It is well-known that Korean insurance regulation is based on the Insurance Business Law, which is a compilation of private and public law as well as contract law, which is also private law. This dual system of insurance law stemmed from Japanese influence on Korea. This dual system, however, has since lost popularity because of the distinction between public law and private law is not always clear and also because it is practically difficult to squarely fit the rules and regulations into the two categories. Since there is no standard for what the public law and private law should embody, it is not easy to determine whether a certain provision is based on public law provisions or private law provisions. Thus, in the short term, there is a need for a balanced development of and a mutual embracing between insurance business law and insurance contract law. In order to achieve this, an amendment to the relevant insurance business law or insurance contract law provisions must follow cooperation and close discussions between and among government authorities. It is also important that the rules that are purely private and regulations that are necessary in business relations are adjusted accordingly. First, some provisions in the insurance business law, such as those pertaining to the suitability rule, liability for damages, financial condition of the insurer, contracts between insurance brokers and insurance companies, and agency agreements, may be integrated into the insurance contract law. It should be noted, however, that it may be unnatural to sever liability for damages provisions from the insurance business law since those provisions are grounded in duties under public law. Therefore, more discreet consideration of this matter should take place. On the other hand, certain legislative precedents that the insurance business law has taken into account are of value that the insurance contract law should also reflect. In particular, provisions on the duty to explain in the insurance contract law should be improved, using the insurance business law`s provisions on solicitation, by making more specific the scope, method and content of explanation.