The Financial Supervisory Commission (FSC) is studying the desirability of Web-only insurance companies, which might prove less competitive than Web-only banks, FSC Chairman Wellington Koo (顧立雄) said yesterday.
The commission is studying the pros and cons of online insurance companies, and risk management tops its list of concerns, Koo said.
Property insurance firms would have a better chance than life insurance companies, he said.
However, as there are many property insurance companies in the sector, Web-only property insurance companies might not be competitive, Koo said.
In addition, the commission has questioned whether people need Web-only insurance companies, as they can already purchase insurance products online, he said.
If companies could show creativity, they might have a higher chance of gaining permission, Koo said.
To replace traditional identification methods, the Insurance Bureau has started researching biometric identification using finger and voiceprints, as well as facial and retinal scans, he said.
The commission would finalize the requirements on Web-only banks this month and start accepting applications next month, he said.
The commission plans to issue only two Web-only bank licenses in its first round of approval, he added.
In other news, the commission has approved plans by Fubon Financial Holding (富邦金控) to transfer its Hong Kong subsidiary’s stake in China’s Xiamen City Commercial Bank (廈門商銀) to the holdings, but the China Banking Regulatory Commission has not yet approved the transfer, Koo said.
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