Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 16

The business entity shall, within 15 days from the date of approval for the implementation of the Insurance, submit the approval document to the insurer for processing purchase of annuity insurance.After completion of the procedures for purchase of insurance, the annuity insurance shall become effective on the first day of the following month. This provision shall apply in the event of any changes. Within 15 days after the insurance becomes effective, the employer shall forward terms and conditions of annuity insurance policy and insurance certificate delivered by the insurer to the workers participating in annuity insurance, and submit a list of workers participating in annuity insurance to the BLI. New worker who chooses to participate in annuity insurance via inquiry in writing, the payable annuity insurance premium shall be calculated from the date on which he/she reports to work. The employer shall notify the insurer within 7 days from the date on which the worker reports to work, and it shall deliver the terms and conditions of annuity insurance policy and the in the insurance certificate prepared by the insurer to the worker within 15 days after execution of the contract.The employer shall, by the end of each month, submit the insurance information of workers participating in annuity insurance for that month to the BLI; no further need is required to process cessation of contribution to the individual pension fund accounts.