Overview of depositor protection under individual laws
The depositor protection regulations and insurance payment limits according to individual laws are as follows:|
Category |
Depositor Protection Provision |
Insurance Payment Limit |
|
Community Credit Cooperative |
Where a credit cooperative is unable to pay deposits, installment savings and other income, or the National Federation is unable to pay mutual-aid funds and cash cashier's checks, the Chairperson may make repayment in lieu of such credit cooperative or the Federation, as determined by the Reserve Management Committee (Article 71(4) of the Community Credit Cooperatives Act) |
KRW 50 million (Article 46(3) of the Enforcement Decree of the Community Credit Cooperatives Act) |
|
Post Office |
The State shall take the responsibility for payment of postal savings (including interest) and insurance proceeds, etc. according to postal insurance contracts (Article 4 of the Postal Savings and Insurance Act) |
The entire amount |
|
Agricultural Cooperative |
In the event of an insurance incident at a cooperative, the managing institution (National Federation) shall make the insurance payment on the claim of a depositor, etc. of the cooperative (the main body of Article 17(1) of the Act on the Structural Improvement of Agricultural Cooperatives) |
KRW 50 million (Article 8(1) of the Enforcement Decree of the Act on the Structural Improvement of Agricultural Cooperatives) |
|
Fisheries Cooperative |
In the event of an insurance incident at a cooperative, the managing institution (National Federation) shall make the insurance payment on the claim of a depositor, etc. of the cooperative (the main body of Article 30(1) of the Act on the Default Prevention and Structural Improvement of Fisheries Cooperatives) |
KRW 50 million (Article 31(2) of the Act on the Default Prevention and Structural Improvement of Fisheries Cooperatives; Article 18 of the Enforcement Decree of the Act on the Default Prevention and Structural Improvement of Fisheries Cooperatives) |
|
Regional Forestry Cooperative |
In the event of an insurance incident at a cooperative, the managing institution (National Federation) shall make the insurance payment on the claim of a depositor, etc. of the cooperative (the main body of Article 32(1) of the Act on the Structural Improvement of Regional Forestry Cooperatives) |
KRW 50 million per credit or mutual aid project (Article 33(2) of the Act on the Structural Improvement of Regional Forestry Cooperatives; Article 32 of the Enforcement Decree of the Act on the Structural Improvement of Regional Forestry Cooperatives) |
|
Credit Union |
The National Federation shall pay deposits, etc. in subrogation of a union or other accounts of the National Federation upon request by members, etc. of the union if the union or other such accounts is unable to pay such deposits, etc. to the members, etc. of the union (Article 80-2(4) of the Credit Unions Act) |
KRW 50 million (Article 19-8(3) of the Enforcement Decree of the Credit Unions Act) |