Financial Services Commission grants preliminary approval to MyBrown as Korea's first small-amount short-term specialized insurer
On the 5th, the Financial Services Commission held its 15th regular meeting and announced that it has granted preliminary approval for MyBrown to operate as a specialized small-amount short-term insurance company focusing on animal insurance.
MyBrown is a mini insurance company established in March, with Samsung Fire & Marine Insurance as the trademark applicant. CEO Lee Yong-hwan of MyBrown is also a former Samsung Fire & Marine Insurance employee, having been in charge of the general insurance division. After Lee took office in April, he increased the capital to 3.3 billion KRW through investments from Samsung Fire & Marine Insurance and others, meeting the minimum capital requirement of 2 billion KRW for establishing a mini insurance company. Subsequently, in June, MyBrown applied to the Financial Services Commission for preliminary approval to operate as an insurance company, which was approved this time.
A Financial Services Commission official explained, "After reviewing MyBrown's compliance with the Insurance Business Act requirements, including capital requirements, the feasibility of the business plan, and sound management conditions, we determined that all conditions were met."
Small-amount short-term specialized insurance companies became possible to establish after the amendment to the Insurance Business Act passed the National Assembly in June 2021. MyBrown is the first case to obtain preliminary approval as a small-amount short-term specialized insurance company. It is expected that MyBrown will contribute to the activation of animal insurance by developing customer-tailored products and alleviating the burden of pet care and treatment costs for pet-owning households.
MyBrown plans to fulfill the approval requirements, including capital investment, hiring personnel, and establishing physical facilities, within the next six months and then apply for final approval from the Financial Services Commission.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
