Financial Services Commission Manager Driving Insurance Reform... "The Right Person Has Fully Played Their Role"

Go Youngho, Entered Public Service Through the 46th Administrative Examination
Recognized for Achievements in Insurance Reform Last Year
Transferred to the Capital Market Division, the Main Department in Charge

Go Young-ho, Director of the Capital Markets Division, Financial Services Commission

"Insurance reform is not something just anyone can do. We deliberately brought in Manager Go Young-ho and entrusted him with it."

On April 30 last year, the Financial Services Commission (FSC) made managerial-level personnel changes and launched the 'Insurance Reform Committee' a week later. Vice Chairman Kim So-young, Secretary General Kwon Dae-young, Director Ahn Chang-guk of the Financial Industry Bureau, and Manager Go Young-ho from the Insurance Division joined as working-level officials. The FSC strongly expressed its intention to highlight all the pressing issues across the industry, including excessive competition in the insurance sector, incomplete sales, and accounting treatments.

At the time, concerns were greater. Although efforts had been made to improve the chronic problems of the insurance industry, the results were not significant, and it was not easy to create growth momentum for the industry. Now, a year later, evaluations of the Insurance Reform Committee from both the financial authorities and the insurance industry are positive.

Life insurance and non-life insurance officials commonly said, "Under the leadership of the FSC, an unprecedented large-scale institutional reform process was carried out," adding, "Meaningful achievements were made through the development of improvement plans for deregulation issues such as long-term care and healthcare, which the insurance industry continuously requested, and the introduction of new systems like the securitization of death benefits."

The role of Manager Go Young-ho is widely regarded as significant behind this. A senior FSC official said, "Insurance reform is not something just anyone can do," and "The right person fulfilled the role to complete the insurance reform." Financial Supervisory Service Governor Lee Bok-hyun also drew attention in February when he told reporters about insurance reform, "the Insurance Division at the FSC has been showing strong leadership."

In fact, the Insurance Division assigns managers who are both competent and have strong execution power. Yet, it is a department where the evaluation "Managers who perform well lose their presence once they come to the Insurance Division" is often heard. The consensus is that Manager Go has shown visible results since moving to the Insurance Division.

Manager Go is from Busan and graduated from Seoul National University before entering public service through the 46th Administrative Examination. During his time as a section chief, he worked in the Financial Policy Division and later served as Manager of the Corporate Restructuring Division, Asset Management Division, and Insurance Division. He is regarded as studious, logical, and possessing excellent political sensibility.

In 2019, Manager Go was dispatched as an administrative officer to the Blue House. When he was about to return to the FSC, there was speculation that he would take a managerial position, but he moved to become the secretary to former FSC Chairman Eun Sung-soo. It is a well-known anecdote that former Chairman Eun personally appointed him as his secretary. Ambassador Choi Jong-gu of International Financial Cooperation once described Manager Go Young-ho as "one of the capable managers" and said, "He is someone who will remain in public service and show good results."

Meanwhile, the FSC made managerial-level personnel changes yesterday and transferred 16 people. Manager Go will move on the 10th to the Capital Market Division, one of the main departments including the Financial Policy Division.