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Mirae Asset Life Insurance sanctioned for accounting violation

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Mirae Asset Life Insurance sanctioned for accounting violation

South Korea's Securities and Futures Commission under the Financial Services Commission approved sanctions on Mirae Asset Life Insurance Co. Ltd. for an insurance accounting rules violation, The Chosun Ilbo reported Oct. 16.

According to the Securities and Futures Commission, the Mirae Asset Financial Group unit failed to write off annuities acquisition costs within the statutory seven-year period, which had the effect of increasing capital on its balance sheet.

The sanctions include a two-year suspension of securities issuance.

As of Oct. 16, US$1 was equivalent to 1,186.59 South Korean won.