Regulations for the Implementation of Annuity Insurance under the Labor Pension Act Article 40

Where a worker applies to the insurer for transferring the policy value reserve of annuity insurance to his/her individual pension fund account in accordance with Paragraph 2 of Article 14 of the Implementation Rules of the Act, the insurer shall submit to the BLI the information of the amount of the worker's policy value reserve cashed-out/settled, the period of the annuity insurance premium payment, and the date of transfer.If the policy value reserve cashed-out in accordance with the preceding Paragraph does not reach the average return rate under Paragraph 3 of Article 35 of the Act, the insurer shall make up the difference. The insurer shall deliver a written breakdown for the settlement of policyvalue reserve to workers.If any worker raises any question with respect to the settlement of policy value reserve referred to in the preceding Paragraph, the insurer shall be responsible for explanation. In case of any shortfall, the insurer shall make up the difference.