Korea Exchange Chairman Jung Ji-won has been recommended as the sole candidate to take the helm at the General Insurance Association of Korea, an organization that represents domestic general insurance firms, according to news reports Monday.

After reviewing four candidates, who also included Meritz Fire & Marine Insurance CEO Kang Young-gu and former Financial Supervisory Commission Vice Chairman Yoo Kwan-woo, an eight-member committee under the insurance association chose Jung.

The committee includes chiefs of local insurers, including Samsung Fire & Marine Insurance, DB Insurance and Meritz.

Fifteen representatives of member companies will hold a vote to officially name the organization’s new leader. The candidate is required to win more than 10 votes.

Jung, a former senior official at the Ministry of Economy and Finance and the Financial Services Commission, had led the nation’s bourse operator since November 2017. His term ended Sunday.

By Kim Young-won (wone0102@heraldcorp.com)