formulation of Plans to Facilitate Purchases of Insurance) #

Article 29(Reporting) #

Article 29-2(Hearings) #

Article 30(Penalty Provisions) #

Article 31(Joint Penalty Provisions) #

Article 32(Administrative Fines) #