This paper shows the developed new lightning arrester LCM (Leakage Current Measuring device) which is important element of GIS (Gas Insulated Switchgear) Preventive & Diagnostic system and verify its performance though strengthened test standards. The existing lightning arrester LCM was modified to solve measuring errors which happened frequently. At first, we explained the principle of measuring leakage current. Through analyzing some problems which the existing LCM have. we got some improvable items. For the performance verification of the improved LCM, we manufactured prototype LCM which is applied some improvable items such as improving LCM circuit, adding protection circuit, optimizing inner structure of LCM and changing ground design. After then we carried out the performance test. Accredited testing laboratory carried out the performance verification test according to performance test criteria and procedure of reliability test standards, IEC-60225, 61000 and 60068 etc. We confirmed the test results which correspond with the performance test criteria. Also, we confirmed the performance of the improved LCM installed & being operated at G Substation through the immunity test against the normal noise and open/close surge etc.