The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman.

An internal recommendation committee made the decision in a meeting held Friday.

Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance.

After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key positions at the Ministry of Economy and Finance.

Kim was also a member in the presidential secretariat for the former conservative Lee Myung-bak and Park Geun-hye administrations.

After taking the post as deputy dean of the Asian Development Bank Institute, Kim was named chairman of the Creditors’ Coordination Committee in 2021.

The Korea Life Insurance Association's incumbent Chairman Chung Hee-soo's term ends Dec. 8. The association will hold a meeting on Dec. 5 to approve Kim's appointment. If approved, he will serve his three-year term to December 2026.

Like Kim, most of the top posts of financial authorities, institutions and associations are currently occupied by graduates from SNU's department of economics. Kim Joo-hyun, chairman of the Financial Services Commission, Kim So-young, vice chairman of the Financial Services Commission, Lee Bok-hyun, governor of the Financial Supervisory Service, Rhee Chang-yong, governor at the Bank of Korea, Jung Ji-won, chairman of the General Insurance Association of Korea, and Kang Seog-hoon, chairman and CEO of Korea Development Bank, are other such graduates.