On Dec. 11, DEN GVT issued order on mutual insurer, pension merger.
DEN GVT, via Ministry of Industry and Trade, published an Executive Order on mergers of mutual insurance companies or of cross-sectoral pension funds, etc., on behalf of DEN FSA, in order to provide the relevant clarification in relation to law under Act 718.
The Executive Order applies to cases where a mutual insurance company merges with a mutual insurance company or a limited liability company, and/or any cross-sector pension fund merges with a cross-sector pension fund or a limited liability company.
The text covers Merger of mutual insurance companies, Merger of a mutual insurance company and a limited liability company and Merger of cross-sector pension funds, etc.
It refers to the roles of DEN FSA and DEN CMP,l in relation to all such merger activity.
It defines the basis of all the shareholdings, securities or bonds that denote ownership, and confirms the position of Members of a mutual organization in terms of a merger.
Effectiveness
The Executive Order enters into force on Jan. 1, 2025 and at same time, the entirety of Executive Order 194 of Mar. 1, 2012 on all mergers of relevant companies, is repealed.
