Suhyup Mutual Insurance Also Provides Protection Up to 50 Million Won

From now on, the mutual aid insurance products of the National Federation of Fisheries Cooperatives will each be subject to a deposit insurance limit of up to 50 million KRW. Until now, the deposit protection for the Federation's mutual aid insurance products was limited to a combined total of 50 million KRW, which posed limitations on the coverage for subscribers.

According to the Ministry of Oceans and Fisheries on the 26th, the amendment to the Enforcement Decree of the "Act on the Prevention of Insolvency and Structural Improvement of Fisheries Cooperatives (hereinafter referred to as the Suhyup Structural Improvement Act)," which applies a deposit protection limit of 50 million KRW each to pension savings and accident mutual aid funds, was approved at the Cabinet meeting on the same day.

Until now, the deposit protection limit for the National Federation of Fisheries Cooperatives' mutual aid insurance products was applied up to a combined total of 50 million KRW. Because of this, there were difficulties in sufficiently guaranteeing subscribers' retirement income security and the payment of accident mutual aid funds in cases of death, disability, or other accidents.

Going forward, with the amendment to the Enforcement Decree of the Suhyup Structural Improvement Act, a deposit protection limit of 50 million KRW will be applied separately to pension savings mutual aid, accident mutual aid funds, and other mutual aid funds. Accordingly, pension savings mutual aid will enable subscribers to prepare for retirement more securely, and accident mutual aid funds will provide stronger protection for subscribers who experience unforeseen accidents. The amendment is scheduled to be promulgated and come into effect immediately in early January next year.