Reported about 1 year ago
Following the review of insurance products and reforms in medical insurance by the Financial Supervisory Commission after the new government took office, related regulations are set to be implemented on July 1st, affecting the availability of affordable medical, accident, and disability insurance policies. Friend Life Insurance originally announced to stop accepting the 'disability assistance insurance' from June 21st, but after internal discussions, they have extended the deadline to June 30th, in line with four other insurers. The market expects a total of 20 policies to be affected. The FSC's recent push for medical insurance reform aims to return insurance to the principle of 'filling losses,' with the new system set to be postponed to September or October after suggestions from industry players. Several insurers have already adjusted their policies since the first half of the year, aligning not only hospitalization insurance but also accident and disability policies with the upcoming changes. This adjustment is primarily in response to the new regulations provided by the FSC, indicating that from July 1st, insurers designing disability assistance insurance may no longer reference injury insurance terms in disability extent and benefit payment tables, potentially leading to a shift where only accidental disability is compensated, excluding disease-related disabilities.
Source: YAHOO