The Korea Deposit Insurance Corporation announced on the 23rd that it had approved a 30 billion won funding plan for the establishment of a bridge insurer during the deposit insurance committee on the 22nd. The bridge insurer will be established to facilitate the transfer of insurance contracts from MG Non-Life Insurance.
The Korea Deposit Insurance Corporation plans to collaborate with the bridge insurance establishment task force launched within MG Non-Life Insurance to transfer MG Non-Life Insurance's assets and liabilities to the bridge insurer. The bridge insurer will be temporarily operated until the contracts are ultimately transferred to the top five non-life insurers (Samsung Fire & Marine Insurance, DB Insurance, Meritz Fire & Marine Insurance, Hyundai Marine & Fire Insurance, and KB Insurance).
The Korea Deposit Insurance Corporation stated that it would form a joint management council with the top five non-life insurers to operate the bridge insurer efficiently. Additionally, the Korea Deposit Insurance Corporation announced the three main management principles for the bridge insurer: minimizing the operation period, joint management with the top five non-life insurers, and preventing stakeholder moral hazard and minimizing resource waste.