CHAPTER Ⅺ INSURANCE-RELATED ORGANIZATIONS, ETC
SECTION 2 Insurance Accounting and Damage Evaluation
Article 181 (Insurance Accounting)
(1) Every insurance company shall appoint certified insurance accoun- tants to perform the service of insurance accounting (referring to the confirmation of whether contents of the basic document and the calcu- lation of dividend, etc. are justifiable) or entrust any person who runs the business of insurance accounting with the work of insurance ac- counting (hereinafter referred to as “insurance accounting business op-erator”).
(2) Every insurance company shall select and appoint certified insur- ance accountants (hereinafter referred to as “senior certified accoun- tants”) to finally verify and confirm the service of insurance accounting under Article 184 (1).
(3) The specific scope of the services for certified insurance accountants, senior certified accountants or insurance accounting business operators and procedures for their selections and appointments shall be prescribed
by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008>
Article 182 (Certified Insurance Accountants)
(1) Any person who intends to be a certified insurance accountant shall pass the examination administered by the Financial Services Commission and have him registered with the Financial Services Commission after completing the apprenticeship education conducted for a certain period of time. <Amended by Act No. 8863, Feb. 29, 2008>
(2) Necessary matters concerning subjects of the examination, excep- tion of the examination and term of the apprenticeship education shall be prescribed by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008>
Article 183 (Business of Insurance Accounting)
(1) Any person who intends to run the business of insurance accounting shall have his business registered with the Financial Services Commission.
<Amended by Act No. 8863, Feb. 29, 2008>
(2) Any corporation that intends to run the business of insurance ac- counting shall have certified insurance accountants, whose number ex- ceeds the number prescribed by Presidential Decree.
(3) Any person who intends to have his business registered under para- graph (1) shall pay fees set by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008>
(4) Other necessary matters concerning the registration of the insurance accounting business shall be prescribed by Presidential Decree.
Article 184 (Duties of Senior Certified Accountants)
(1) Senior certified accountants shall finally verify and confirm whether contents of the basic document and the calculation of dividends to be granted in accordance with insurance contracts, etc. are justifiable from among matters entered in documents submitted by insurance companies to the Financial Services Commission under this Act. <Amended by Act No.
8863, Feb. 29, 2008>
(2) Any senior certified accountant, any certified insurance accountant and any insurance accounting business operator shall be prohibited from performing the acts falling under each of the following subparagraphs:
1. The act of deliberately hiding the truth or falsifying the accounting;
2. The act of leaking secrets that he has learned while rendering his service;
3. The act of getting any other person to perform the insurance accounting service in his name; and
4. The act prescribed by Presidential Decree as impeding the perfor-
mance of the justifiable service of insurance accounting.
(3) Any insurance company shall, when it selects and appoints any senior certified accountant, be prohibited from dismissing such senior certified accountant by the date on which three consecutive business years come to an end, which begin from the business year after the business year belonging to the date of selection and appointment: Provided, That the same shall not apply to the case falling under each of the following subparagraphs: <Amended by Act No. 8863, Feb. 29, 2008>
1. Where the senior certified accountant leaks secrets of the relevant company;
2. Where the senior certified accountant neglects his service, causing damage to the relevant company;
3. Where the senior certified accountant makes unfair requests or exer- cises pressure; and
4. Where the Financial Services Commission demands his dismissal in accordance with Article 192.
(4) Necessary matters concerning requirements for senior certified ac-countants, their authority and the guarantee of their independence in the performance of their services shall be prescribed by Presidential Decree.
(5) The Financial Services Commission may ask senior certified ac-countants to put forth their opinions with respect to matters belonging to the scope of their services. <Amended by Act No. 8863, Feb. 29, 2008>
Article 185 (Damage Evaluation)
Every damage insurance company shall employ any certified damage evaluator to put him in charge of evaluating the amount of damage caused by insurance accident or evaluating the amount of insurance money (hereinafter referred to as “damage evaluation”) or select and appoint any certified damage evaluator or any person running the business of evaluating damage (hereinafter referred to as “damage evaluating busi- ness operator”) to entrust him with the service of evaluating damage:
Provided, That the same shall not apply to the case where any insurance accident occurs in a foreign country or any policy holder, etc. select and appoint any certified damage evaluator otherwise according to the stan- dards set by the Financial Services Commission. <Amended by Act No. 8863, Feb. 29, 2008>
Article 186 (Certified Damage Evaluators)
(1) Any person who intends to be a certified damage evaluator shall pass
the examination administered by the Financial Services Commission and have him registered with the Financial Services Commission after completing the apprenticeship education conducted for a certain period of time. <Amended by Act No. 8863, Feb. 29, 2008>
(2) Necessary matters concerning subjects of the examination, exception of the examination and term of the apprenticeship education shall be prescribed by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008>
Article 187 (Damage Evaluating Business)
(1) Any person who intends to run the business of evaluating damage shall have him registered with the Financial Services Commission. <Amended by Act No. 8863, Feb. 29, 2008>
(2) Any corporation that intends to run the business of evaluating dam- age shall have certified damage evaluators on the pay roll, whose number exceeds the number prescribed by Presidential Decree.
(3) Any person who intends to have him registered in accordance with paragraph (1) shall pay fees set by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008>
(4) Necessary matters concerning the registration of the damage eval- uating business shall be prescribed by Presidential Decree.
Article 188 (Services of Certified Damage Evaluators)
Every certified damage evaluator or every damage evaluating business operator shall render the services falling under each of the following subparagraphs:
1. The service of confirming the occurrence of damage;
2. The service of judging whether the application of the articles of incorporation and relevant Acts and regulations are appropriate;
3. The service of setting the amount of damage and the amount of in- surance money;
4. The service of preparing documents related to the services referred to subparagraphs 1 through 3; and
5. The presentation of opinion to the relevant insurance company in connection with the performance of the services referred to in sub-paragraphs 1 through 3.
Article 189 (Duties of Certified Damage Evaluators, etc.)
(1) Any certified damage evaluator or any damage evaluating business operator who is entrusted with the service of evaluating damage by any damage insurance company shall, upon the completion of the service
entrusted, promptly deliver a damage evaluation statement to the rele- vant damage insurance company and also make important matters known to the relevant damage insurance company.
(2) Any certified damage evaluator or any damage evaluating business operator who is selected and appointed by policy holders, etc. shall, upon the completion of his service, promptly deliver a damage evaluation statement to the relevant insurance company and the policy holder, etc.
and make important matters known to them.
(3) Every certified damage evaluator or every damage evaluating busi- ness operator shall not unfairly infringe on the interests of policy holders and other interested persons while performing his service and he shall also be prohibited from performing the act falling under each of the fol- lowing subparagraphs:
1. The act of deliberately hiding the truth and falsifying damage eval- uation;
2. The act of leaking personal information on policy holders, etc., which he has learned while rendering his service of evaluating damage;
3. The act of getting any other person to render the service of evaluating damage in his name;
4. The act of putting off his service of evaluating damage and calculating the amount of damage or the amount of insurance money without making full examination;
5. The act of delaying the service of evaluating damage by asking the relevant insurance company or relevant policy holders, etc. for doc-uments that overlap docdoc-uments submitted and are unrelated to the service of evaluating damage; and
6. The act that is prescribed by Presidential Decree as impeding the fair service of evaluating damage.
Article 190 (Revocation of Registration)
The provisions of Article 86 shall apply mutatis mutandis to certified insurance accountants, senior certified accountants, the business of insurance accounting, certified damage evaluators and the business of evaluating damage. In this case, “Article 84” in Article 86 (1) 3 shall be deemed “Article 182 (1)”, “Article 183 (1)”, “Article 186 (1)” or “Article 187 (1)”, respectively.
Article 191 (Guarantee of Indemnity of Damage)
The Financial Services Commission may ask insurance accounting business operators or damage evaluating business operators to have their assets
deposited in institutions designated by it, insure them and take other necessary steps in order to guarantee the indemnity of damage that is caused deliberately or mistakenly by them to any other person while rendering their services. <Amended by Act No. 8863, Feb. 29, 2008>
Article 192 (Supervision)
(1) In the case that any insurance accountant, any senior certified ac-countant or any certified damage evaluator is recognized to have ne- glected his service or performed an inappropriate act while rendering his service, the Financial Services Commission may order his service suspended for a fixed term of time or have him dismissed. <Amended by Act No. 8863, Feb. 29, 2008>
(2) The provisions of Articles 131 (1) and 133 shall apply mutatis mu- tandis to insurance accounting business operators and damage evalu- ating business operators.