As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Industrial Sites and Development Act
This Amendment simplifies the procedures for amending the land use or newly establishing a complex site in industrial complexes.
② Partial Amendment to the Housing Act
This Amendment introduces a new provision concerning the calculation of the housing construction period, requiring constructors intending to construct a multi-family housing subject to compulsory management that surpasses specific criteria to calculate and submit an appropriate construction period to the person authorized to approve the project plan.
2. Pending Bill(s)
③ Partial Amendment to the Insurance Business Act
This Amendment simplifies the insurance claim process of actual expense health insurance by mandating the digitalization of paper documents and their direct transfer to insurance companies via the Health Insurance Review and Assessment Service.
3. Promulgated Bill(s)
④ Enforcement Decree of the Special Act on Fostering National Strategic Technology
This Amendment prescribes the designation and management of national strategic technologies, the formation of master plans for their promotion, the designation of policy support agencies, the designation of strategic research businesses and the provision of special advantages, the establishment of a foundation for fostering national strategic technologies (including the designation of specialized research institutions, support for challenging R&D, and the establishment of the regional technology and innovation hubs), and various measures to nurture and support national strategic technologies, including the development of expertise and strengthening of international cooperation.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users
This Amendment permits the transfer of debt to a nonresident foreign creditor and partially allows the transfer of foreign debt to a foreign financial institution in the instance where the creditor is a resident.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
