The Virtual Asset User Protection Act is about to come into force… Insurance products related to virtual assets also appear = Korean report

The first virtual asset insurance product that covers losses incurred due to hacking or other incidents during virtual currency transactions is scheduled to be released next week.
According to the financial industry, Samsung Fire and Marine Insurance, the three largest non-life insurance companies in Korea, have filed suit against the Financial Supervisory Service.
The company has filed a notice of review of the terms and conditions for insurance products for virtual asset businesses. Once the financial authorities have completed the review of the terms and conditions, these insurance products are expected to be released soon.
Financial authorities and the insurance industry have announced that they will prepare insurance products to be available when the Consumer Protection Act comes into force. Virtual asset insurance provides compensation for losses caused by accidents such as hacking and computer failures.
The scope of insurance coverage is based on Article 12 of the Enforcement Decree of the Act on Protection of Virtual Asset Users, and covers counterfeiting and fraud of access media, and accidents that occur during the transmission and processing of electronic transactions.
Since this is a mandatory insurance product that will be launched upon the enforcement of the law, other non-life insurance companies are also expected to complete their policy review submissions to the financial authorities soon.