| Legislative： |
Amended on 29 June 2023 per Order No. Jin-Guan-Bao-Zong-Zi 11204921382 of the Financial Supervisory Commission. |
| Content： |
Article 8
An insurance agent/broker company that conducts online insurance business or online insurance services shall provide one of the means below for customers with legal capacity to carry out registration and identity verification, and may not allow a customer to
purchase insurance online or receive online insurance services until the customer has completed the registration and identity verification process:
1.Online:
(1)The legally required information that should be posted on the website section, webpage or mobile insurance app built by an insurance agent/broker company or its cross-industry partner includes but is not limited to declaration of consent to online insurance
purchase or online insurance services and disclosure obligation pursuant to the Personal Information Protection Act (referred to as the “Personal Information Act”) for perusal by the customers, and may not proceed with the registration and identity verification
until the customer has indicated that he/she has read the disclosure and consented to online insurance purchase or online insurance services.
(2)When a customer undergoes registration and identity verification, the customer should be required to fill out basic information that is sufficient to verify his/her identity and given an account number through the identity verification process. However,
with customer consent, an agent/broker company may carry out customer registration and identity verification through the customer’s online banking account (only if the account is opened by customer at the bank counter in person) or digital deposit account
(only if the account is a type 1 account that applies to high-risk electronic transfer of funds and transaction instruction).
(3)After a customer has completed the registration and identity verification process, the insurance agent/broker company should verify the customer’s identity by means of one-time password (OTP), mobile ID or Fido (Fast Identity Online) and guide the customer
to complete identity confirmation.
2. In person:
(1)A customer may visit the business place of an insurance agent/broker company or its branches in person to apply for online insurance or service.
(2)The insurance agent/broker company should provide the customer with legally required information in writing or in another verifiable manner, including but not limited to declaration of consent to online insurance purchase or online insurance services and
disclosure obligation pursuant to the Personal Information Act for perusal and signing by the customers to complete the registration and identity verification process.
(3)The customer should provide basic personal data that is sufficient to verify his/her identity.
For a customer who has completed the identity verification process under the preceding paragraph and obtained the account password but has not negotiated any insurance contract with or requested insurance service from an insurance company through the insurance
agent/broker company in five (5) years after completing the application, the customer may not use the account password to purchase insurance online or request online insurance service until he/she completes the identity verification process under the preceding
paragraph again.
An insurance agent/broker company that conducts online insurance business and carries out registration and identity verification using methods described in Subparagraph 1 of Paragraph 1 hereof may, with customer consent, also use the member account of the cross-industry
partner.
Article 10
An insurance agent/broker company that conducts online insurance business shall comply with the following:
(1)The insurance agent/broker company should provide on its website section, webpage or mobile insurance app or those built by its cross-industry partner a description of all insurance products that may be purchased online and the policy clauses for browsing
by consumers at any time.
(2)After a consumer has entered application data and selected the insurance product to be purchased, the insurance agent/broker company should prompt on its website section, webpage or mobile insurance app or those built by its cross-industry partner the full
text of insurance policy and important content of the insurance product selected for perusal and agreement by the consumer.
(3)Purchase and identity verification operation: Before the applicant sends the purchase confirmation, the insurance agent/broker company should verify the applicant’s identity by means of one-time password (OTP), mobile ID or Fido (Fast Identity Online) and
guide the applicant to complete identity confirmation before completing the whole purchase operation.
(4)When an insurance agent/broker company handles the online purchase of a personal insurance product where the applicant and the insured are not the same person and the applicant registers with his/her Citizen Digital Certificate, the insured shall declare
his/her intent (consent) using the Citizen Digital Certificate only. The insurance agent/broker company shall also post on its website section, webpage or mobile insurance app or those built by its cross-industry partner in a conspicuous manner a reminder
that the relationship between the applicant and the insured must comply with Article 16 of the Insurance Act.
For personal insurance products that are investment-linked annuities, an insurance agent/broker company shall implement the following controls and support operations on its website section, webpage or mobile insurance app:
1.Prompt and inform product features and associated risks; in addition, when a consumer applies to purchase such a product, confirm consumer’s understanding of associated risks and consumer’s intent to purchase the product.
2.Disclose the entire product content, including but not limited to the following:
(1)Operating process for the use of premiums.
(2)Policy benefits.
(3)Brief introduction of targeted investment.
(4)Policy related expenses.
(5)Underwriting rules (age and premium limits, etc.)
(6)Sales documents (policy clauses and product description) download link.
(7)Investment related risks.
(8)Reminder about the different time points of premium payment and actual investment.
3.Confirm in the application process that the policyholder has fully read important sales documents (e.g. policy clauses and product description) and confirm item-by-item that the policyholder understands the important contents of product and investment risks.
4.Clearly disclose various operating processes. Those operations include but are not limited to the following:
(1)Payment of premiums.
(2)Underwriting.
(3)Phone interview.
(4)Policy issue.
(5)Refund of premiums in case of underwriting denial or contract cancellation.
5.Make sure the applicant has given consent to the manner by which the underwriting insurance company will deliver product description and insurance policy in hardcopy or electronic form to the applicant according to applicant’s instruction, and make sure there
are no situations of the applicant being enticed into doing something. If it is agreed with the policyholder that the insurance policy will be provided in electronic form, make sure the underwriting insurance company has established an assistance mechanism
that reminds policyholder to read or download and sign for the receipt of policy if the policyholder fails to do so within a certain period of time and a response mechanism, and would save the record of policyholder perusing or downloading and signing for
the receipt of policy and relevant trail.
6.Immediately forward any notification information to the underwriting insurance company via linkup.
The disclosure of operating processes mentioned in Subparagraph 4 of the preceding paragraph must be complemented with a timeline that shows the time of each operation. In addition, the difference between the time points of premium payment and actual investment
should be clearly revealed to the policyholder.
The response mechanism mentioned in Subparagraph 5 of Paragraph 2 hereof means when a policyholder fails to read or download and sign for the receipt of policy within 30 days after the insurance company has delivered the policy, the insurance company should
send a hardcopy of the policy to the policyholder for policyholder to read, review and sign for its receipt.
For traditional individual life insurance products, an insurance agent/broker company should provide the consumers with a free look period as agreed in the insurance contract. |