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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hanwha Life Insurance and Hana Life Insurance were sanctioned by the Financial Supervisory Service for neglecting related loan screening and risk management.
According to the financial authorities on the 21st, the FSS notified Hanwha Life Insurance of three management precautions and five improvements, and Hana Life Insurance of one management precaution and four improvements, respectively.
Management precautions and improvements are administrative measures that require caution or autonomous improvement by financial companies.
According to the Financial Supervisory Service, Hana Life Insurance should evaluate the trading company's credit rating before approving loans such as new, extension, and repayment, and that the credit evaluation should be conducted again if the results of the business feasibility evaluation of real estate PF deteriorate.
However, Hana Life Insurance did not evaluate its credit rating for three real estate PF loans whose loans were extended or whose business feasibility evaluation results deteriorated.
Hana Life Insurance was also pointed out that much of its real estate PF loans are concentrated on real estate development projects in certain regions. Among the real estate PF loans in the region, many loans were classified below the level of interest due to a delay in the main PF due to the real estate recession and a delay in the fair rate.
It was also pointed out that the investment limit was set without considering indirect exposure (risk exposure) such as credit reinforcement by the contractor when setting the investment limit for real estate PF loans.
Hana Life Insurance was also found to have violated bylaws and given bridge loans to real estate development projects that had not been completed in land acquisition and licensing.
In addition, Hana Life has been setting aside loan-loss reserves in anticipation of an ongoing dispute among shareholders due to delinquency of maturity as of July last year and that it will be able to recover all of its real estate PF loans for the B-development project, which is unclear whether the main PF will be converted due to the economic recession, and was called for additional loan-loss reserves from the Financial Supervisory Service.
In the case of Hanwha Life Insurance, it has not conducted a separate crisis analysis on real estate PF assets and has not prepared emergency response plans for crisis situations.
According to the "Real Estate Project Financing Risk Management Best Practices" of the Korea Life Insurance Association, life insurers are required to periodically analyze crisis situations and prepare emergency response plans for each stage.
The FSS called on Hanwha Life Insurance to reflect its real estate PF crisis analysis methods and emergency response plans in its bylaws and conduct regular crisis analysis to respond to the crisis in the real estate PF market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
