Personal information protection, new authority for real estate dispute

The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

Proposed Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)

● In the event of a leak of sensitive or personally identifiable information, this amendment requires personal information controllers to monitor for the illegal distribution of leaked data for two years and to report the findings to the Personal Information Protection Commission.

Proposed Bill: Partial Amendment to the Act on the Improvement of Urban Areas and Residential Environments

Proposed by Rep. Maeng Sung-kyu (Democratic Party of Korea)

● This amendment consolidates the currently fragmented construction- and real estate-related dispute mediation bodies into a single Integrated Construction and Real Estate Dispute Mediation Committee under the Ministry of Land, Infrastructure and Transport, which will serve as the central coordinating authority for such disputes.

Pending Bill: Partial Amendment to the Housing Act

Proposed by Rep. Han Jeoung-ae (Democratic Party of Korea)

● This amendment replaces the legal term “industrialized housing,” which refers to housing built using modular construction techniques, with “prefabricated housing,” and provides regulatory incentives for such housing by easing restrictions on the building coverage ratio and floor area ratios.

Promulgated Bill: Enforcement Decree of the Occupational Safety and Health Act

Competent Authority: Ministry of Employment and Labor

● This bill requires business owners to report the dismissal of safety and health managers or occupational medicine doctors to the relevant regional employment and labor office.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Insurance Business Act

Competent Authority: Financial Services Commission

● This amendment lowers the supervisory benchmark of the Korea Insurance Capital Standard, a key capital adequacy indicator for insurance companies, from the current 150 percent to 130 percent.

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For queries about the bills, contact cr@draju.com.