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Financial Supervisory Commission
Laws and Regulations Retrieving System

Print Time:113.05.19 04:46

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Title: Regulations for Underwriting and Claim Adjustment Procedures under Compulsory Automobile Liability Insurance Ch
Date: 2022.11.25
Legislative: Articles 9 and 24 amended and promulgated on 25 November 2022 by Financial Supervisory Commission Order No. Jin-Guan-Bao-Chan-Zi-1110452019.
Content: Article 9 After executing a contract for this insurance, an insurer shall issue a document containing the policy provisions and an insurance certificate to the proposer.
Should there be any amendment to the contract, it shall be amended by endorsement or replacement (re-issuance) of the insurance certificate if necessary.
The procedures for replacement (re-issuance) of the insurance certificate upon the title transfer of automobiles, motorcycles, and mini electric two-wheel vehicles are as follows:
1.The owner of an automobile may select one of the following procedures upon assignment:
(1)The new owner may terminate the original insurance contract and establish a new 1 year insurance contract.
(2)Upon the agreement between the new and original owner, the insurer shall directly replace (re-issue) a new insurance certificate to the new owner for vehicle registration.
2. The owner of a motorcycle or mini electric two-wheel vehicle may select one of the following procedures upon the title transfer:
(1) The new owner of the motorcycle or mini electric two-wheel vehicle may terminate the original insurance contract and establish a new 1-year or 2-year insurance contract. 
(2) Upon the agreement between the new and original owner of the motorcycle or mini electric two-wheel vehicle, the insurer shall directly replace (re-issue) a new insurance certificate to the new owner for vehicle modification registration.
(3) The owner may follow the provisions on the title transfer notice for motorcycle and mini electric two-wheel vehicle of the compulsory automobile liability insurance implemented by the competent authority. The insurer shall re-issue the transfer endorsement or insurance certificate to the new owner after receiving relevant information.
Article 24 Except for Article 9, as amended and promulgated on 25 November 2022 and shall be implemented on 30 November 2022, these regulations shall be implemented from the day of promulgation.
 
Data Source:Financial Supervisory Commission Laws and Regulations Retrieving System