Mandatory Subscription to 'Liability Insurance' for Outdoor Advertising Operators Starting Next Year

[Asia Economy Reporter Jo In-kyung] In the future, it will be mandatory for outdoor advertising business registrants to subscribe to liability insurance for damages.

The Ministry of the Interior and Safety announced that the "Partial Amendment to the Act on the Management of Outdoor Advertisements and the Promotion of Outdoor Advertising Business," which includes this provision, was promulgated on the 9th.

The bill requires those registered as outdoor advertising businesses to compulsorily subscribe to liability insurance for damages so that they can compensate those who suffer damages due to defects in the production, display, or installation of outdoor advertisements.

If liability insurance is not subscribed to, a fine of up to 5 million won will be imposed. The types of liability insurance and the scope of insured advertisements and other necessary matters will be determined by presidential decree.

Lee Seung-woo, Director of Regional Development Policy at the Ministry of the Interior and Safety, stated, "The purpose of this legal amendment is to ensure smooth compensation for those who suffer damages due to accidents involving advertisements." He added, "We will promptly prepare a revised enforcement decree after gathering opinions from various sectors regarding the specific advertisements subject to insurance subscription."

This law will take effect one year after its promulgation.

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