Chairman Kim Yong-deok Withdraws Intent to Seek Reappointment
Candidate to Be Selected by Election Committee on the 27th
[Asia Economy Reporter Ki Ha-young] Kim Yong-duk, chairman of the Korea Non-Life Insurance Association, declared that he will not seek reappointment as his term expires on the 5th of next month.
According to the insurance industry on the 22nd, Chairman Kim conveyed his intention not to seek reappointment to the Chairman Recommendation Committee (CRC) on the same day.
In the non-life insurance industry, there had been speculation about Kim's reappointment as his name was mentioned as a potential candidate for the next chairman. Kim, who served as the Chairman of the Financial Supervisory Commission during the Roh Moo-hyun administration, has been praised for demonstrating leadership by facilitating communication between the industry and financial authorities and addressing current issues during his tenure.
With Kim stating he does not intend to seek reappointment, the selection of the next chairman of the Non-Life Insurance Association has entered uncertainty. Candidates mentioned for the next chairman include Kang Young-gu, Head of Ethical Management at Meritz Fire & Marine Insurance, and Yoo Kwan-woo, advisor at Kim & Chang. However, since a surprise candidate who was not initially considered a frontrunner was selected during the previous chairman appointment, the outcome will only be known after the second CRC meeting.
The Non-Life Insurance Association's CRC is scheduled to hold its second meeting on the 27th to recommend candidates. Once the CRC recommends a chairman candidate, the final decision will be made at the general meeting.
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