When operating six specific types of business (e.g., tendering services), a property insurance enterprise may replace the affixation of the signatures and seals of the applicant and the insured to an insurance application document with relevant evidence sufficient to prove the applicant‘s willingness to obtain the insurance(Taiwan)

2017.7.28
Grace Chiang

The Financial Supervisory Commission rendered the Jin-Guan-Bao-Chan-10602524241 Circular of July 28, 2017 (hereinafter, the “Circular”) to interpret that when operating six specific types of business specified by the Circular, a property insurance enterprise may replace the affixation of the signatures and seals of the applicant and the insured to an insurance application document with relevant evidence sufficient to prove the applicant’s willingness to obtain the insurance.

According to the Circular, a property insurance enterprise operating the following business may replace the affixation of the signatures and seals of an applicant to an insurance application document with relevant evidence sufficient to prove the applicant’s willingness to obtain the insurance: (1) tendering business (including the business of tendering or invitations to bid by a non-public agency in accordance with the Government Procurement Law and limited to property insurance for juristic person business); (2) property insurance business required by laws or regulations; (3) insurance for the transportation of imported or exported goods; (4) renewal of fire and car insurance; (5) compulsory automobile liability insurance business; and (6) commercial fire insurance and liability insurance for transnational foreign enterprises in Taiwan.

This Circular came into effect on the day of its promulgation when the previous Jin-Guan-Bao-Chan-10302525791 Circular of August 29, 2014 from the Financial Supervisory Commission shall become void.