Proposed bill: Partial Amendment to the Industrial Sites and Development Act

Proposed by Rep. Hong Suk-joon (Democratic Party of Korea)

● Industrial complexes are currently experiencing a decrease in competitiveness and a reduced inflow of young people due to dilapidated infrastructure and a lack of accommodation. To expand the land dedicated to accommodation and invigorate renovation projects, this amendment simplifies the procedures of amending land use and newly establishing a complex site within industrial complexes.

Proposed bill: Partial Amendment to the Housing Act

Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea)

● The recent discovery of faulty construction in flat-plate slab structure apartments has called for regulatory improvements in the quality assessment of housing construction. To prevent faulty construction of multifamily housing, this amendment introduces a new provision to allow for quality assessment of housing construction projects before the project is complete and grants local governments the authority to implement quality and safety education programs for builders and supervisors of construction projects.

Pending bill: Partial Amendment to the Insurance Business Act

Proposed by Rep. Yun Chang-hyun (People Power Party)

● Actual expense health insurance is an insurance product deeply integrated with people’s lives. However, many insured people forgo their rightful claims to insurance proceeds due to the inconvenient process of obtaining documents. This amendment simplifies the insurance claim process of this insurance product type by mandating the digitization of paper documents. It also requires hospitals and pharmacies to directly transfer these documents to insurance companies via the Health Insurance Review and Assessment Service.

Promulgated bill: Enforcement Decree of the Special Act on Fostering National Strategic Technology

Competent Authority: Ministry of Science and ICT

● This amendment prescribes matters delegated by the Special Act on Fostering National Strategic Technology, which was enacted on March 21. It includes the designation and management of national strategic technologies, the formation of master plans for promoting these technologies, the designation of policy support agencies, the designation of strategic research businesses and the provision of special advantages.

Administrative announcement: Partial Amendment to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users

Competent Authority: Financial Services Commission

● This amendment clarifies the scope of legal application to credit businesses conducted in the offshore market. It alleviates restrictions related to financial support from credit financial institutions within and outside the country by allowing the transfer of debt to foreign credit financial institutions exclusively in cases prescribed by the Financial Services Commission and partially allowing the transfer of foreign debt to foreign financial institutions for resident creditors

The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.

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For any queries about the bills, contact cr@draju.com.