FSC says insurance companies need to protect rights of COVID-19 policyholdersBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) on Tuesday called on property insurance companies to safeguard the rights of policyholders at a time when Taiwan faces a surge in COVID-19 infections. Since late last year, several insurers have launched COVID-19 policies, which would require them to compensate policyholders who are infected with the virus and given medical treatment. People line up outside the headquarters of Taiwan Fire & Marine Insurance in Taipei’s Zhongzheng District on Jan. 25 to purchase its COVID-19 insurance. This prompted the Consumers’ Foundation earlier on Tuesday to raise the concern of whether insurers would compensate policyholders in such circumstances. As of Monday, insurance companies had paid out NT$64.75 million (US$2.33 million) to 880 policyholders.

Source: Taipei Times May 26, 2021 15:56 UTC