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- Cabinet Decision on the Cabinet Order for the Partial Revision of the Order for Enforcement of the Trade and Investment Insurance Act and the Cabinet Order to Set the Effective Date for the Act on the Partial Revision of the Trade and Investment Insurance Act
Cabinet Decision on the Cabinet Order for the Partial Revision of the Order for Enforcement of the Trade and Investment Insurance Act and the Cabinet Order to Set the Effective Date for the Act on the Partial Revision of the Trade and Investment Insurance Act
June 14, 2022
Today, the Cabinet decided to approve the Cabinet Order for the Partial Revision of the Order for Enforcement of the Trade and Investment Insurance Act and the Cabinet Order to Set the Effective Date for the Act on the Partial Revision of the Trade and Investment Insurance Act.
These Cabinet Orders were made in association with the coming into effect of the Act on the Partial Revision of the Trade and Investment Insurance Act (hereinafter referred to as the "Amending Act"), which was enacted at the 208th Ordinary Session of the Diet. They establish necessary provisions and stipulate the effective date for Article 1 of the Supplementary Provisions of the Amending Act.
1. About the Amending Act
The Amending Act expands the applicable grounds for supplementing trade insurance for additional costs (new costs that arise after signing the insurance policy) to include extraordinary risks like infectious diseases and newly establishes swap transaction insurance and letter of credit confirmation insurance. These and other measures stipulated in the Act are meant to address the changes in the environment surrounding Japanese companies' international business development and facilitate smooth foreign trade.
2. Content of the Cabinet Orders
(1) Cabinet Order for the Partial Revision of the Order for Enforcement of the Trade and Investment Insurance Act
Based on the details of the Amending Act, the Cabinet Order makes the following revisions.
<Major revisions>
- Addition of expenses covered by general trade insurance and trade insurance for capital contributing foreign corporations, etc.
- Development of provisions for the establishment of swap transaction insurance and letter of credit confirmation insurance
- Expanded coverage of reinsurance
(2) Cabinet Order to Set the Effective Date for the Act on the Partial Revision of the Trade and Investment Insurance Act
The order sets the effective date for the Amending Act to July 1, 2022.
3. Future schedule
Promulgated on: June 17, 2022 (Fri.)Coming into effect on: July 1, 2022 (Fri.)