Next Life Insurance Association President Candidates to Be Selected by Nomination Committee on 26th

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[Asia Economy Reporter Oh Hyung-gil] The Life Insurance Association has begun the process of appointing the next association president.

According to the insurance industry on the 18th, the Life Insurance Association held the first meeting of the Presidential Candidate Recommendation Committee (PCR Committee) in the morning to discuss the schedule for appointing the next association president.

The PCR Committee consists of seven members, including representatives from the boards of five companies?Samsung Life Insurance, Hanwha Life Insurance, Kyobo Life Insurance, NH Nonghyup Life Insurance, and Mirae Asset Life Insurance?as well as external recommended members such as Jang Dong-han, president of the Insurance Society, and Seong Ju-ho, president of the Risk Management Society. The committee chair was appointed as Yeo Seung-joo, president of Hanwha Life Insurance.

The PCR Committee decided to select a pool of candidates (longlist) at the second meeting scheduled for the 26th. It is reported that no candidates were recommended during this meeting.

Next week, the PCR Committee will receive candidate recommendations, finalize the candidate pool, and then select a single or multiple final candidates. Subsequently, the next association president will be elected through a general meeting of member companies.

The current term of Shin Yong-gil, the incumbent president of the Life Insurance Association, ends on the 8th of next month, and Jeong Hee-su, head of the Insurance Training Institute, is emerging as a leading candidate for the next president.