Amendments to the Standards for the levy rates of Life and Non-life Insurance Guaranty Fund
The FSC amended the Standards (Article 2, 4 and Appendix of Article 3) to increase incentives encouraging insurance companies to invest in“5+2 innovative industries”promoted by the government (i.e., green energy technology, Asia Silicon Valley development plan, biomedical, national defense, smart machinery, new agriculture and circular economy) and infrastructure projects, and to provide the protection products, life insurance products for the disabled, and the life insurance with minimum coverage to the elderly. Key points of the amendments are as follows:
1. With regard of life insurance, the FSC has introduced new performance indicators of business management which may determine the calculation rate of required appropriation to Life Insurance Guaranty Fund: (1) introducing new indicator of “product structure consolidated score”and adjusting the weightings; (2) changing the indicator title, definition and rating criteria of“insurance premium income generated from providing life insurance products for people with disabilities”; (3) changing the indicator title, definition and rating criteria of“premium income generated from insurance with minimum coverage to senior people”; (4) adding rewarding criteria for investment in“5+2 innovative industries”and infrastructure projects under the indicator of“financial import substitution”.