STORM AND FLOOD INSURANCE ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to contribute to the stabilization of citizens' livelihood by providing for matters necessary for storm and flood insurance with which damage and losses caused to property by storms and floods can be indemnified for promptly and fairly.

[This Article Wholly Amended on Mar. 28, 2008]

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on Oct. 22, 2012; Dec. 30, 2014>

1. The term "damage by storm and flood" means damage caused by typhoon, flood, torrential rain, gale, heavy seas, tidal waves, heavy snowfall, and earthquakes (including tsunami) among the natural disasters referred to in subparagraph 2 of Article 2 of the Countermeasures against Natural Disasters Act;

2. The term "storm and flood insurance" means insurance that indemnifies the insured for damage and losses caused to his or her property by storms and floods;

3. The term "the amount of insurance coverage" means an amount of money agreed between an insurance policy holder and an insurer as the maximum amount up to which an insurance policy may cover damage and losses on the insured's property;

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

5. The term "insurance proceeds" means the amount of money that an insurer pays to the insured in accordance with the agreement between the insurance policy holder and the insurer when the insured sustains damage to his or her property;

6. The term "damage assessment" means adjustment of the damage amount and insurance proceeds in accordance with damage of properties incurred from storms and floods;

7. The term "damage evaluator" means a person who has acquired the qualification of a damage evaluator under Article 16-2.

[This Article Wholly Amended on Mar. 28, 2008]

STORM AND FLOOD INSURANCE ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Jurisdiction over Insurance Program)

Article 4(Subject Matters of Insurance) #

Article 5(Insured) #

Article 6(Insurers) #

Article 7(Financial Support from the State and others) #

Article 8(Committee for Deliberation on Storm and Flood Insurance) #

Article 9(Insurance Term) #

Article 10(Separate Accounting for Insurance Program) #

Article 11(Calculation of Premium Rates) #

Article 12(Limit on Amount of Insurance Coverage) #

Article 13(Consent to Revision to Basic Documents) #

Article 14(Solicitation of Insurance) #

Article 15(Cooperation in Actual Inspection on Subject Matters of Insurance Prior to Execution of Insurance Contract) #

Article 16(Damage Assessment) #

Article 16-2(Damage Evaluators) #

Article 16-3(Cancellation and Suspension of Qualification of Damage Evaluators) #

Article 17(Verification of Damage Assessment) #

Article 18(Payment of Insurance Proceeds) #

Article 19(Accumulation of Liability Reserve) #

Article 20(Establishment of Deficit Compensation Reserve) #

Article 21(Disposition of Deficits) #

Article 22(Execution of Reinsurance Contract) #

Article 23(Promotion of Insurance Purchase) #

Article 24(Collection, Consolidation, and Management of Statistics Related to Storm and Flood) #

Article 25(Preparation of Maps for Management of Storm and Flood Insurance) #

Article 25-2(Vicarious Preparation of Maps for Management of Storm and Flood Insurance) #

Article 25-3(Vicarious Integration and Management of Maps for Management of Storm and Flood Insurance) #

Article 26(Academic Survey and Research) #

Article 27(Entrustment of Business Affairs) #

Article 28(Reporting) #

Article 29(Mediation of Disputes) #

Article 30(Succession to Rights and Obligations upon Transfer of Insured Subject Matters) #

Article 31(Protection of Beneficial Rights) #

Article 32(Notice and Prescription) #

Article 33(Organization of Local Government) #

Article 34(Relationship to Damage Subsidization Systems) #

Article 35(Application of the Insurance Business Act) #

Article 36(Penalty Provisions) #

Article 37(Joint Penalty Provisions) #

Article 38(Administrative Fines) #