Depositor protection limit increased by 50 million → 100 million...the first revision in 24 years

The ruling and opposition parties have decided to deal with a revision to the Depositor Protection Act to raise the depositor protection limit from 50 million won to 100 million won at the regular session of the National Assembly.

Kim Sang-hoon and Jin Sung-joon, chairman of the policy committee of the Democratic Party of Korea, met with senior representatives from both parties and told reporters that they agreed to pass a total of six bills, including a revision to the Depositor Protection Act.

The deposit protection limit, which guarantees payments by the government or consignment agencies on behalf of financial institutions, has not changed for 23 years since it was designated as 50 million won per financial institution in 2001.

However, in the meantime, it has been pointed out that the economic situation, such as rising per capita GDP, is low compared to overseas cases, and the ruling and opposition parties have also formed a consensus that the limit should be raised.

The ruling and opposition parties also agreed to deal with the revision of the Military and Public Officials Disaster Compensation Act, the National Power Network Expansion Act to supply electricity to high-tech industries, and the Crisis Youth Support Act to establish a support system exclusively for crisis youth.

There was no disagreement with the amendment to the Loan Business Act, which raises the equity capital requirement of lenders to 100 million won, and the amendment to the Building Act, which mandates permit holders to submit structural safety confirmation documents when changing the building structure.

A total of 70 bills are reported to be passed at the regular session of the National Assembly because the ruling and opposition parties agree or can accept some of them.