Lotte Non-Life Insurance, which received prompt corrective action from the financial authorities, disclosed on the 4th that it submitted a management improvement plan on the 30th of last month.
Lotte Non-Life Insurance said, "We submitted a management improvement plan to enhance capital adequacy, including plans to reduce operating expenses, dispose of nonperforming assets, improve staffing and organizational operations, increase capital, and formulate plans for mergers, conversion into a subsidiary of a financial holding company, acquisition by a third party, and transfer of all or part of operations." The Financial Services Commission (FSC) plans to decide whether to approve the management improvement plan within one month.
Earlier, the Financial Services Commission (FSC) resolved in March to take "management improvement demand" action against Lotte Non-Life Insurance. After receiving a "management improvement recommendation" in November last year, Lotte Non-Life Insurance submitted a management improvement plan, but the stage of prompt corrective action was elevated after it was disapproved on the grounds of insufficient specificity and feasibility.