Date: Dec 24, 2018
By: Kao Shih-ching / Staff reporter
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. [FULL STORY]