Former Political Committee Chair Invited as First Head of Insurance Training Institute... Insurance Company CEOs All Attend (Comprehensive)

Expected Role as Communication Channel Between National Assembly and Ruling Party
Expansion of Functions of Specialized Insurance Training Institution

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Insurance company CEOs are set to attend in large numbers an event hosted by the Korea Insurance Development Institute, which is responsible for job and qualification training in the insurance sector.

As this is the first official event since the inauguration of Director Min Byung-doo, a three-term National Assembly member, a remarkable scene is expected with insurance company representatives gathering despite the ongoing COVID-19 situation.

According to the insurance industry on the 24th, about 20 CEOs from life and non-life insurance companies are expected to attend a breakfast forum hosted by the Korea Insurance Development Institute on the 25th at a hotel in downtown Seoul. The attendees will exchange broad opinions on major issues in the insurance industry without a predetermined topic.

Given the insurance industry's usual reluctance to participate in external events, the large attendance of CEOs is considered unusual. This reflects the changed status of the Korea Insurance Development Institute compared to the past.

Insurance companies are hopeful that Director Min, a former chairman of the National Assembly's Political Affairs Committee, will serve as a communication channel between the industry and the ruling party to resolve industry issues. Currently, numerous bills are piled up in the National Assembly, including the electronic claims processing for actual medical expense insurance, which has been delayed for 12 years, and the default option system for retirement pensions being pushed by the ruling party.

There is an urgent need for a voice to convey the insurance sector's opinions to the National Assembly. Although both ruling and opposition parties are positive about the amendment to the Insurance Business Act for electronic claims processing, they have yet to persuade the medical community, which is fiercely opposing it. At two previous public hearings, the medical community repeatedly insisted that discussions on the amendment be immediately halted.

Regarding the default option, which allows financial companies to manage retirement pension funds according to pre-set methods even if subscribers do not give instructions, the insurance industry advocates for "stable principal and interest guarantees." They demand that principal-guaranteed products be available as an option due to concerns over principal loss, but the financial investment sector counters skeptically, arguing that including principal-guaranteed products would not change the current system.

Director Min played a significant role in passing laws such as the Special Act on Financial Innovation Support, the Special Act on Internet-Only Banks, and the Financial Consumer Protection Act during his tenure as chairman of the Political Affairs Committee in the 20th National Assembly. Given his substantial contributions to financial industry development, the insurance sector places high expectations on him.

Director Min also emphasizes the Korea Insurance Development Institute's role in advancing the insurance industry and restoring consumer trust. Upon his inauguration on January 21, he declared to staff, "Focus on reflecting on the meaning of insurance and fostering a sense of mission, enhancing human capabilities for change and innovation in the insurance industry, and supporting the restoration of consumer trust in the insurance industry."

This year, the Korea Insurance Development Institute is expanding its role as a specialized training institution by introducing new courses such as Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) practical training tailored to virtual asset transactions, and a course on understanding ESG (Environmental, Social, and Governance) finance for sustainable management. Additionally, it runs the "Jangbogo Economic School," providing insurance, finance, and economic education for students from elementary to university levels.

Born in 1958, Director Min served as a member of the 17th, 19th, and 20th National Assemblies. He was the head of the Democratic Policy Research Institute in 2014. During his time as a lawmaker, he served as a member of the Budget and Accounts Special Committee's subcommittee on budget adjustments and as the general special advisor to the Democratic Party's presidential candidate. In the latter half of 2018, while serving as a 20th National Assembly member, he was chairman of the Political Affairs Committee.

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