After the reports of insurance fraud in the news in recent days, the FSC said that insurance is intended to mitigate unspecified future risk and, if an accident occurs, risk is transferred and dissipated and losses made up through the insurance system. In essence, it is a kind of protection, not a way to profit. If the objective of arranging insurance coverage is to cause the death of the insured to claim the insurance benefit, apart from the offender facing criminal liability, the insurance benefit cannot be collected because, under the regulations of articles 109 and 121 of the Insurance Act, the insurance company is not liable to pay the insurance benefit for an insurance contract if the motive for buying the insurance policy was to cause the death of the insured to claim the insurance benefit.
The Insurance Anti-Fraud Institute was established through the efforts of various quarters of society to prevent and stop insurance fraud and to help the insurance market develop soundly. The Institute works closely with investigation and prosecution agencies and carries out insurance crime surveys, with the aim of protecting the rights and interests of the vast majority of insurance policy holders who purchase insurance in good faith. The FSC reminds consumers that they should have correct ideas of the objective of insurance and not take a chance on using insurance to make a profit or solve debt problems to avoid a situation they and their family will always regret.