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NATIONALE-NEDERLANDEN RECEIVES LICENCE TO ESTABLISH SUBSIDIARY IN SOUTH KOREA

 NATIONALE-NEDERLANDEN RECEIVES LICENCE TO ESTABLISH SUBSIDIARY
 IN SOUTH KOREA
 THE HAGUE, the Netherlands, Dec. 9 /PRNewswire/ -- Nationale-Nederlanden has received permission from the government of the Republic of Korea to establish its own subsidiary in this country.
 The company will operate under the name of Netherlands Life Insurance Company Ltd.
 Since 1989 Nationale-Nederlanden has been active on the South Korean life insurance market. The Dutch insurer operated in this market as a branch office of one of its U.S. subsidiaires, Life Insurance Company of Georgia. Until recently, only American insurers were allowed to set up business in South Korea.
 Nationale-Nederlanden has built up a network of nine branch offices in South Korea. The company, which will henceforth operate under the name of Netherlands Life Insurance Company, currently has 103 employees and an initial subscribed capital of more than DFls 50 million.
 Netherlands Life Insurance Company will concentrate primarily on the individual life insurance market and will distribute its products through both a full-time direct sales force and agents who work on a part-time basis.
 In addition to South Korea, Nationale-Nederlanden is represented in the Far East with life insurance operations in Japan and Taiwan (R.O.C.) and non-life operations in Indonesia, Singapore, Hong Kong and the Philippines.
 -0- 12/9/91
 /CONTACT: J.J. Etienne, general manager, 70-358-16-18, or P.L.M. van Meeuwen, area coordinator, 70-358-16-00, both of Nationale-Nederlanden International/ CO: Nationale-Nederlanden; Netherlands Life Insurance Company Ltd. ST: IN: INS SU:


BN-TG -- AT008 -- 0666 12/09/91 15:45 EST
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Publication:PR Newswire
Date:Dec 9, 1991
Words:252
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