Electronic insurance standard clauses

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Article 1. Purpose
The purpose of this agreement (hereinafter referred to as this “Agreement”) is to prescribe the basic terms related to electronic insurance transactions between AXA Direct (hereafter referred to as the “Company”) and the user to ensure the prompt and efficient processing of transactions and to adjust the mutual interests between the transacting parties in a reasonable manner.
Article 2. Definitions
Definition of terms used in this Agreement are as follows.

  • ① “Electronic insurance transaction” refers to transactions under which the Company provides financial products and services through electronic devices and the user uses such transactions through automated means without directly interfacing or communicating with the Company.
  • ② “User” refers to a person who uses electronic insurance transactions under an agreement entered into with the Company for electronic insurance transactions (hereafter referred to as “Electronic Insurance Transaction Contract”).
  • ③ “Electronic device” refers to equipment used to electronically transmit or process electronic insurance transaction information such as automatic teller machines, computers, telephones, and other devices which transmit or process the information through electronic means.
  • ④ “Access medium” refers to the method or information constituting one of the items below used to ascertain the veracity and accuracy of the user’s transaction requests or the user and transaction details.
    • - A. Electronic cards or equivalent electronic information
    • - B. Digital certificate in accordance with the Digital Signature Act
    • - C. User number registered with the Company
    • - D. Registered biometric data of the user
    • - E. Password required to use the method or information prescribed in a. or b.
  • ⑤ “Electronic document” refers to written, transmitted, received, or saved information in accordance with Article 2, Paragraph 1 of the Electronic Transaction Framework Act.
  • ⑥ “Transaction request” refers to the user making a request to process the electronic insurance transaction to the Company in accordance with the Electronic Insurance Transaction Contract.
  • ⑦ “Error” refers to a circumstance where the electronic insurance transaction is not implemented in accordance with this Agreement (including individual agreements), the Electronic Insurance Transaction Contract or transaction request of the user, with no fault or negligence attributable to the user.
  • ⑧ “Electronic payment transaction” refers to the electronic insurance transaction where the person who is providing funds (hereafter referred to as the “Payer”) requests the Company to transfer funds by using an electronic payment method to the person who is the recipient (hereafter, referred to as the “Payee”).
  • ⑨ "Electronic payment mean" refers to the electronic funds transfer, electronic debit payment means, electronic prepayment means, electronic money, credit card electronic bond, and other payment means through electronic means.
  • ⑩ “Electronic fund transfer” refers to the transfer of funds for the purpose of payment between the Payer and Payee from an account created with the Company to another account by using an electronic device through one of the methods listed below.
    • - A. Payment request from Payer to Company
    • - B. Debit transfer request from Payee to Company
  • ⑪ “Information system” refers to the hardware and software, including related equipment used for information technology areas, including electronic insurance tasks.
  • ⑫ “Business day” refers to a day when the Company conducts regular business at the business branch.
  • ⑬ “Individual agreement” refers to agreements separately prepared by the Company which are applicable to electronic insurance transactions, including this Agreement.
    The definition of terms not separately defined in this Agreement will be interpreted in accordance with the Electronic Financial Transaction Law and its Enforcement Decree, Regulation on Supervision of Electronic Financial Activities and its detailed enforcement regulations.
Article 3. Scope of Application
This Agreement applies to all electronic insurance transactions unless otherwise regulated under other laws or regulations.
Article 4. Execution and Termination of Electronic Insurance Transaction Contract

The user who wishes to use electronic insurance transactions is obligated to execute an Electronic Insurance Transaction Contract with the Company in accordance with the method prescribed in a separate agreement.
However, cases that fall under any one of the following paragraphs may be exempt.

  • ① Simple inquiry (insurance contract information, inquiry of indirect investment product account, etc.)
  • ② Transaction that consists of simple payment of a user charge and its processing
  • ③ Transaction by automatic teller machine
  • ④ Other transactions defined by the Company

Company shall clearly state the terms and conditions to users when executing an Electronic Insurance Transaction Contract under Paragraph 1, and where a user makes a request, the Company shall distribute the terms and conditions to the user using one of the following methods:

  • ① Direct issuance
  • ② Transmission of electronic document (including transmission by e-mail)
  • ③ Transmission through facsimile
  • ④ Mail

In executing the Electronic Insurance Transaction Contract under Paragraph 1, where the user requests an explanation of the terms and conditions, the Company shall explain the key details of the terms and conditions using one of the following methods:

  • ① Direct explanation of the details
  • ② Provision of an easy-to-understand explanation of the details through electronic devices and reception of the confirmation from the user through electronic devices that the user fully understands the explanation

To terminate an electronic insurance transaction agreement, the user shall request termination to the Company in written form or by electronic device in accordance with the provisions contained in individual agreements related to electronic insurance transactions.

Article 5. Establishment of Electronic Insurance Transaction
An electronic insurance transaction is established when the Company receives the request for electronic insurance transaction from the user and when its details are processed and stored by the information system set by the Company.

The Company is obligated to immediately inform the user of receipt of request for an electronic insurance transaction in Paragraph 1 and its processing result.
Article 6. The Effective Date of Electronic Payment Transaction, etc.
When the money is paid using the electronic payment method, payment becomes effective at the time defined by each subparagraph listed below.

  • ① Electronic fund transfer:

    - When the record of deposit regarding funds related to the transaction is recorded on the ledger of the account with the financial institution where the Payee has an account

  • ② Direct withdrawal of money from an electronic device

    - When the Payee receives the funds

  • ③ Payment through electronic prepayment means and electronic funds

    - When the information regarding the funds related to the transaction reaches the electronic device selected by the Payee

  • ④ Payment through other electronic payment means

    - When the information regarding the funds related to the transaction is recorded on an electronic device of the financial institution where the Payee has an account.

The user can retract the transaction request before the payment takes effect in accordance with the regulations of each subparagraph of paragraph 1 of Article 6.
Despite Paragraph 2, the Company can define the retraction period of the transaction requests differently in accordance with separate provisions in case of mass transactions or reserved transactions.
The retraction method and procedure of the transaction request according to Paragraph 2 and 3 will be in accordance with separate provisions contained in the individual agreement.
Article 7. Issuance and Registration of Access Medium
When the Company issues an access medium, issuance will take place when the user makes the request and identification is confirmed.
However, issuance can be processed without the request or confirmation of the identification if any one of the subparagraphs below is satisfied.

  • ① In case of an access medium that was not used within 6 months prior to the renewal or replacement date, and the user gave written consent for the renewal or replacement (official electronic signature in accordance with Article 2, Paragraph 3 of the 『Digital Signature Act』 (hereafter referred to as ‘Official Electronic Signature’)
  • ② In case of an access medium that was used within 6 months prior to the renewal or replacement date, and the user was informed of issuance 1 month in advance, and no objection was made by the user within 20 days

When the user concludes the Electronic Insurance Transaction Contract and register the transaction password through an electronic device directly, the user should complete the registration within the due date decided by the Company.

Article 8. Management of Access Medium
The user cannot rent, consign or transfer the access medium required for electronic insurance transactions to any third party.

The user should not reveal the access medium to any third party and must accord necessary attention to prevent theft, forgery or falsification of the access medium.
Article 9. Use of Digital Certificate
When the user is using an electronic insurance transaction that is the subject of application to this Agreement, the user is obligated to use the digital certificate in accordance with the Digital Signature Act.
However, the foregoing does not apply to transactions designated by the company and falling under any of the subparagraphs listed below.

  • ① Inquiry tasks regarding the user’s own agreement details and transaction details
  • ② Electronic insurance transactions using an electronic device in which it is impossible to install and operate a digital certificate such as the ARS (Automatic Response System)
  • ③ Credit card payments below KRW 300,000 or online account transfers as payment transactions for electronic commerce
  • ④ Cases where the Company prescribes the scope and makes a request for an exception of a digital certificate application to the Head of the Financial Supervisory Service and obtains approval from the Head of the Financial Supervisory Service
Article 10. Hours of Use

The user can use electronic insurance transactions within the hours decided by the Company.

Hours of use can change according to the situation of the Company, and if hours of use are to be changed, they will be posted in the main office and business branches or through electronic devices which are easy to access by the user three (3) business days in advance. However, the foregoing does not apply to inevitable cases such as system fault recoveries, urgent program repairs, external factors, etc.

Article 11. Fees

The Company may collect various fees related to electronic insurance transactions from users.

The Company will publicly post the procedures and standards that it uses to collect the fees referred to in Paragraph 1 in its branches or via electronic devices. In the event that the Company changes its standards, the Company must publicly post a notification of such changes in its branches or via electronic devices at least two (2) weeks prior to the scheduled change date. This notification must be posted for at least one (1) month, and it must also be mailed to customers.

Article 12. Transfer Limit
The user may set the transfer limit for an account transfer and/or account remittance according to methods and standards stipulated by the Company.
Article 13. Standards for Handling Transaction Instructions
The Company will compare access media information, including policy numbers, passwords and user numbers, contained in transaction instructions with the information that the user has on file. If the information matches, the Company will proceed to process the transaction instructions.

The electronic documents received by the Company regarding the user’s transaction instructions will be deemed to be independent.

In the event that electronic documents containing the same content are received repeatedly in relation to a transaction instruction, the Company may take action contrary to the provision in Paragraph 2. The Company will confer directly with the user via telephone or other electronic device to confirm the user’s intended transaction instructions. Subsequently, if it is found that the repeated documents were provided unintentionally, the Company may ? at its discretion ? delete those documents.
Article 14. Limitations of Electronic Insurance Transactions
The Company may limit all electronic insurance transactions in any of the following events.

  • ① In the event that the digital certificate has expired or been cancelled
  • ② In the event that the Company received the notification on the missing or theft of access media
  • ③ In the event that the payment of insurance premiums or loans cannot be made from this account because the transactions have been suspended for the bank account designated by the user, or the user has changed the account without notifying the Company
    If an electronic insurance transaction is limited according to Paragraph 1, the Company must electronically notify the user of the reason when the user issues the transaction instructions.
Regarding Paragraph 2, the user may resume electronic insurance transactions once the digital certificate and security card have been re-issued and/or the expiration date has been extended pursuant to Article 7.
Article 15. Checking Transaction Details
The Company must ensure that a user can immediately verify electronic insurance transactions using electronic devices.

In the event that a user requests that the details of a transaction be provided in a hardcopy document (i.e., not electronic), the Company must issue a hardcopy document within two (2) weeks of receiving the request.

In the event that a user finds it difficult to immediately verify the details of a transaction electronically and thus requests a hardcopy document, the Company must immediately print the details of the transaction and issue the printed details to the user.

The user is responsible for verifying that the transaction instructions match the results as described in Paragraph 1.
Article 16. Error Corrections
In the event that a user learns of an error relating to an electronic transaction, the user may request the Company to correct it immediately.

In the event that the Company is requested to correct an error pursuant to Paragraph 1, it must immediately investigate and rectify the error. It must then notify the user of the results within two (2) weeks of receiving the request.

In the event that the Company learns of an error relating to an electronic insurance transaction, it must immediately investigate and rectify the error. It must then notify the user of the results within two (2) weeks of discovering the error.
Article 17. Handling Accidents and Failures
In the event that a user learns that access media used for electronic insurance transactions has been stolen, lost, used illegally, counterfeited or altered, or secrets related to the transactional procedure have been leaked, the user must immediately notify the Company. This notification will take effect the moment the Company receives it.

. In the event that a user wishes to withdraw the notification mentioned in Paragraph 1, the user must make a request of withdrawal to the Company in writing.

. In the event that the Company cannot process a user’s transaction instructions or must delay the processing of a user’s transaction instructions due to a natural disaster, power failure, fire, damage to a building, computer problem, or other abnormal situation, the Company must immediately notify the user of both the Company’s inability to proceed with the transaction and the reason for the inability to proceed. The company must subsequently take measures as quickly as possible to ensure that electronic insurance transactions will continue to be conducted in a normal manner.

In the event that a user requests that an investigation be initiated to determine the causes of an accident or failure on the part of the Company, the Company must immediately carry out such an investigation and notify the user of the results.
Article 18. Changing Policies
A user may use an electronic device to request that the details of a contract for an individual financial product (hereinafter referred to as “details of a financial contract”) be changed according to methods and standards stipulated by the Company.

. In the event that the Company receives a request from a user to change the details of a financial contract pursuant to Paragraph 1, it must allow the user to verify the details of the change once the change has been carried out.

In the event that the details of a financial contract have been changed, the Company must immediately notify the user of the changes using an electronic device.
Article 19. Changing Filed Items
In the event that a user wishes to change information that he/she filed with the Company, including an address, phone number, password, e-mail address and/or bank account, he/she must request the change(s) using an electronic device or other method stipulated by the Company.
Changes to filed items pursuant to Paragraph 1 will take effect the moment the Company receives the request.
Article 20. Notification Methods
In the event that the Company posts a notification pursuant to Article 16 and/or Paragraphs 4 of Article 17, the Company must do so using contact information filed by a user when contacting that user by phone, in writing or by electronic device.

In the event that the Company notifies a user in writing, except in the case of a force majeure (i.e., natural disaster), the Company will presume that the notification has been received after a normal delivery time has passed.

In the event that the Company notifies a user in writing, except in the case of a force majeure (i.e., natural disaster), the Company will presume that the notification has been received after a normal delivery time has passed.
Article 21. Recording Telephone Conversations
To ensure the accuracy of transactions, the Company may record telephone conversations. However, the recordings may only be used as evidence in the event that there is a dispute related to a transaction. In such an event, the user may request the Company to provide the recordings.
Article 22. Retaining Transaction Records and Providing Data
In the event that the details of electronic insurance instructions are traced or have errors, the Company must generate a record of its efforts to verify and correct the problem(s). The Company must subsequently retain this record for five (5) years from the establishment of the related electronic insurance transactions. The types of records to be retained, the record retention method, and the record retention period will comply with Article 12 of the Enforcement Decree of the Electronic Financial Transactions Act.

In the event that a user requests the Company to provide records and data related to electronic insurance transactions retained and managed by the Company, the Company must provide such records and data to the extent that related laws, including the Act on Real Name Financial Transactions and Confidentiality, are not violated.
Article 23. Deductibles for Loss and Exclusion
In the event that a user has suffered a loss due to an accident caused by the forgery or alteration of access media, or due to an accident that occurs in the process of concluding a contract or in the process of electronic transmission or processing of transaction instructions, the Company will be responsible for compensating the user for such damage.

In the following events, despite Paragraph 1, the Company will not be wholly or partially responsible even in the event that a user sustains damage.

  • ① In the event that a user rents access media to a third party, authorizes a third party to use access media, transfers access media to a third party, or provides access media to transfer its ownership or to pledge it as collateral
  • ② In the event that a user leaks or exposes his/her own access media, or leaves his/her access media unattended despite learning or being easily able to know that a third party could use the user’s access media without the authority to carry out electronic insurance transactions
  • ③ In the event that a user that is a corporation (excluding small enterprises pursuant to Paragraph 2 of Article 2 of the Framework Act on Small and Medium Enterprises) sustains damage despite the Company having exercised rationally required due diligence (including the establishment of security procedures) to prevent accidents, and despite the Company having thoroughly complied with such due diligence
In the event that the Company receives a notice of lost or stolen access media from a user, the Company will compensate the user for the damage that a third party causes to the user using that access media.
Article 24. Confidentiality of User Information
The Company may not provide information acquired in the process of conducting an electronic insurance transaction to a third party without the user’s consent unless stipulated by related laws.

The Company must take reasonable steps to ensure the security management of electronic devices to prevent the user’s personal information from being stolen, lost, altered or leaked. The Company will be responsible for the theft, loss, alteration and/or leak of a user’s information that occurs due to the Company’s negligence.
Article 25. Display and Amendment of Agreement
In the event that the Company wishes to amend this agreement, the Company must post the reason for the desired amendment, the details of the desired amendment, and the date by which the desired amendment will be applied. The Company must post this information on electronic devices one (1) month prior to the amendment date. The Company must also provide this information directly to users. However, if this agreement needs to be amended urgently due to the revision of laws or improvement of relevant institutions, the Company may immediately post the information and notify users.

In the event that the users make an objection to the details of amendment, the Company must confirm that the details have been notified the users in an appropriate way.

If this agreement needs to be amended urgently due to the revision of laws, the Company must post the amended agreement on electronic devices for minimum one (1) month and notify users.

A user may cancel an electronic insurance transaction contract at any time between the date at which the notification described in Paragraphs 1 and 2 has been provided and one (1) business day before the enforcement of the relevant amendment. The user may notify the Company of his/her desire to cancel the contract using an electronic device or by other means. In the event that the user’s written objection does not arrive at the Company during this period, the user will be deemed to have approved of the amendment.
Article 26. Priorities in Applying the Agreement
In the event that a separate agreement between the Company and the user differs with respect to the articles set out by this agreement, such an agreement will take precedence over this agreement.

Individual agreements will be applied to matters not stipulated in this agreement with regard to electronic insurance transactions.
Article 27. Resolution of Disputes
In the event that a user has an objection to the processing of an electronic insurance transaction, the user may ask the Company’s dispute settlement organization to resolve the objection. Alternatively, the user may apply for a dispute settlement through the Financial Disputes Settlement Committee at the Financial Supervisory Service, or through the Consumer Dispute Settlement Commission at the Korea Consumer Agency.

. In the event that a user submits an objection to the Company’s head office or one of the Company’s branches, or if a user submits an objection directly to the Company’s dispute settlement organization, the Company must notify the user of the results of the investigation and/or its handling within fifteen (15) days.

The Company must appoint a dispute settlement officer or other qualified person to handle disputes, including disputes in which compensation for damage must be determined.
Article 28. Governing Laws
The laws of the Republic of Korea shall be applied to matters not stipulated in this agreement.
Supplementary Provision, Article 1: Date of Enforcement
This agreement came into effect on December 1, 2007.
Supplementary Provision, Article 2: Interim Clause
This agreement applies to all electronic insurance transactions after December 1, 2007.