Korean Group, CMG To Partner.

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Dr. Augustine Lim, the new chairman of the National Credit Union Federation of Korea (NACUFOK) visited the Credit Union Center Campus here as part of a new partnership between CUNA Mutual and NACUFOK to introduce credit disability and credit life insurance (CD/CL) to credit unions and their members in South Korea.

CUNA Mutual Group already works with NACUFOK to provide loan protection and life savings insurance (LP/LS) in South Korea, home to one of the world's largest credit union movements.

The relationship with NACUFOK goes back approximately 30 years, when CUNA Mutual worked with NACUFOK to establish the LP/LS program in South Korea.

Under the new partnership, CUNA Mutual will provide expertise to develop new products and reinsure 50% of the risk, while NACUFOK will sell and administer the products.

South Korea is the third largest credit union movement behind the United States and Canada. The country's 1,200 credit unions have 5.4 million members with savings of $16.6 billion in U.S. dollars.

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