개성공단 경협보험제도의 개선방안 - 2016년 개성공단 중단사태와 관련하여 -

We cannot yet exactly expect the political policy against North Korea of Mr. Donald Trump, the winner in American presidential election in Nov. 2016. However we expect North Korea could not continue hostile policy against U.S.A. in Trump Government, because Trump is expected to enter into more close connection with Russian president Vladimir Putin. North Korea is expected to come back to The Six-Party Talks in order to negotiate nuclear matters of North Korea, whereby the relation between South and North Korea could be changed from hostile to cooperative atmosphere. In this connection I will review problematic points of the Inter-Korean Economic Cooperation Insurance in Gaesung Industrial Complex and suggest advisable reformation. The financial damage of the companies due to abrupt suspension of Gaesung Industrial Complex in 2016 is estimated to be 777.9 billion Won. However the amount of actual compensation from the Inter-Korean Economic Cooperation Insurance is about 253.6 billion Won, about 30% of the damage, because of legal imperfections of the Inter-Korean Economic Cooperation Insurance. In order to ensure efficiency of the insurance, firstly it is advisable to set up the special conditions to secure the protection of actual property at all cases. The present Inter-Korean Economic Cooperation Insurance covers only registered capital and long-term liabilities, whereby the actual value of investment of companies could not be compensated. Secondly, it seems to set up the special conditions in order to cover all actual business loss(business interruption insurance) in the Gaesung Industrial Complex. In view of actual compensation situation in 2016, the weak and small companies in Gaesung Industrial Complex have taken about 70% of the damages. By introducing the special conditions, actual damages could be mostly compensated. Thirdly, it is advisable to increase value per company from 7 billion won to 10 billion won as well as upgrade the underwriting limit from 95% to 100%. Fourthly, the letter ensuring subrogation right of insurer should be submitted from present time of insurance contract conclusion to payment time of insurance money, because it is very difficult for companies outside of special economic zone in North Korea to get the letter ensuring subrogation right of insurer at the time of insurance contract conclusion.