Taiwan's two main insurance industry associations have agreed to accept digital COVID-19 certificates of those who have been confirmed as positive as valid proof of infection, ending a standoff with the main financial regulator.
The impact of COVID-19 continues to accelerate the development of InsurTech in Taiwan's insurance industry as can be seen in the increasing variety of circumstances where InsurTech is applied, says the law firm Lee and Li Attorneys-at-Law which is a member of the Global Insurance Law Connect (GILC), an alliance of insurance law firms spanning four continents.
If the number of confirmed COVID infection cases in Taiwan is up to 3m, domestic property insurance companies should be able to sustain operations after taking into account increases in share capital, the withdrawal of reserves to offset losses, and changes in the government's policy on confirmed diagnoses, the director-general of the Insurance Bureau, Ms Shih Chiung-Hwa, has said. This is because the insurers have adequate capital.
Taiwan's new Labour Occupational Accident Insurance and Protection Act will enter into effect on 1 May, dedicated to protecting the rights and interests of workers at risk of occupational hazards as well as their families.
The government is taking further steps to promote long-term care insurance, because the take-up of such plans in Taiwan is still low even after more than 25 years of promoting such plans.
P&C insurers in Taiwan have halted sales of COVID-19 insurance policies that compensate people if they are quarantined, because of the rising number of infections, the Financial Supervisory Commission (FSC) has said.
Taiwan's Financial Supervisory Commission (FSC) has released a draft of a new regulation that stipulates that if car drivers have committed major traffic violations, they would have to pay additional fees for their motor compulsory third-party liability insurance when they renew coverage.
Shinkong Insurance continued to be profitable in 2021, supported by positive underwriting and investment results, notes AM Best.
The Financial Supervisory Commission (FSC), in conjunction with Taiwan's annual Children's Day on 4 April, has urged parents to review and close the insurance protection gap facing their children.
China Life Insurance Co and Tokio Marine Newa Insurance Co have recently formed a partnership to cross-sell their insurance products.