The environment surrounding the insurance industry has been rapidly changing. Among those, liberalization, universal banking, globalization, and the protection of consumers' interests are the main changes. However, since the full-scale amendment of the Korean Insurance Business Laws in 1977, only partial amendments have been made during the past 25 years. As a result, the Korean insurance industry failed to timely cope with the rapidly changing financial environment. Therefore, the need for improvements to conform to global standards propelled the government to drastically amend the Korean Insurance Business Laws in a full scale. The underlining objective of this amendment is to promote competition, enhance liberalization, further modernize the regulatory and supervisory system, and to reinforce the protection of consumers' rights. However, due to the broad and drastic amendment of the Korean Insurance Business Laws, there are various confronting opinions between the parties concerned. Despite all these disputes, the full-scale amendments of the Korean Insurance Business Laws will not only help the domestic insurers cope with the rapidly changing international and domestic insurance market, but also play an important role for enhancing the consumers' interests.