2017.3.30
Oli Wong
The Financial Supervisory Commission issued the Jin-Guan-Bao-Chan-10602521101 Circular of March 30, 2017 (hereinafter, the “Circular”) to communicate that effectively immediately, exclusive and customized insurance products underwritten by a property insure require no disclosure, and there is no need to prepare and provide any explanation document for public review.
According to the Circular, the major insurance details in an “exclusive and customized insurance product” are formulated based on the needs of the insured and only apply to such insured. In addition, since such insurance product is not sold to any third party and the details about the insurance product distinctively suggest that the product is obtained by the insured, there is no need to prepare and provide any explanation document for public review.
Therefore, the Circular provides, pursuant to the proviso of Article 3, Subparagraph 3 of the Regulations Governing Public Disclosure of Information by Non-life Insurance Enterprises, that an exclusive and customized insurance product underwritten by a property insurer is exempt from the scope of insurance products which shall be disclosed pursuant to the above provision, and there is no need to prepare and provide any explanation document for public review.