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FSC holds "International Conference on Senior Financial Consumer Protection in the Insurance Industry"

In order to better safeguard the right of elderly customers to purchase insurance, the FSC and the Taiwan Insurance Institute (TII) co-hosted the "International Conference on Senior Financial Consumer Protection in the Insurance Industry" on 14 December 2021 in Taipei at the Grand Hotel. The conference was attended virtually by representatives of the Life Insurance Association of Japan and the Dai-ichi Life Insurance Company, Limited, who shared the experience of Japan's life insurers in protecting the interests of elderly consumers, and the impact of their efforts on this front. In addition, members of the Financial Services Consumer Panel (FSCP) of the UK were also invited to share information on what authorities in the UK are doing to protect underprivileged financial consumers.
In addition to affording conference participants an opportunity to share their views, the conference also helped participants to better understand the methods employed in Japan and the UK to deal with issues involving elderly consumers. FSC Chairperson Huang stated that protecting the interests of elderly financial consumers is more than just a matter of caring for the needs of the elderly; it is also about looking out for the interests of the younger generations, because keeping the elderly out of financial difficulties means that they won't impose a burden on younger persons. To help people develop a relatively comprehensive understanding, such matters could accomplish through protecting elderly consumers, carrying out financial education, and engaging in intergenerational thinking. Chairperson Huang expressed hope that this conference would encourage insurers to learn from overseas experience and continue upgrading service quality in order to protect the interests of elderly consumers.
FSC officials and insurers interacted during the conference with the overseas speakers and shared information on FSC supervisory policies on protection of elderly consumers. In the future, the FSC will draw up measures to better protect the right of elderly consumers to purchase insurance, and in doing so will make reference to overseas experience while also taking note of patterns in disputes in Taiwan involving the right of elderly consumers to purchase insurance.
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  • Update: 2022-02-14