Korean Insurance Contract Law was reformed in 2014. It took long time to be reformed after 1991 reformation. This paper is to analyze the reform of 2014 Korean Insurance Contract Law and suggest some tasks of the study and prospect its challenges. The 2014 Reform should enhance the reputation of the industry by reducing the scope for insurers to rely on strict legal rights that are unfairly balanced in their favour. However, after this paper review the insurance law and its study, it recommends new tasks of the study to address the issue of what must be dealt with to take reasonable care to progress of the Korean Insurance Law. The reformed law requires some amendment. It is said that the Reform would improve consumer protection by giving consumers the legal rights, also enhance the reputation of the industry by reducing the scope for insurers to rely on strict legal rights that are unfairly balanced in their favor. The law needs to be updated to correspond to the realities of a mass consumer market. In this process, the reformed act of other country would be a good model to us, and controversial issues of the bill could be a good guidance because the main problems are similar. A devoted and balanced study would improve confidence in the insurance law and insurance industry. In this respect this paper tries to study.