Law firm Hwawoo, led by managing partner Lee Myung-soo, announced today the appointment of Park Tae-ik, former head of insurance accounting at the Financial Supervisory Service (FSS), as a specialist advisor. The move signals a bolstering of the firm’s expertise in insurance supervision, examination, and the implementation of IFRS17, the new international accounting standard for insurance contracts.
Park’s career at the FSS spanned significant involvement in the regulatory framework surrounding the insurance industry. He oversaw the operation and supervision of insurance-related systems, including the complex IFRS17 standard. According to a statement released by Hwawoo, Park’s responsibilities included the comprehensive oversight of insurance actuarial product management.
The appointment comes as the insurance sector navigates the ongoing transition to IFRS17, a standard designed to provide more transparent and comparable financial reporting. The implementation of IFRS17 has presented challenges for insurers globally, requiring substantial changes to their accounting processes, and systems.
Lee Myung-soo, Hwawoo’s managing partner, previously served as the inaugural head of the FSS’s legal team. He assumed leadership of the firm in 2024, having initially joined Hwawoo fifteen years prior. His election to the position was the result of a vote by partner attorneys, recognizing his contributions to the firm’s growth in the financial and capital markets sectors. A report in the Hankook Kyungje Magazine highlighted Hwawoo’s open and flexible organizational structure as a key factor in Lee’s election.
Hwawoo has been recognized for its proactive approach to emerging challenges, including those related to artificial intelligence, regulatory shifts, and legal transformations. The firm was awarded an excellence prize in the “2025 Best Law Firms & Lawyers” rankings. The firm is described as actively preparing to address these changes through an open and flexible organizational structure.
The FSS has been increasingly focused on strengthening its oversight of the insurance industry, particularly in areas such as risk management and financial stability. Park’s expertise is expected to be valuable to Hwawoo’s clients as they navigate the evolving regulatory landscape.
