Requirements for Confirmation

• K-SURE can confirm irrecoverability of a claim limitedly when documentary evidence for any of the following cases specified in the Enforcement Rules of the Corporate Tax Act are submitted.
• [Enforcement Rules of the Corporate Tax Act] Article 10-4 (Reasons for Irrecoverability and Scope of Claims Determined as Irrecoverable)
  • In the event a local correspondent bank, chamber of commerce and industry or public organization confirms that a claim is irrecoverable due to bankruptcy or disappearance of the debtor, or any equivalent force majeure
  • In the event a dispute arises between the parties to a transaction and an intermediary agency, court, or insurance agency, etc., decides to reduce the claim amount, or fixes the claim amount as the expenses incurred (In the event a partial amount of claim is reduced or a partial amount of claim is fixed as the expenses incurred, the scope of claim determined as irrecoverable shall be the reduced amount or amount fixed as expenses incurred.)
  • In the event a claim amount reduction is decided as the claim is irrecoverable due to the debtor’s refusal to underwrite or pay the claim, or inevitably according to an agreement between parties to the transaction, and upon confirmation by a local correspondent bank, investigation agency, notary public, or public organization (In the event a partial amount of claim is reduced, the scope of claim determined as irrecoverable shall be the reduced amount.)