Ha Tae-kyung, head of the Korea Insurance Institute, asked the Regulatory Rationalization Committee to investigate the Korea Insurance Institute's artificial intelligence (AI) joint venture, which is at risk of falling through due to opposition from the Financial Services Commission.
On the 8th, Ha Tae-kyung, head of the Korea Insurance Institute, said on Facebook that he submitted a petition to the Regulatory Complaint Office the day before with these details. Ha said, "The Korea Insurance Institute last month asked the Financial Services Commission (FSC) to apologize for and correct its opposition to AI investment, but after a month of silence, this is a follow-up measure," and "We urged the Regulatory Rationalization Committee, chaired by the president, to compel corrective action."
He added, "We ask the Regulatory Rationalization Committee to objectively investigate and correct the circumstances under which the Financial Services Commission (FSC) intervened in the AI joint venture pursued by a private incorporated association whose legality and autonomy are secured under the law, causing the investment to fall through."
In the first half of this year, the Korea Insurance Institute developed educational AI solutions such as an AI sales coach, an AI exam question-setting system, and an AI LXP, and then pursued a total 2.5 billion won joint-venture investment for commercialization and overseas expansion. The investment amounts are 1 billion won from the Korea Insurance Institute, 1 billion won from Taiwan's WisdomGarden, and 500 million won from Singapore's X402 Labs.
The Korea Insurance Institute said it confirmed the legality of a nonprofit corporation's ancillary business and minority equity investment through a legal review, and also set a put option that would allow full recovery of the 1 billion won investment within three months of the next president's inauguration.
Ha said that while the head of the responsible department at the Financial Services Commission (FSC) initially said in a meeting with the head of the Korea Insurance Institute in July that "the FSC will not be directly involved and the institute should decide on its own," an FSC official conveyed by phone ahead of the board meeting that "we do not agree to the joint venture." As a result, Ha claims, the push for the AI joint venture is on the brink of falling through.