Since 2019, Korea Ministry of Oceans and Fisheries has set the annual total allowable catch (TAC) by fish species, and has allocated the annual TAC into each fishery vessel. Also the Korea government plans to adopt the individual transferrable quota system in time. The TAC allocation is similar to the individual fishermen/fishing quota, which the US National Oceanic and Atmospheric Administration has implemented. However, the TAC based management faced fishermen’s complaints and a debate is still underway about how to allocate TAC. Because the ideas of the Korea policy are from those in the foreign countries, I intended to provide the Korea fisheries community with an overview about how the TAC has been developed, what problem it caused, and foreign examples of how to allocate it. Furthermore, I pointed out a substantial room for improvement in their current practice of stock assessments, because, otherwise, their current methods for estimation of TAC by species cannot be trusted. Finally I made specific suggestions about what they need to do to reform their current stock assessments.