Important Measures
FSC amends 3 sets of directions promoting insurance innovation
2020-08-06
Insurers have recently applied for approval to conduct a number of business trials involving innovative services, so the FSC on 30 June 2020 amended the “Directions for Insurance Enterprises Engaging in Online Insurance Business,” the “Directions for Insurance Entities, Insurance Agents or Insurance Brokers to Jointly Promote Associated Insurance Products with Other Business Entities,” and the “Operation Directions Governing Insurance Enterprises Application for the Approval of Business Trial” in order to create a healthy competition environment by: (a) helping business go smoothly while trials expire; (b) meeting the retirement and insurance protection needs of consumers; and (c) ensuring that insurers’ business trials yield the greatest possible benefit. These latest amendments will help insurers make use of innovative technologies to provide convenient services, improve the effectiveness of insurers’ conduct of online insurance sales and other services, increase the number of online insurance sales channels, and provide the lines of insurance and types of premium payment methods that consumers want. Also, in order to support the government’s post-COVID-19 efforts to encourage domestic travel and stimulate domestic demand-driven consumption, the FSC has reminded consumers that when planning their domestic travel they can purchase travel accident insurance online.
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- Update: 2020-08-06