Reform Confirmed for Actual Payment Insurance, Full Implementation of Principle-Based Claims from July 1

Reported 9 months ago

The Financial Supervisory Commission announced that starting from July, both actual payment medical insurance and actual payment injury insurance will fully adopt 'principle-based claims', meaning all new actual payment policies bought by individuals will adhere to this principle. While most life insurance companies already follow this system, any remaining policies will gradually be modified during the transition period before October. This reform marks a significant change in the insurance market, particularly for medical and injury insurance policies, emphasizing compensation based on the principle of 'filling damages' and 'principle-based claims'.

Source: YAHOO

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