The Financial Supervisory Commission (FSC) yesterday approved the launch of the nation’s first preferred risk life insurance policy to help the market develop more diversified insurance products, commission Vice Chairwoman Susan Chang (張秀蓮) said.
The preferred risk product will be launched by Nan Shan Life Insurance Co (南山人壽), a local subsidiary of American International Group Inc (AIG), and will differentiate premiums for policyholders based on whether they are smokers, Chang said.
As non-smokers usually have a greater life expectancy and lower risks than smokers, premiums for this new product for non-smokers will be 10 percent less than those for smokers, she said.
Based on the insurer’s filings with the commission, non-smoking male policyholders will be eligible for premiums that will be 18 percent to 38 percent cheaper than other standard insurance products, while non-smoking female policyholders could save between 12 percent to 36 percent on their premiums
In Taiwan, about 39.56 percent of males and 4.12 percent of females were smokers in 2006, the commission said in a statement yesterday, citing a recent survey.
In other news, the commission yesterday approved Cathay United Bank’s (國泰世華商銀) application to set up a branch in Singapore, where Taiwanese banks have set up a total of six branches and one liaison office.
Cathay United Bank has four overseas branches and seven liaison offices at present.
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