Regulations Governing Insurance Brokers Article 10

A bank that applies for approval to operate concurrently insurance broker business or to increase the types of business shall comply with the provisions of the following subparagraphs:1. The ratio of regulatory capital to risk-weighted assets within the past year meets the requirement set out in Article 5 of the Ratio of Regulatory Capital to Risk-weighted Assets Regulations Governing the Capital Adequacy and Capital Category of Banks;2. Having not been imposed disciplinary action by the competent authority pursuant to subparagraphs 1 ~ 5, paragraph 1, Article 61-1, or paragraph 1, Article 62 of the Banking Act, or paragraph 1, Article 164, or Articles 167-2 ~ 167-4 of the Insurance Act within the past half year; or if there has been any violation, having made concrete improvements recognized by the competent authority; and3. Not having any material deficiency or irregularity in the implementation of internal controls within the past year; or having made concrete improvements recognized by the competent authority.If the period from the date of the internet-only bank commencing its business operation to its application date for approval to operate concurrently insurance broker business or to increase the types of business is less than the period set forth in the subparagraphs of preceding paragraph, the foregoing period is calculated as the actual period of business operation of such a bank.