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Important Measures

FSC amends "Enforcement Rules for the Compulsory Automobile Liability Insurance Act" and six related regulations, and amends Articles 2 and 3 of the "Regulations for the Management of the Various Reserves for Compulsory Automobile Liability Insurance"

2023-01-11
The "Compulsory Automobile Liability Insurance Act" now requires that mini electric two-wheel vehicles must be covered by compulsory automobile liability insurance and provides that the owner of a mini electric two-wheel vehicle must purchase compulsory automobile liability insurance. To coordinate with this requirement, the FSC has amended the "Enforcement Rules for the Compulsory Automobile Liability Insurance Act," the "Scope of the Term 'Automobile' and the Types of Automobiles for Which a Compulsory Automobile Liability Insurance Contract is Required," the "Premium Table of Compulsory Automobile Liability Insurance for Car," the "Policy Period of Compulsory Automobile Liability Insurance," the "Regulations for Underwriting and Claim Adjustment Procedures under Compulsory Automobile Liability Insurance," the "Regulations for the Management of the Various Reserves for Compulsory Automobile Liability Insurance," and the supervisory reporting forms for compulsory automobile liability insurance set out in Article 9 of the "Regulations for the Accounting Arrangement and Procedure of Submitting Business and Financial Reports of Compulsory Automobile Liability Insurance." In addition, the FSC has also amended Articles 2 and 3 of the "Regulations for the Management of the Various Reserves for Compulsory Automobile Liability Insurance." The amended Article 2 now specifies the method for setting aside unearned premium reserve, and the amended Article 3 now specifies setting aside a portion as loss reserve for incurred but not reported claims for assumed reinsurance.
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  • Update: 2023-01-11
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