On January 11, 2019, the Financial Supervisory Commission published Articles 6 through 8, 11, 14, and 15, and appendix 1 and 2 of Article 4, of the “Key Notes re: Insurance Industry e-Products and e-Procedures.” (Hereinafter “Key Notes). The below is a summary: 1. Increased variety of insurance pr
On January 11, 2019, the Financial Supervisory Commission published Articles 6 through 8, 11, 14, and 15, and appendix 1 and 2 of Article 4, of the “Key Notes re: Insurance Industry e-Products and e-Procedures.” (Hereinafter “Key Notes). The below is a summary:
1. Increased variety of insurance products which can be offered:
Added low-cost (microinsurance), long-term care insurance, tangible compensation insurance, health management insurance, mountain-climbing comprehensive insurance, personal vehicle third-party liability insurance, driver’s personal injury insurance, etc.
2. Allow for property insurance products to renew without telephone confirmation:
For persons already insured under a property insurance policy, subject to certain requirements, the insurance offeror is no longer required to conduct telephone confirmation
3. Raise the maximum policy limit for new insured's travel safety insurance:
The maximum policy limit for new insured's travel safety insurance is raised to NTD 12,000,000.
4. Added new verification method for consumers:
If the insured uses an online banking account to register and verify his/her identity, and the bank belongs to the same finance holding company (the consumer must apply for the bank in person at the bank), the policy amount can be treated as a “personal visitation to insurance company as a first time insured’s verification and registration” process.
5. Simplified mixed-travel insurance claim notification process:
Simplified mixed-travel insurance claim notification process; the requirement to register and verify identity no longer applies.
The new Key Notes intends to increase the insurance industry’s ability to utilize the Internet to offer insurance products, add additional insurance product offerings, allow for waiver of telephone confirmation in certain renewals, increase the maximum policy limit in travel insurance policies, allow for additional verification methods, simplify mixed-travel insurance claim notification, etc. This should bring about e-services and e-offerings in the insurance industry, and enhance consumer selection; the amendments are commendable.
