Initiation of the Next Korea Non-Life Insurance Association President Election Process... Candidate Recommendations Within This Month

The Korea Non-Life Insurance Association Confirms Formation of Board Nomination Committee at Meeting on the 14th

Kim Yong-deok, President of the General Insurance Association

[Asia Economy Reporter Ki Ha-young] The process to elect the next chairman of the Korea Non-Life Insurance Association has begun.

According to the non-life insurance industry on the 15th, the Korea Non-Life Insurance Association held a board meeting the day before and finalized the composition of the Chairman Recommendation Committee. The association plans to discuss for about two weeks and recommend multiple candidates. The recommendation committee consists of representatives from six board member companies and two external members.

The recommendation committee plans to hold its first meeting on the 21st to decide the candidate recommendation schedule and other matters. The industry expects the committee to recommend either a single or multiple candidates to the general meeting of member companies within this month. The next chairman will be elected through a vote at the general meeting of member companies.

The current chairman, Kim Yong-duk's term ends on the 5th of next month. Chairman Kim, who is rumored to seek reappointment, is a former chairman of the Financial Supervisory Service and the Financial Services Commission. He has been praised for actively communicating and smoothly coordinating with financial authorities and political circles on major industry issues such as automobile insurance premium increases.

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