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.
Proposed Bill: Partial Amendment to the Insurance Business Act
Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party)
● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on the total value of these holdings, limiting them to 3 percent of the company’s total assets.
Proposed Bill: Partial Amendment to the Banking Act
Proposed by Rep. Choi Eun-seok (People Power Party)
● To improve access to financial services in rural areas and enhance user convenience, this amendment permits non-financial institutions, such as post offices, to offer bank agency services.
Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act
Proposed by Rep. Yoon Han-hong (People Power Party)
● This amendment clarifies the duty of directors to protect shareholder interests by specifying that in the event of a merger, an essential business or an asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests.
Promulgated Bill: Enforcement Rule of the Motor Vehicle Management Act
Competent authority: Ministry of Land, Infrastructure and Transport
● To address growing concerns about fire-related accidents involving electric cars, this bill requires domestic electric car manufacturers to obtain government safety certification for the batteries used in their vehicles before launching them on the market.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Electrical Construction Business Act
Competent authority: Ministry of Trade, Industry and Energy
● To address a personnel shortage in the electrical construction industry, this amendment relaxes the requirements for intermediate electrical construction engineers by recognizing individuals without formal educational qualifications in the field but who have specialized work experience and expertise in electrical construction as qualified for the position of intermediate electrical construction engineers.
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For any queries about the bills, contact cr@draju.com.
