Next Insurance Association President Candidates in a '5-Way Race'... Final Candidate to Be Selected Next Month

Logo of the General Insurance Association

[Asia Economy Reporter Oh Hyung-gil] Five former government officials have been named as candidates for the next president of the Korea Non-Life Insurance Association.

According to the insurance industry on the 27th, the Non-Life Insurance Association held its second presidential recommendation committee meeting in the morning and selected Jung Ji-won, Chairman of the Korea Exchange; Jin Woong-seop, former Financial Supervisory Service (FSS) Governor; Kang Young-gu, President of Meritz Fire & Marine Insurance; Yoo Kwan-woo, former Deputy Governor of the FSS; and Kim Sung-jin, former Administrator of the Public Procurement Service, as candidates for the next president.

The recommendation committee plans to hold a third meeting on the 2nd of next month to select one or two final candidates from among them, after which the next president will be elected at the general meeting of the association’s member companies.

An attendee of the recommendation committee said, "There was an opinion that there was not enough time to thoroughly review each candidate," adding, "We decided to select the final candidates after going through an evaluation process to find the right person to lead the non-life insurance industry."

At the meeting, along with three candidates who had already been rumored, Chairman Jung and former Administrator Kim appeared as 'surprise' candidates.

Chairman Jung, who is from Busan, passed the 27th Administrative Examination while attending Seoul National University. He served in the Ministry of Finance and Economy, the Financial Supervisory Commission as Director of Bank Supervision and Director of Supervisory Policy, the Financial Services Commission as Director of the Financial Services Bureau and Standing Commissioner, and as President of Korea Securities Finance Corporation. Since November 2017, he has been serving as Chairman of the Korea Exchange, with his term ending this November.

Former Administrator Kim, who passed the 19th Administrative Examination, held positions such as Director of International Investment Division, Director of Securities System Division, Director of Financial Policy Division, International Finance Counselor, Director of Economic Cooperation Bureau, Public Relations Officer, and Director of International Affairs Policy at the Ministry of Strategy and Finance. He served as Administrator of the Public Procurement Service from 2007 to 2008. Chairman Jung and former Administrator Kim competed for the Korea Exchange chairman position in 2017.

Former Governor Jin, who has been mentioned as a candidate, graduated from Konkuk University and entered public service by passing the 28th Administrative Examination in 1984. He served in the Ministry of Finance and Economy and the Financial Services Commission as spokesperson, Director of the Capital Market Bureau, and head of the Financial Intelligence Unit. He served as the 10th Governor of the FSS from November 2014 to September 2017 and has been an advisor at the law firm 'Kwangjang' since September this year.

President Kang joined the Insurance Supervisory Service in 1982 and served as Deputy Director of the Insurance Supervision Bureau, Director of the Insurance Inspection Division 2, and Head of the Insurance Business Service Bureau as well as Deputy Governor of the FSS. From 2010 to 2013, he was the 9th President of the Insurance Development Institute and has been working as the Ethics Management Officer at Meritz Fire & Marine Insurance since 2014.

Former Deputy Governor Yoo, who joined the Insurance Supervisory Service in 1980, served as Director of the Insurance Supervision Bureau at the FSS. Since 2008, he has been an advisor at Kim & Chang law firm.

This content was produced with the assistance of AI translation services.