Regulations Governing Online Insurance Business and Online Insurance Services of Insurance Agent Companies and Insurance Broker Companies｜第 10 條｜保險｜Regulation｜In Force
金融監督管理委員會｜v1.0
Effective Date: 2027-01-01｜Last Amended: 2025-09-25
An insurance agent/broker company that conducts online insurance business shall comply with the following: 1.The insurance agent/broker company should provide on its website section, webpage or mobile insurance app or those built by its cross-industry partner a description of all insurance products that may be purchased online and the policy clauses for browsing by consumers at any time. 2.After a consumer has entered application data and selected the insurance product to be purchased, the insurance agent/broker company should prompt on its website section, webpage or mobile insurance app or those built by its cross-industry partner the full text of insurance policy and important content of the insurance product selected for perusal and agreement by the consumer. 3.Purchase and identity verification operation: Before the applicant sends the purchase confirmation, the insurance agent/broker company should verify the applicant’s identity by means of one-time password (OTP), biometrics, mobile ID, Financial Fast Identity Online (Fast-ID) or digital certificate and guide the applicant to complete identity confirmation before completing the whole purchase operation. 4.When an insurance agent/broker company handles the online purchase of travel inconvenience insurance or travel comprehensive insurance where the applicant and the insured are not the same person, the process shall be handled in the following manner, except where the applicant purchases insurance for his or her minor child under the age of seven, for which the applicant should declare intent (consent) on behalf of his or her child according to the preceding subparagraph: (1)The applicant and the insured shall complete identity verification and declaration of intent through biometrics, mobile ID, Financial Fast Identity Online (Fast-ID) or digital certificate. (2)When an applicant applies for insurance for his or her minor child over the age of seven, the insured may declare intent by uploading his or her identity document and signing on the signature document for intent to purchase insurance. The insurance agent/broker company should confirm by appropriate means that the declaration of intent is signed by the insured. 5.When an insurance agent/broker company handles the online purchase of a personal insurance product where the applicant and the insured are not the same person and the applicant registers with his/her Citizen Digital Certificate, the insured shall declare his/her intent (consent) using the Citizen Digital Certificate only. However for the purchase of travel accident insurance and add-on medical reimbursement insurance, the application may be processed in a manner provided in the preceding subparagraph. 6.For the situations in the preceding two subparagraphs, the insurance agent/broker company shall also post on its website section, webpage or mobile insurance app or those built by its cross-industry partner in a conspicuous manner a reminder that the relationship between the applicant and the insured must comply with Article 14 or Article 16 of the Insurance Act. For personal insurance products that are investment-linked annuities, an insurance agent/broker company shall implement the following controls and support operations on its website section, webpage or mobile insurance app: 1.Prompt and inform product features and associated risks; in addition, when a consumer applies to purchase such a product, confirm consumer’s understanding of associated risks and consumer’s intent to purchase the product. 2.Disclose the entire product content, including but not limited to the following: (1)Operating process for the use of premiums. (2)Policy benefits. (3)Brief introduction of targeted investment. (4)Policy related expenses. (5)Underwriting rules (age and premium limits, etc.) (6)Sales documents (policy clauses and product description) download link. (7)Investment related risks. (8)Reminder about the different time points of premium payment and actual investment. 3.Confirm in the application process that the policyholder has fully read important sales documents (e.g. policy clauses and product description) and confirm item-by-item that the policyholder understands the important contents of product and investment risks. 4.Clearly disclose various operating processes. Those operations include but are not limited to the following: (1)Payment of premiums. (2)Underwriting. (3)Phone interview. (4)Policy issue. (5)Refund of premiums in case of underwriting denial or contract cancellation. 5.Make sure the applicant has given consent to the manner by which the underwriting insurance company will deliver product description and insurance policy in hardcopy or electronic form to the applicant according to applicant’s instruction, and make sure there are no situations of the applicant being enticed into doing something. If it is agreed with the policyholder that the insurance policy will be provided in electronic form, make sure the underwriting insurance company has established an assistance mechanism that reminds policyholder to read or download and sign for the receipt of policy if the policyholder fails to do so within a certain period of time and a response mechanism, and would save the record of policyholder perusing or downloading and signing for the receipt of policy and relevant trail. 6.Immediately forward any notification information to the underwriting insurance company via linkup. The disclosure of operating processes mentioned in Subparagraph 4 of the preceding paragraph must be complemented with a timeline that shows the time of each operation. In addition, the difference between the time points of premium payment and actual investment should be clearly revealed to the policyholder. The response mechanism mentioned in Subparagraph 5 of Paragraph 2 hereof means when a policyholder fails to read or download and sign for the receipt of policy within 30 days after the insurance company has delivered the policy, the insurance company should send a hardcopy of the policy to the policyholder for policyholder to read, review and sign for its receipt.