Agricultural Insurance Act Article 29

A farmers’ or fishermen’s association that handles agricultural insurance in accordance with Paragraph 2 of Article 58 of the Agricultural Development Act prior to the enforcement of this Act shall be the insurer from the enforcement date of this Act and shall be governed by this Act in the handling of agricultural insurance. However, the farmers’ or fishermen’s association shall obtain approval from the competent authority within two years from the enforcement date of this Act in accordance with the method prescribed under Paragraph 3 of Article 6; failure to obtain the approval within the specified time shall result in the termination of status as an insurer and the competent authority may order the transfer of business within a specified time.With respect to a farmers’ or fishermen’s association that handles agricultural insurance in accordance with Paragraph 2 of Article 58 of the Agricultural Development Act, the balance of its dedicated agricultural insurance account accrued before the establishment of the Agricultural Insurance Fund shall be transferred into the Fund within two years of the establishment of the foundation.