National Credit Union Federation of Korea: "No Impact on Policyholders from MG Non-Life Insurance Agreement Change"
"MG Non-Life Insurance Is Not a Subsidiary of the Credit Union"
Brand Temporarily Used Through Trademark Agreement
"Immediate Termination of Trademark Agreement Considered Upon Establishment of Bridge Insurance Company"
The National Credit Union Federation of Korea stated on May 15, "MG Non-Life Insurance is a separate company that has no direct connection to the credit union," and added, "Even if MG Non-Life Insurance's business is partially suspended or liquidated, there will be absolutely no impact on credit union policyholders."
The Federation further explained, "MG Non-Life Insurance is not a subsidiary of the credit union, but a company that temporarily uses the MG brand through a trademark agreement with the credit union."
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- OpenAI to Begin IPO Process as Early as the 22nd...Aiming for September Listing
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
The Federation also said it is considering immediately terminating the trademark agreement with MG Non-Life Insurance once the establishment of a bridge insurance company, as promoted by the financial authorities, is completed. It added, "Even if the related process is not completed within this year, the current trademark agreement expires on December 31, 2025, so the use of the MG brand name will end this year."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
