Important Measures
FSC issues official interpretation of Subparagraph 2, Paragraph 1, Article 5 of the “Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises”
2020-04-14
On March 4, 2020, the FSC issued the aforementioned official interpretation. According to the interpretation, when a policyholder cancels an insurance policy, the insurer''s procedures for conservation and control operations must require the insurer to: (a) confirm the policyholder''s intent to cancel and the reasons for it; (b) telephone the policyholder to inform them of how their interests could be adversely affected by a policy cancellation, or by replacement of an existing policy with a new one; and (c) check any changes to the telephone numbers, email addresses, and other contact information of the policyholder and the insured party to make sure that the changed contact information does not match that of insurance solicitors at the company itself, or that of insurance solicitors at any entity that cooperates with the company in the marketing of its products.
- Visitor： 512
- Update： 2020-04-14
