The Insurance Bureau of the Financial Supervisory Commission (FSC) is overhauling guidelines to reinforce assurance of the insurance rights and interests of senior consumers.
The FSC has overhauled the “Guidelines for Insurance Pre-sales Procedures” and the “Actions for Solicitation, Underwriting and Claims by the Insurance Group” Claims”. The FSC says that it will join the two altered guidelines with other authoritative rules. The new measures are set to take results from 1 October 2022.
When the insurance business conducts product research and development, it should evaluate the potential impact of different item features on customers over the age of 65, including assessing whether the new products are ideal for sale to customers older than 65. In addition, the insurance industry shall attach an explanatory document aiming the type of customers the new products are targeted at and stating if the products are well suited for customers aged over 65.
Before the new insurance products are ready to be sold, insurance companies shall advise their sales personnel and sales channels if the products are suited to sale to seniors.