The Ministry of Finance and Economy finalized the procedure of preannouncement of legislation in regard to the legislative bill for the amendment on some part of Insurance Business Act (hereafter, referred as the ``amendment bill``) in order to adapt financial environment on November 8th, 2006. This amendment bill is considered as legislative meaning in terms of focusing on advancement of insurance related policies by the improvement on restrictions about the product development of insurance companies, the enlargement of their business range, the enhancement of an insurance subscriber protection, the firm establishment of an insurance fraud investigation system and so forth. However, some issues such as the problem on combining the management of both life and accident insurances and on improving the insurance recruitment system, which brought the attention in the process of discussion in regard to the amendment of Insurance Business Act so far, were unable to be included due to the big differences between parties related. Although the obligation of explanation was included in the amendment bill, it hasn`t still specified how to see the effect on the insurance policy holder who was never informed in regard to his or her interest or harm. This article would like to suggest the improvement plan in regard to the regulations on the insurance fraud restriction acts, the regulations regarding insurance solicitation advertisement, regulations regarding the obligation of explanation and the principle of suitability, which were contained in this amendment bill. In addition, issues on the combining management in both life and accident insurances, and the permission of the crossed recruitment and the termination of exclusive system of insurance planners, which were not included in this amendment bill, are to be suggested and discussed along with the improvement plan.