Kim Gyu-bok, a former chairman & CEO of the Korea Credit Guarantee Fund, has been nominated as the only candidate for chairman of Korea Life Insurance Association.

The 60-year-old, who is expected to replace the current KLIA chairman Lee Woo-chul, will be appointed to the post on Dec. 5, according to the life insurance lobby.

Born in 1951 in Gimhae, South Gyeongsang Province, Kim graduated from Seoul National University and University of Pennsylvania.

He had mostly served in government as a public official. Before working as Korea Credit Guarantee Fund chairman, he took the post of commissioner of the Korea Financial Intelligence Unit, an arm of the Financial Services Commission.

Under Kim’s initiative, the Korea Financial Intelligence Unit introduced a computerized information analysis system for gathering and analyzing information on suspicious transactions.

Kim was also the co-chairman of the Asia and Pacific Group’s division on money laundering.

By Kim Yon-se (kys@heraldcorp.com)