MG Sonbo, Approval of Management Improvement Plan... Conditioned on Proceeding with Paid-in Capital Increase
[Asia Economy Reporter Oh Hyung-gil] Financial authorities have approved MG Insurance's management improvement plan.
On the 24th, the Financial Services Commission discussed MG Insurance's management improvement plan at a regular meeting and made a 'conditional approval' decision. The conditions include successfully carrying out a capital increase of 150 billion KRW and maintaining a grade 3 in the Risk Assessment of the Actual Situation (RAAS).
Earlier, MG Insurance had to establish a management improvement plan after its solvency margin ratio (RBC) in the first half of this year fell below the 100% minimum set by the Insurance Business Act.
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The first management improvement plan was submitted but rejected due to a lack of specificity in the capital expansion plan, and the second management improvement plan was submitted at the end of last month.
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