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SEOUL -- "The Last Godfather," a $21 million action-comedy from "Dragon Wars" helmer Shim Hyung-rae, has been chosen by the Korea Export Insurance Corp. as the first recipient of its export insurance, which guarantees to limit losses to 30% of a film's budget if it bombs.

The program, unveiled in December, supports big-budget productions aimed at the international market.

Therefore if "The Last Godfather" takes in less than $14.7 million in theatrical and ancillary markets, the KEIC will refund the difference.

Shim will direct and star in the spoof centered around a son of the character played by Marlon Brando in "The Godfather" series. The production hopes to get permission to re-create Brando's image using CG technology.

Shim was well known locally as a comedian before directing the big-budget, English-language monster pics "Yonggary" (1999) and "Dragon Wars" (2007). "Dragon Wars" grossed a massive $58 million in South Korea and $11 million in North America via Freestyle Releasing.

"The Last Godfather" is set for release in 2009.