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Insured financial institutions include: banks, insurance companies (life insurers and non-life insurers), investment traders and brokers, merchant banks and mutual savings banks. On February 4, 2009, with the enactment of the Financial Investment Services and Capital Markets Act, asset management firms licensed under the said Act for investment brokerage and trading (excluding investment brokers engaged in electronic securities brokerage services as defined under Article 78 of the Financial Investment Services and Capital Markets Act) were included in coverage.
Local branches of foreign banks, the National Agricultural Cooperatives Federation (NongHyup) and the National Federation of Fisheries Cooperatives (SuHyup) are KDIC-insured. (However, local branches of NongHyup and SuHyup, the National Credit Unions’ Federation of Korea and the Community Credit Cooperatives are not KDIC-insured. They are protected by their own funds established under the relevant legislation.)