A large number of former financial authorities applied for the next head of the Korea Insurance Development Institute.
According to financial authorities and the insurance industry on the 25th, former Financial Supervisory Service Deputy Vice Governors Park Sang-uk and Seol In-bae, former Financial Services Commission Director General Yu Jae-hoon, former Korea Credit Information Services President Shin Hyun-jun, and former Korea Insurance Research Institute President Ahn Cheol-kyung applied for the open call for the new head of the Korea Insurance Development Institute, which closed at 6 p.m. that day.
Former Deputy Vice Governor Park Sang-uk handled insurance and financial consumer protection at the Financial Supervisory Service (FSS) and served as an executive in charge of consumer protection. Since retiring in 2022, Park has continued writing on finance. Former Deputy Vice Governor Seol In-bae served as an insurance executive at the FSS after working across insurance-related departments.
Former Director General Yu Jae-hoon served as the Financial Services Commission (FSC) Director General for Planning and Coordination and as Director General for Financial Consumers, overseeing insurance policy such as the overhaul of the indemnity health insurance system. Former President Shin Hyun-jun also comes from the Financial Services Commission, and is regarded as a figure who contributed to building data infrastructure and developing the credit information industry during his tenure as head of the Korea Credit Information Services.
From the private sector, former Korea Insurance Research Institute President Ahn Cheol-kyung applied. After serving as head of financial policy and head of research coordination at the Korea Insurance Research Institute, and as vice president, Ahn was appointed in 2019 as the institute's first president promoted from within. Ahn led the institute until early this year and stepped down in March.
At the Korea Insurance Development Institute, the appointment of a successor has been delayed since President Heo Chang-eon's term ended in November last year. As a core institution in the insurance sector that handles premium rate calculation, insurance statistics management, insurance product development support, and the digitization of indemnity insurance claims, the industry is closely watching the selection of the next president.
The Korea Insurance Development Institute's President Candidate Recommendation Committee plans to recommend a final candidate after document screening and interviews. The next president will then be appointed through a resolution of the general meeting composed of insurers. The industry expects that the new president could be decided as early as August.