Korea Exchange Chairman Jung Ji-won is set to take the helm at the General Insurance Association of Korea next month, according to the industry sources Friday.

GIAK, an organization that represents local general insurance firms, is slated to hold a general meeting on Nov. 13 to discuss the agenda of appointing Jung. The incumbent chief of the bourse operator was recommended Monday as the sole candidate of the association’s next chief.

The decision will be made by representatives from the 15 member firms, including current GIAK Chairman Kim Yong-duk. The candidate is required to get over 6 votes, with at least 10 member companies attending.

Considering the consequent step in the process -- the public official ethics committee’s evaluation -- Jung is anticipated to take office as early as Dec. 21, sources said.

After passing the civil service examination, Jung joined the Ministry of Economy and Finance in 1986 and built his career at the Financial Services Commission as head of the supervisory policy division, chief of banking and insurance bureau and standing commissioner.

He then served as Korea Securities Finance Corporation chief executive officer before being appointed as KRX Chairman in November 2017. His term officially ended Sunday, but since KRX has not yet begun the process of receiving applications for the next Chairman, Jung is staying in his position.

By Jie Ye-eun (yeeun@heraldcorp.com)