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FSC issues "Directions for Provisioning of the Policy Reserve for Specified Protection-Type Insurance Products Sold via the Online Platform for Protection-Type Insurance Products"

To encourage insurers to design and sell protection-type insurance products, thereby raising the level of insurance protection in Taiwan, the FSC on 21 May 2021 began allowing life insurers to sell specified protection-type insurance products via an FSC-designated platform. For these products, the applicable reserve valuation rate is based on the current year's "Auto-adjust Actuarial Formula of the Policy Reserve Rate for Life Insurance Policies Denominated in each Currency" as issued by the FSC, and the new contract policy reserve rate can be further raised by a maximum of 0.75 percentage points in the case of term insurance products with a coverage period of six years or less. These Directions will take effect on 1 July 2021.
Visitor: 293   Update: 2022-03-21