Former Financial Supervisory Service Chief Jin Woong-seop Declines Next Life Insurance Association Presidency

[Asia Economy Reporter Ki Ha-young] Jin Woong-seop, former Financial Supervisory Service chief who was strongly considered as the next chairman of the Life Insurance Association, has expressed his intention to decline the candidacy.

According to the insurance industry on the 16th, Jin, the former chief, is reported to have conveyed that he has no intention of running for the next chairman of the Life Insurance Association. Jin was mentioned as a candidate for the next chairman of the General Insurance Association, Yoo Hyuk, at the end of last month but declined on his own.

Jin served as the 10th Financial Supervisory Service chief from November 2014 to September 2017. After graduating from Konkuk University and entering public service through the 28th Administrative Examination, he held positions such as Secretary-General of the Financial Services Commission’s Public Fund Management Committee, spokesperson, director of the Capital Market Bureau, senior expert member of the Saenuri Party (currently People Power Party) Political Affairs Committee, and head of the Financial Intelligence Unit. Since last September, he has been working as an advisor at the law firm Gwangjang.

The current term of Shin Yong-gil, chairman of the Life Insurance Association, expires on the 8th of next month. The Life Insurance Association plans to hold the first meeting of the Chairman Candidate Recommendation Committee on the 18th to discuss the schedule for selecting the next chairman candidate.

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