i. An insurance company shall calculate the annual insurance security fund based on the annual business income using the base and risk-based rates and determine the annual payment to be supplemented or deductible amount based on the payment made in each quarter.

    ii. An insurance company shall submit the Declaration of the Final Settlement and Payment of Insurance Security Fund to CISFC and complete the payment prior to April 15 (inclusive) every year.

    The Declaration of the Final Settlement and Payment of Insurance Security Fund shall be signed by the legal representative and chief financial officer of the insurance company. In case of adjustments to the quarterly declaration of the insurance business income, an adjustment explanation shall be provided. The Declaration of the Final Settlement and Payment of Insurance Security Fund and the adjustment explanation shall be sealed by the insurance company, signed by the certified accountant of the external auditor, and sealed by the external auditor (or a special report issued by the external auditor shall be provided) to ensure that the data declared are authentic and complete.

    iii. Upon completion of the final settlement and payment, CISFC shall send the annual insurance security fund payment report to the insurance companies.