萬國法律事務所

Per the amendment of Article 12-1 of Taiwan’s “Directions for Banks, Insurance Enterprises, Insurance Brokers, or Insurance Agents Engaging in Bank Insurance Business”, banks, soliciting Variable Universal Life Insurance (VUL) through telemarketing, are required to make a follow-up telephone call to confirm with the proposers that they know and understand the contents of the insurance policies and accept all of the conditions of the same. These confirmations must be made at least three days before the due date of abandoning the insurance.

After said confirmations, the proposers can abandon the insurance policies at their will if the insurance does not meet their requirements. The telephone conversations during the confirmations must be recorded, and the relevant records must be retained for a minimum period of two years after the insurance contracts have expired. If needed, said period of retention can be extended.