Value context and insight. lkm@koreatimes.co.kr
Ex-lawmaker to head Korea Insurance Institute
Min Byung-doo Korea Times file
By Lee Kyung-min
By Lee Kyung-min
Former National Assembly National Policy Committee Chairman Min Byung-doo is expected to head the Korea Insurance Institute (KII), according to industry sources, Monday.
A recommendation committee at the institute is set to put the three-term lawmaker of the ruling Democratic Party of Korea (DPK) forward as a sole candidate, whose appointment will be finalized following a vote at a general meeting of the institute's member companies.
The committee is comprised of seven representatives, one each from Samsung Life, Samsung Fire & Marine, Hanwha Life, Kyobo Life, Hyundai Marine and KB Insurance, as well as Yonsei Law School professor Kim Sung-tae.
Min reportedly has strong, deep connections across government organizations and the ruling party, mostly involving figures in financial circles.
He is set to settle for the KII head position, after two other high-profile positions he had been considered for were filled.
Financial Services Commission Former Vice Chairman Sohn Byung-doo will become the chairman of the Korea Exchange, whereas the Korea Federation of Banks will be led by Nonghyup Financial Group former Chairman Kim Gwang-soo.
Min will receive an annual salary of about 350 million won ($318,000), and have relatively less management or performance pressure.
The institute was established in 1965 as an affiliate of the now-disbanded Korea Insurance Supervisory Service and has since trained insurance professionals, as well as administrated private qualification exams.
Min's predecessor was Jeong Hee-soo, a three-term lawmaker who served as chairman of the National Assembly Strategy and Finance Committee between 2014 and 2016.