FSC Relaxes Online Insurance Regulations, Raises Travel Medical Insurance Coverage Limit
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Taiwan's Financial Supervisory Commission (FSC) today revised its "Directions for Insurance Enterprises Conducting E-commerce," relaxing online insurance service items to an 'open in principle' approach. It also raised the medical coverage limit for travel insurance riders, from the current 10% of the main policy (20% for Schengen countries) to 30% of the main policy. The new regulations, effective in May, pave the way for the development of digital insurance companies.