Insured people would be obliged to inform insurance companies about any health problems they have, according to a draft amendment to the Insurance Act (保險法) that was proposed last week, the Financial Supervisory Commission (FSC) said on Thursday.
At present, only policyholders have the duty of disclosure, but they might not lly understand the health conditions of the insured, and that is one of the reasons disputes occur, Insurance Bureau Deputy Director-General Wang Li-hui (王麗惠) said at a meeting in New Taipei City.
Under Article 127 of the act, insurance companies are not liable for any of an insured person’s illnesses that existed before signing a contract, so companies could deny insurance payments when they have doubts over the information provided by policyholders, she said.
“The amendment is not intended to protect the insurers, but to benefit the insured and insurers, as it aims to reduce disputes,” Wang said.
Under the new regulations, insurance companies would have to talk with the insured face-to-face and ask specific questions about illnesses such as diabetes and high blood pressure, rather than broader questions about dizziness or other symptoms, the commission said.
Insurance companies could rescind the contracts within five years if they have confirmed that the insured did not inform them clearly, compared with two years under the current rules, the commission said.
In a bid to protect consumers, the commission said it has proposed another amendment that insurance companies should give clients at least 14 days, as opposed to three, to review their contracts.
In a draft amendment to Article 16 of the act, the word “family” is changed to “direct blood relative” for those who are insured by policyholders, a move that aims to expand insurance coverage to children who have moved away from home, the commission said.
After a preview period of 60 days, the commission is to send the draft bill to the Cabinet and the legislature to be reviewed, likely during the next sessions, it said.
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