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The FSC has relaxed the rules of approval of health management insurance products

In order to raise the attention on health management in Taiwan and encourage insurers to design and develop health management products that have a spillover effect, the FSC made a provision on Nov 14, 2017 to relax the rules of approval of such products. Pursuant to the provision, Point 220-3 of the Directions for the Review of Life Insurance Products, when an insurer submits an application for a health management product while there is no reliable statistics regarding measurement of costs incurred by providing incentives to attract buyers, the insurer does not have to comply with Paragraph 1 of Point 15, Point 77 and Point 184 of the Directions. In addition, the FSC also urged the insurance industry to appropriately control risks to such products by requiring insurers to have preventative measures.
Visitor: 1380   Update: 2018-01-23
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