Weekly Legislative Report for the week of Apr 18, 2022 – Apr 22, 2022
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at pr@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Telecommunications Business Act
This Amendment was designed to stipulate that when valueadded telecommunications business operators, who meet standards of the number of users and the amount of traffic prescribed by Presidential Decree, provide value-added telecommunications services, they are mandated to sign contracts regarding the services.
② Partial Amendment to the Restriction of Special Taxation Act
This Amendment raises the basic deduction rate for the investing amount of integrated investments by 5% in cases where a domestic company establishes or internally expands a workplace.
2. Pending Bill(s)
③ Partial Amendment to the Insurance Business Act
This Amendment allows insurance customers to request transmission of documents required for insurance claims from hospitals and health care institutions and other such medical institutions to transmit the documents to insurance companies through the computer network of the Health Insurance Review & Assessment Service.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on the Guarantee of Employees’ Retirement Benefits
This Bill stipulates that businesses adopting a defined benefit plan are mandated to organize a reserve management committee to set a “target return rate.”
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Korea Housing Finance Corporation Act
This Amendment allows the public information system to be associated with the Korea Housing-Finance Corporation (HF) to receive data, such as qualifications, including family relations, welfare benefit history, etc., and property status in the form of computer processing information data.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
