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FSC addresses coronavirus outbreak by approving amendments to the “Standards Governing the Determination of What Constitutes a New-Type Life Insurance Product”

Because there is little likelihood of people applying for insurance while infected with a notifiable infectious disease as a pre-existing condition, shortening or eliminating insurance coverage waiting periods could be reasonably considered. Therefore, in order to quickly meet the needs of consumers, government agencies, medical institutions, and disease control authorities for healthcare safeguards in response to the COVID-19 outbreak, the Life Insurance Association of the Republic of China drafted and filed an amendment to the aforementioned Standards, and the FSC approved it on March 10, 2020. In the case of medical insurance products that are of the same type as others already sold on the market but setting only shortened or eliminated waiting periods for coverage of notifiable infectious diseases, they will not be determined as a new-type life insurance product when being submitted for product review, and will not be subject under the amended Standards to prior approval rules so as to enable insurers to develop products more quickly.
Visitor: 644   Update: 2020-04-24