00:03Korea's ruling party just backed away from banning third terms for financial
00:07holding chiefs pause a third term would instead need unanimous consent from the
00:12board's nomination committee a second term would need 75% fixed-rate loans
00:18fell to 31.9% of new mortgage lending in July and the new fifth generation health
00:24insurance product is not pulling old policyholders across it's Thursday
00:29August 27th let's break down what's happening in Korea's financial sector a
00:34Democratic Party official told Seoul economic daily on August 26th that the
00:39governance bill is being reworked concerns inside the ruling block about
00:44constitutionality and a parliamentary point that a blanket ban does not match
00:49global standards change the approach lawmakers are also weighing whether a
00:54third term should require a special resolution at the annual meeting here's
00:59what the numbers show 100% consent from the nomination committee is the
01:03proposed condition for a third term with 75% for a second the Bank of Korea put the
01:09fixed-rate share of new bank mortgages at 31.9% in July down 5.8 percentage points
01:16from June matter of fact that share has now fallen for nine straight months from
01:22ninety point two percent last November the lowest reading since February 2014 nine
01:28major non-life insurers took in one hundred eighty three thousand two hundred
01:32eighteen fifth generation health policies from the May launch through the end of
01:36July new signups made up seventy three point three percent voluntary switches fifteen
01:42percent or twenty seven thousand four hundred seventy four contracts and fourth
01:47generation renewals eleven point seven percent heavy rain in southern Korea flooded
01:53more than two thousand five hundred vehicles with estimated claims of twenty two
01:57point nine billion one about seventeen million dollars so what does this mean for
02:03bank analysts and compliance teams earlier we said fixed-rate loans fell to thirty
02:09one point nine percent of new mortgage lending here's what that actually means
02:13for you households are taking the cheaper floating rate today which pushes
02:18interest rate risk on to borrowers and makes bank margins more sensitive to the
02:22next policy move on governance a unanimity rule inside the nomination committee
02:27hands a single outside director real veto power over succession watch the National
02:32Assembly Committee text for the final consent threshold watch August mortgage data for a
02:37further slide in the fixed-rate share watch second-half auto insurance loss
02:42ratios already at 85 percent through July that's today's AI prism Finance Daily this
02:50episode was produced with AI assistance based on Seoul economic daily reporting and
02:55reviewed by a human editor AI prism is a one ifra award-winning series we'll be
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