Vice Chairman Kim Soyoung of the Financial Services Commission presided over the 3rd insurance reform committee meeting with officials from related industry groups, research institutions, and organizations on September 26. At the meeting, officials discussed ways to promote fair competition in the insurance industry, bring about improvements to insurance companies' reserve requirements, and strengthen internal control mechanisms. In his opening remarks, Vice Chairman Kim spoke about the significant impact that interest rate declines can have on insurance companies' prudential management and profitability. In this regard, Vice Chairman Kim said that insurance companies need to take proactive steps to strengthen risk management to be prepared for rate declines.