Chairman Lee Eog-weon of the Financial Services Commission met with insurance businesses for the first time since taking office and held discussions on ways to propel a transition toward productive finance on October 16. In his opening remarks, Chairman Lee spoke about the importance of the insurance industry seeking growth on a long-term horizon and making sure that the industry can regain confidence from the public. Chairman Lee also said that insurance companies' long-term asset management function makes them uniquely situated to contribute to the establishment of a virtuous cycle between a reliable finance (prudential management) and a productive finance. While stressing the importance of consumer protection as an immutable value and principle in insurance services, Chairman Lee urged insurance businesses to strengthen internal control and foster a culture of responsibility centered on consumer needs.