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Important Measures

After lowering of COVID-19 alert level, insurers will continue implementing pandemic control measures that had been in place during the level 3 alert

In light of the need to reduce face-to-face interactions during the pandemic, and to meet the need of consumers for all types of insurance services, the FSC has announced that various temporary measures taken when the level 3 COVID-19 alert went into effect will remain in place now that the COVID-19 alert has been downgraded to level 2. These measures include the following: (a) the ROC Life and Non-Life Insurance Associations as well as the Professional Insurance Brokers Association of R.O.C. have all issued "temporary principles for the conduct of face-to-face interactions and the handling of hardcopy documents during the COVID-19 pandemic" which allow for transmission of photographed, scanned, or faxed documents to eliminate the need for face-to-face interactions; (b) comprehensive insurance which covers vaccinations and statutory infectious diseases can now be sold as group insurance; (c) for comprehensive insurance which covers vaccinations and statutory infectious diseases that are sold online, the requirement to conduct a telephone interview has been temporarily waived; (d) auto insurance premium payments may be deferred or made on installment; and (e) life insurance premium payments may be deferred. This approach has been taken in order to safeguard the health of both consumers and persons working in the insurance industry, and to facilitate the efforts of insurers to continue promoting their business.
In addition: (a) the application deadline for participation in the "Preferential-Rate Policy Loan Stimulus Program" remains the end of September 2021; and (b) insurers that invest in real estate are being provided temporary relief from regulatory requirements that such real estate be used immediately and with reasonable benefit, and the period of this temporary relief has been extended until 30 June 2022 (when the implementation period of the "Special Act for Prevention, Relief and Revitalization Measures for Severe Pneumonia with Novel Pathogens" comes to an end). The FSC has reminded those interested in benefitting from these measures to be sure and file applications before the deadlines.
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  • Update: 2021-09-08