South Korea

Storm and Flood Insurance Act

Legislative

Law

Passed in 2014

This law establishes a national flood and storm insurance program under the National Emergency Management Agency, defines legal providers of flood and storm insurance, allows national and local governments to subsidize premiums, outlines procedures for the insurance process, such as the length of coverage allowed and the methodology for calculating premium rates, empowers the government to compel people to buy flood and storm insurance, requires the government to establish an information network for administering the insurance scheme, and requires the government to conduct a risk assessment and create hazard maps.

Documents

Link to governmental website
Full text (PDF)