Regulatory Alerts2026-07-09
Added
Typhoon Bavi Approaches, FSC Urges Insurance Industry to Strengthen Policyholder Services
The Financial Supervisory Commission (FSC) has instructed the life and non-life insurance associations to notify all insurance companies to prepare for Typhoon Bavi, proactively assess policyholder losses, and promptly process claims according to contract agreements. The FSC also reminds the public to review their existing insurance policies, as standard "Residential Fire and Earthquake Basic Insurance" and motor vehicle physical damage insurance (Type A, B, or C) may not fully cover typhoon or flood damage. It recommends adding specific riders, such as "Typhoon and Flood Riders" for residential policies and "Typhoon, Earthquake, Tsunami, Hail, Flood, or Water Accumulation Due to Rain Rider" for vehicle policies, to ensure comprehensive protection against such disasters.