FSC continues improving social safety net by promoting micro-insurance and micro-whole-life insurance
2020-11-26
To enable the economically disadvantaged and people with special status to obtain basic insurance protections for lower premiums, and to meet the need of senior citizens for basic insurance protections in Taiwan’s aged society, the FSC continues to promote micro-insurance and micro-wholelife insurance. As of end-September 2020, the accumulated number of people underwritten of micro-insurance had been written for 925,000 persons, and micro-insurance products were sold by 27 non-life and life insurers. Also, as of end-October 2020, 13 life insurers were selling micro-whole-life insurance policies. To encourage insurers to design and market micro-insurance and micro-whole-life insurance products, the FSC has: (a) increased the number of products subject to prior approval that insurers are allowed to submit for approval; (b) allowed various products previously subject to prior approval rules to be launched through the useand-file method; (c) raised the cap on insurers’ overseas investments; (d) lowered required contributions to the Life Insurance Guaranty Fund; and (e) given public commendation of insurance companies with outstanding performance in the business.
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Update:
2021-01-18