After revising for several times, the Insurance Code has been revised again on July 9, 2001. This paper introduces and lists the key- points of this revision at first and then analyses and distinguishes all the revised provisions into positive revision and arguable revision for the interested person's reference. As the major issues and controversies on the application of Insurance Code still remains unresolved after this revision due to its partial revision as same as last several revisions, this paper especially provides complete revision suggestions regarding both the part of insurance contract law, based on the characters of insurance contracts. and the part of insurance business law, focused on the major controversies.