The FSC promulgated the “Directions Governing the Minimum Ratio of Death Benefit to Policy Value (Account Value) Regarding the Life Insurance Products” and amended the “Directions for the Review of Life Insurance Products” on December 24, 2019, both of which will take effect from July 1, 2020. The FSC took these measures in order to: (a) ensure the sound development of insurance firms; (b) support implementation of the Financial Development Action Plan''s policy plan of “promoting more diversified insurance protections, and ensuring that insurance fulfills its function of providing the public with peace of mind”; and (c) help insurers adopt the International Financial Reporting Standards 17. Once these purposes have been achieved, it is hoped that insurers will provide a certain degree of protection against death risk, will adjust product structure to increase protections and reduce the percentage of savings-type insurance policies, and will act to stabilize their financial structure, strengthen their solvency, and achieve sustainable business operations.