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The Financial Supervisory Commission (FSC) is looking into granting licenses to online insurance companies to operate in the Taiwanese market. This decision is intended to boost the digital transformation of the industry.
The conditions imposed by the supervisory authority include the following points:
- the business model of an online insurer must be different from that of a conventional insurer
- the minimum capital will be set at 1 billion TWD (36.22 million USD) for non-life insurers and at 2 billion TWD (72.44 million USD) for life insurers
- web insurers will not be allowed to open physical sales outlets except for a head office and a customer service centre
The FSC will issue detailed regulations regarding digital insurance and start receiving applications for approval in August 2022.
A list of certified web insurers will be published in April 2023.
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