Yoo Jae-hoon, former director at the Financial Services Commission, has been nominated as the next president of the Korea Insurance Development Institute. [Financial Services Commission]
Yoo Jae-hoon, former director at the Financial Services Commission, has been nominated as the next president of the Korea Insurance Development Institute. [Financial Services Commission]

Yoo Jae-hoon, a former director at the Financial Services Commission, has been nominated as the next president of the Korea Insurance Development Institute.

The institute's presidential candidate recommendation committee nominated Yoo as its sole candidate Monday, according to the insurance industry.

Earlier, on June 25, Yoo was among several figures who applied for the post in an open recruitment process, alongside Park Sang-wook and Seol In-bae, former deputy governors at the Financial Supervisory Service, Shin Hyun-jun, former president of Korea Credit Information Services, and Ahn Cheol-kyung, former president of the Korea Insurance Research Institute. The committee last week narrowed the field to three finalists — Yoo, Shin and Ahn — before conducting final interviews Monday and selecting Yoo as its recommended candidate.

Born in 1968, Yoo graduated from Seongnam High School in Seoul and Sungkyunkwan University with a degree in economics, entering public service through the 39th administrative examination. At the FSC, he held a range of senior posts, including director of the corporate restructuring division, head of the capital markets investigation unit, planning and coordination officer, and director of the financial consumer affairs bureau. He also served as head of planning and administration at the Korea Financial Intelligence Unit. Some say his career spans financial policy, capital markets and consumer protection.

Yoo is expected to undergo a post-public-service employment review. The Korea Insurance Development Institute will then hold a general assembly to confirm his appointment based on the outcome of that review.

Under the Insurance Business Act, the president of the Korea Insurance Development Institute oversees the industry's shared infrastructure, with responsibilities covering rate calculation, statistical management and product development support.


psj@heraldcorp.com