Thursday, March 30, 2017

Fire Insurance Act is amended ... Strengthening social safety nets disaster accident



[Korea gimmingyeong financial newspaper reporter] 'compensation due to fire and the Law on Insurance, the amendment passed the 30th National Assembly. Prepare for various emergency incidents strengthen the social safety net and wihaeseoda to complement the current operational deficiencies.

According to the proposed amendment is expected to have a range of special compulsory insurance building owners to expand. Special buildings include all buildings, etc., △ a certain size or more hospitals, hotels, inns, schools, restaurants △ 11 or more layers.

If it was ever a special building owners liability insurance compensation for his building and others in the body damages due to fire, only to join duty. Accordingly, if a fire occurs to damage caused to the wealth of others there was no obligation for insurance of liability of the special building owners.

However, according to this amendment as well as physical damage expected to be obliged to join the liability insurance for damages caused by a fire on someone else's wealth.

Compulsory insurance record date is also broken. The current special building owners when you sign up within 30 days from the completion of the compulsory insurance checks pass one or the date of acquisition of ownership dwaeteuna amendments are implemented will receive clearly defined accession fire insurance obligations by reasons that point.

△ for example a building construction when use approval date (building code), using geomsail (Housing), etc., △ when ownership changes ownership acquisition date, △ other case that the time of the special building owner.

The day passed amended legislation is enforced after 6 months from the gongpoil. Financial Services Commission said it would push for amendments as soon as the relevant Decree of the implementation of the revised legislation without a hitch.



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