UPDATE/INSERT statement within an IF statement within a LOOP using sequence

BEGIN
FOR i IN text

OPEN MATCHES
FETCH MATCHES INTO MATCH
CLOSE MATCH

IF i IN MATCH
THEN
UPDATE my_table
SET col1 = correlating_new_column1, col2 = correlating_new_column2, col3 = correlating_new_column3
WHERE table_im_trying_to_populate.code = my_seq.curval
ELSE
INSERT INTO TABLE_IM_TRYING_TO_POPULATE(CODE, NAME, DESCRIPTION, col1, col2, col3)
VALUES(my_seq.nextval, other_name, other_description, correlating_new_column1, correlating_new_column2, correlating_new_column3)
END IF;
END LOOP;

Basically I am trying to take an explicit cursor I made that is a select statement of a table and then do a line by line loop of that and put it into my other existing table. If it comes across a name in my other exisiting table it will update some of the columns. Else it inserts the whole record into that table. I am attempting to use sequence to update the 'code' column so that it updates where the code from the other existing table = my_seq.curval. Then for the inset it just goes to the next val. I know this is complicated but Im really just trying to see if I have the setup correct. Just started using sql developer for oracle not to long ago.