Chairman Lee Eog-weon of the Financial Services Commission signed a memorandum of understanding (MOU) with the Ministry of Health and Welfare, the insurance industry, and senior welfare assistance organizations on October 19 to bolster the provision of support designed for vulnerable senior citizens. The MOU will make available various types of financial (medical costs for falling injuries and free coverage for dementia insurance) and nonfinancial (health care and wellness management) assistance programs for senior citizens living alone. At the MOU signing event, FSC Chairman Lee spoke about the significance of this MOU as the collaboration between the insurance sector and senior health and welfare organizations will help to complement each other and bridge gaps in the provision of needed assistance to strengthen the social safety net for vulnerable senior citizens living alone. As part of continuous efforts to boost financial inclusion, Chairman Lee said that the government will closely work with related organizations to make financial and welfare policies work better for senior citizens.