Kakao Sonhae Insurance Co., Ltd. Receives Full Insurance Business License Approval from Financial Services Commission
[Asia Economy Reporter Sim Nayoung] The Financial Services Commission on the 13th approved Kakao Sonhae Insurance Co., Ltd. (tentative name) to operate an insurance business.
On the same day, the Financial Services Commission held its 7th regular meeting and stated, "Based on the Financial Supervisory Service's review results regarding the approval requirements under the Insurance Business Act, it was determined that Kakao Sonhae Insurance Co., Ltd. meets all requirements including capital requirements, feasibility of business plans, and sound management conditions."
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Kakao Sonhae Insurance Co., Ltd. is expected to commence operations as early as the third quarter of this year. The capital is approximately 100 billion KRW, with Kakao Pay investing 60% and Kakao investing 40%.
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