For the purpose of prompting e-commerce in insurance products and starting phase III of guiding e-commerce in insurance products, FSC issued the amended Directions Governing E-Commerce of Insurance Enterprises (“Directions”), per letter Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402058751 on 24 June 2015. The main points are as follows.
- Raise insurance liability limits for insurance products distributed via the Internet
Considering consumer demands and risk management in the insurance industry, the maximum insurance coverage provided via the Internet by the same insurance company is raised to be same as the cumulative amount of insurance provided by all insurance companies. For instance, the cap on travel insurance provided via the Internet by the same company is raised from NT$6 million to NT$10 million which is equal to the cumulative amount of insurance provided by all insurance companies.
- Expand variety of insurance provided via the Internet
Personal liability insurance, golf liability insurance, home appliances repair insurance, smart mobile devices theft insurance and reimbursement benefits (health insurance) are added to previously permitted insurance products for online distribution such as motor insurance, residential fire and earthquake insurance, homeowners insurance, travel inconvenience insurance, travel accident insurance, personal accident insurance and term life insurance.