Environmental Liability Insurance Association Holds Information Session in Ulsan to Explain Regulatory Changes to Policyholders

The Environmental Liability Insurance Association and DB Insurance held an information session for the Ulsan region at the Ulsan Exhibition and Convention Center on March 25. The session was aimed at businesses holding environmental liability insurance policies, providing guidance on the changes to the system set to take effect in 2026 and measures to strengthen environmental safety management frameworks.

This information session is part of a series being held in 10 major regions nationwide. The Environmental Liability Insurance Association is responsible for organizing sessions according to the following schedule: on the 18th at Incheon Songdo Convensia and Yeosu Expo Convention Center in Jeollanam-do; on the 19th at the Kimdaejung Convention Center in Gwangju; on the 24th at Pohang University of Science and Technology and Changwon Convention Center in Changwon; on the 25th at BEXCO Convention Center in Busan and Ulsan Exhibition and Convention Center; on the 31st at EXCO Convention Center in Daegu; and on April 1st at GumiCo Convention Center in Gumi.

The Environmental Liability Insurance Association was established in August 2019 pursuant to the Act on Liability and Relief for Damage from Environmental Pollution, and is comprised of participating insurance companies and related organizations. Its mission is to provide prompt and fair relief to victims of environmental pollution and to support close cooperation between insurers and insured businesses. DB Insurance, as the leading insurer for environmental liability insurance, is responsible for managing insurance enrollment and providing operational support for the system.

The purpose of this session was to directly inform policyholder businesses about the key regulatory changes to environmental liability insurance that will be implemented starting in 2026, and to help enhance understanding at the field level. The session was open to any environmental and safety managers, regardless of whether they had registered in advance.

During the session, the Environmental Liability Insurance Association provided an overview of the planned changes to the rate structure and introduced matters related to the status survey of environmental safety management. DB Insurance explained the necessity of the new excess loss coverage rider, which will be introduced in 2026, using recent cases of environmental pollution accidents as examples. Additionally, the session addressed the connection between the strengthened Serious Accidents Punishment Act and the environmental pollution accident response system, as well as the environmental and safety management frameworks that businesses are required to establish. Practical information was provided to help businesses not only fulfill their mandatory insurance obligations but also voluntarily improve their environmental safety management capabilities.

The Environmental Liability Insurance Association expects that this nationwide series of information sessions will enable businesses to fully understand the intent and major details of the regulatory changes, and to proactively raise their standards for voluntary environmental safety management. Furthermore, the association plans to continuously improve the operation of the system by incorporating feedback gathered from the field during these sessions.

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