D&A LLC provided comprehensive legal advisory services to MG Non-Life Insurance Co., Ltd. (the “Client”) throughout its restructuring and subsequent bankruptcy proceedings, from its designation as an insolvent financial institution in 2022, through the policy transfer to Yebyeol Non-Life Insurance Co., Ltd., to the bankruptcy declaration in March 2026.

Given that restructuring proceedings involving insurance companies are relatively rare, key challenges included determining appropriate restructuring methods and procedures and clarifying the resulting legal relationships. Throughout the process, it was necessary to navigate the diverse and often conflicting interests of policyholders, insurance sales organizations, creditors, as well as the company’s officers, employees, and shareholders.

Accordingly, we proposed viable restructuring options under the Act on the Structural Improvement of the Financial Industry. Following the unsuccessful sale of the Client, we continued to advise on the policy transfer to Yebyeol Non-Life Insurance Co., Ltd., prioritizing the protection of policyholders, while also conducting legal reviews concerning the retention of existing employees and the provision of commission support to insurance agents.

D&A’s Corporate Restructuring Team has built a strong track record in advising on corporate restructuring matters, including rehabilitation and bankruptcy, across diverse industries. This case is particularly significant, as it demonstrates our capability to handle complex restructuring proceedings involving large financial institutions, such as MG Non-Life Insurance Co., Ltd.