Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 36

The annuity insurance contract shall not provide that for persons whose period for accumulating policy value reserve has already exceeded 4 years, a change of insurer, transfer of policy or transfer of policy value reserve shall still not be permitted.Where the insurer terminates operation of annuity insurance or is involved in merger/acquisition so that the annuity insurance contract is terminated or policy is transferred, the insured shall not be subject to the 4-year restriction referred to in the preceding Paragraph, and he/she may choose a new insurer or transfer the policy value reserve to his/her individual pension account, which the original insurer and the surviving insurer after merger/acquisition shall not refuse.Calculation of the period referred to in Paragraph 1 shall start from the day on which the employer makes the first payment of the annuity insurance premium for individual workers.When the annuity insurance contract attains the minimum policy value reserve accumulation period, the insurer shall notify the worker.If a worker, his/her survivor(s) or designated beneficiary(ies) meets the conditions for receiving pension payment under annuity insurance, the insurer shall not restrict him/her from applying for payment based on the agreement on the minimum policy value reserve accumulation period.