The Financial Supervisory Commission (FSC) yesterday sided with insurers who said that they would not provide a full payout to people whose family members were among the 33 killed during a fatal tour bus crash last week, citing stipulations of the Civil Code (民法).
Fubon Insurance Co (富邦產險) and Union Insurance Co (旺旺友聯) said they would not provide a full payout as it lacks legal basis.
The insurers paid the son of Lee Chuan-hai (李傳海) — who died in the crash along with his wife and his daughter — NT$6 million (US$195,109) for each of his parents, but only NT$2 million in liability benefits for the death of his sister.
The Civil Code stipulates that he is eligible to claim benefits for his parents, but is not eligible to claim payouts from passenger liability insurance taken out by the tour bus operator, the commission said, adding that the terms of the policies purchased by the deceased do not require insurers to provide payment.
While personal accident insurance payouts may be claimed by a policyholder’s surviving children and spouse, the claim does not apply to siblings, the commission said.
Liability insurance is purchased by businesses to protect against damages in the event of infringement, Insurance Bureau Deputy Director-General Shih Chiung-hwa (施瓊華) told a news conference in Taipei.
“In this case, insurers are only obligated to provide NT$2 million to reimburse funeral expenses for the person in the crash, which are expenses for their family,” Shih said.
The distinction is that personal accident insurance is purchased by the policyholder, whereas liability insurance is purchased by businesses to cover reparation obligations to customers in the event of injury or death, Shih added.
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