Chairman Kim Yong-duk delivers his inaugural speech at a ceremony on Nov. 6 at the head office of Korea Non-Life Insurance Association in Seoul.
Former Gov. Kim Yong-duk of the Financial Supervisory Service has been named to head the Korea Non-Life Insurance Association as chairman recently.
He began to serve his three-year term as the chairman of the association on Nov. 6.
The Chairman Selection Committee of the non-life insurance association, said they selected Kim after three meetings to name the right person to head the association on Oct. 26. The association approved Kim’s nomination at its general meeting on Oct. 31. The scheduled must attended by at least two-thirds of the 15 member firms of the association and over half of the participants should vote for the nominee to be officially approved as chairman to serve the three year term, which they did.
The 8-member selection committee had to pick among the three candidates including former president Bang Young-min of Seoul Guarantee Insurance Co., and the former FSS governor got the majority votes from the selection committee members.
Officials of the non-life insurance association said the chairman-designee’s background which included a stint as the head of the financial supervisory service must have appealed to the selection committee members enough to give him the majority votes.
Born in 1950, the chairman-designee passed the 15th High Administrative Examination and entered the former Ministry of Finance as a clerk to begin his government career in finance.
He served at a number of key posts at the ministry including vice minister of the Ministry of Transportation and Construction. His varied public career included a stint as the presidential advisor on economic affairs and the governor of the Financial Supervisory Service. He also served most recently as a member of the Economic Advisory Team for President Moon Jae-in during the presidential campaign period.
A graduate of Yongsan High School in Seoul, a Jeungup, South Jeolla Province native, also is a management degree graduate of Korea University.
The Financial Services Commission (FSC) oversees the establishment of financial policies, enactment and amendment of insurance related laws and regulations and the grant of insurance business licenses. The Financial Supervisory Service (FSS) which is the executive arm of the FSC conducts day to day supervision of the operations and financial status of insurance related institutions (insurers, brokers and agents) and supplemental activities for the FSC.
An ‘insurance product’ is defined as a contract that stipulates the payment of money and other benefits to the insured in connection with the occurrence of a contingency, for the purpose of guaranteeing risk and in exchange for consideration. Insurance products fall into three categories: life, non-life and a third being agreed benefits payable in respect of accident, disease or nursing services.
Insurance business includes underwriting insurance products, collecting premiums and distribution of insurance payments. All insurers and reinsurers must be licensed by the FSC. Insurance brokers must be registered with the FSS having met certain training and other requirements. Individual insurance solicitors and insurance agents must register with the insurance association after meeting certain training requirements.