Yu Jae-hun, former director at the Financial Services Commission,7appointed as the head of the Insurance Development Institute on [month] 13[day].

Yu Jae-hun, former director of the Financial Services Commission,7on [month] 13[day], was appointed as the next candidate for head of the Insurance Development Institute. The Insurance Development Institute is an organization that handles insurance premium calculations, statistics, and standard policy terms.

The Insurance Development Institute’s head candidate recommendation committee13recommended Yu, the former director, as the sole candidate for the next head on [day]. Sole recommendation means the candidate recommendation committee recommended one person.

The news of the appointment was shared among institutional officials on7[month] 13[day]. The schedule for the final appointment of the head and the inauguration date have not yet been made public.

Yu, the former director-general, has experience serving as a director at the Financial Services Commission. A specific career history and title still need to be confirmed in the institution’s official disclosure.

The Korea Insurance Development Institute is responsible for practical operations such as statistics related to non-life insurance and life insurance, research on premiums and rates, and the development of standard policy terms and conditions. The procedure for appointing a president is generally finalized after recommendation by the candidate recommendation committee and through related internal procedures and board resolutions.

The Korea Insurance Development Institute and Yu’s side have not yet issued separate official statements. Related disclosures and any future announcements from the government or the institution need to be checked.