KDIC Finalizes Agreement with MG Non-Life Insurance Union... Yebyeol Non-Life Insurance to Launch in September

The Korea Deposit Insurance Corporation (KDIC) announced on August 14 that it has reached an agreement with the labor union of MG Non-Life Insurance regarding employment succession and related matters, and will launch the bridge insurer 'Yebyeol Non-Life Insurance' next month.

On this day, the KDIC and the MG Non-Life Insurance labor union agreed on the number of employees to be hired by Yebyeol Non-Life Insurance, compensation levels, employment types, and job search support for those not hired.

The KDIC stated, "Based on this agreement, we will proceed swiftly and without disruption with the procedures for launching Yebyeol Non-Life Insurance." The corporation added, "Last month, we obtained approval from the Financial Services Commission for the insurance business, completed a capital injection of 30 billion won, and plan to begin operations early next month through the transfer of MG Non-Life Insurance’s assets and liabilities."

All insurance contracts of MG Non-Life Insurance will be transferred to Yebyeol Non-Life Insurance without any changes to the terms. Policyholders of MG Non-Life Insurance will be able to use insurance services such as claims and premium payments in the same way as before.

Immediately after the contract transfer, the KDIC plans to promptly select an accounting firm and a lead manager to concurrently proceed with the contract transfer of five non-life insurers and their open sale. After selection, the corporation also plans to carry out procedures such as due diligence on assets and liabilities and analysis for IT system transfers without delay.

This content was produced with the assistance of AI translation services.