Taipei, July 31 (CNA) The top 12 sellers of COVID-related insurance policies in Taiwan have paid out nearly NT$32 billion (US$1.07 billion) in 2022, and the industry is set for a reckoning amid disputes over claims and payments, according to an expert in the protection of consumers' rights.
As of Wednesday last week, 4,948 complaints about COVID-19 insurance had been filed with the Financial Ombudsman Institution (FOI, 金融消費評議中心) 25 times higher than the 189 complaints for the whole of last year, official figures showed.
Only 6.6 percent of the complaints, or 331, had been settled by insurers and policyholders, leaving 4,617 unresolved, the data showed.
In contrast, 55 percent of all 189 complaints last year were resolved, the agency said.
The FOI said it steps in to help solve complaints if consumers are not satisfied with the solutions provided by financial firms.
The agency could advise financial firms to pay
Consumers reported 269 illegal investment services or financial scams in the first five months of this year, compared with 336 such reports for the whole of last year, the Financial Supervisory Commission (FSC) said yesterday.
The figures for the first five months translate into 53 on average per month, nearly double from 28 for the same period last year, which the commission attributed to more unregistered investment consulting companies getting involved in local stock markets, FSC Chief Secretary Kao Ching-ping (高晶萍) told the Taipei Times by telephone.
“We have seen a trend that more unregistered consultants attempted to attract potential clients by
The rights of Taiwanese who hold infectious disease insurance policies are fully protected, and there is no need to rush to file claims, as there is a two-year period to register an application, the Financial Supervisory Commission (FSC) said on Saturday.
Legitimate claims for COVID-19 infections must be paid in accordance with the terms of the policies held, FSC Chairman Thomas Huang (黃天牧) said.
“We will make sure policyholders are protected,” Huang said at the Central Epidemic Command Center’s (CECC) daily news briefing, in response to concerns regarding the effects of a COVID-19 spike on insurers.
He said the government-backed Financial Ombudsman Institution
Taipei, May 7 (CNA) People in Taiwan who hold infectious disease insurance policies do not need to rush to file claims amid the spike in COVID-19 cases, as their rights are fully protected, the Financial Supervisory Commission said Saturday.