2011-04-18
Strict Examination Standards Apply where Insurance Coverage for Children’s Disability Exceeds 200 Million
Taiwan’s Financial Supervision Commission (FSC) requires the establishment of self-discipline rules in connection with policies covering children. Where an insurance policy provides coverage of a disability in an amount that exceeds NT$ 2 million, the insurance company must apply a very strict standard of examination of the insurance applicant’s financial condition.
To protect children’s safety, no death insurance for children under 15 years old can be obtained. In order to avoid the moral hazard or fraud, the FSC requires that the Life Insurance Association and Property Insurance Association to amend the self-discipline rules and submit the same to the FSC for review.
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