The FSC held a seminar on boosting the international competitiveness of Korean insurance market together with the Korea Life Insurance Association and General Insurance Association of Korea on May 3. FSC Vice Chairman Kim So-young delivered opening remarks at the beginning of the seminar where he emphasized the need to promote innovation and competition in the insurance sector. To this end, Vice Chairman Kim suggested that domestic insurance companies need to seek ways to expand to overseas markets to find new growth momentum. To promote more dynamism and diversity in Korean insurance market, Vice Chairman Kim also said that it is necessary to facilitate more foreign-based insurance companies to enter the Korean market.