25 May, 2018
Articles 16-1 and 163-1 were added to the Insurance Act (the “Act”) by the Legislative Yuan on April 3, 2018. Pursuant to Article 16-1 of the Act, when the parent of a minor or the guardian of a person who may be subject to declaration of guardianship is the insured in the insurance contract under an insurance trust, the proposer, the insured and the beneficiary of the insurance contract may jointly agree prior to the occurrence of insured risk that the insurance payment is to be remitted to a designated trust account upon the occurrence of insured risk, and the proposer may waive the right under Article 111 of the Act regarding disposing insurable interest.
Article 163-1 of the Act provides that insurance agencies and insurance brokers may, upon approval by the competent authority, correspond with the electronic commerce development of the insurance industry to engage in the relevant insurance business, and use electronic systems to operate business.
For further information, please contact:
Steven Yen, Tsar & Tsai Law Firm
StevenYen@TsarTsai.com.tw
