The Era of Autonomous Driving Intensifies... Insurance Systems Also Become More Concrete

[Image source=Yonhap News]

[Asia Economy Reporter Chunhee Lee] With the advent of the full-scale autonomous vehicle era, insurance systems will be specified following safety standards.

The Ministry of Land, Infrastructure and Transport (MOLIT) announced on the 8th that it will publicly notify the amendment to the Enforcement Decree and Enforcement Rules of the Automobile Damage Compensation Guarantee Act, which concretizes the contents of the amendment to the Automobile Damage Compensation Guarantee Act scheduled to take effect in October, on the 10th.

An official from MOLIT explained, "Following the establishment of safety standards for autonomous vehicles last year, this is to build an insurance system for autonomous vehicles," adding, "This reflects the government's determination to lead the era of commercialization of autonomous vehicles based on such institutional foundations."

Through this amendment, the information to be recorded in the autonomous driving information recording device will be specified as information related to the driving transition of autonomous vehicles. The recorded data will be stored for six months.

An Accident Investigation Committee will also be established. The committee will be composed of 20 experts in the field related to autonomous vehicles, and detailed qualifications, appointment methods, and disqualification criteria for members are also stipulated. The secretariat of the Accident Investigation Committee will be set up within the Korea Transportation Safety Authority’s Automobile Safety Research Institute, and the secretariat will support the operation and administrative tasks of the committee.

The legislative notice also specifies the composition and operation methods of the Automobile Insurance Repair Council according to the amendment to the Automobile Damage Compensation Guarantee Act promulgated in April. The Automobile Insurance Repair Council will be composed of public interest members and industry representative members to coordinate interests between the insurance industry and the repair industry.

The public notice period for the amendment to the Enforcement Decree and Rules is 40 days from the 10th of this month to the 20th of next month. After consultations with related ministries and the Cabinet meeting, it is scheduled to take effect on October 8.

The full text of the legislative notice can be viewed on the MOLIT website, and opinions on the amendment can be submitted by mail, fax, or through the MOLIT website.

Kim Sangseok, Director of Automobile Management at MOLIT, said, "We have continuously collected opinions from related industries such as autonomous vehicle manufacturers, insurance companies, and repair shops to prepare the subordinate legislation for this amendment," and added, "We ask for the interest and support of related industries and the public for the stable establishment of the newly created and constructed system."

This content was produced with the assistance of AI translation services.