Newsletter
Interpretation of Paragraph 1 of Article 167-1 of the Insurance Act
The Financial Supervisory Commission of Taiwan issued a Ruling (Ref. No. Jin-Guan-Bao-Zong-Zi No. 11004941961) on November 16, 2021, interpreting Paragraph 1 of Article 167-1 of the Insurance Act (the "Ruling"). The Ruling is summarized as follows:
1. "Any person who provides agent, broker, or solicitation services for insurance enterprises not within the scope of the Act or foreign insurance enterprises "referred to in Paragraph 1 of Article 167-1 of the Insurance Act does not include the circumstances where insurance agents or insurance brokers solicit business from profit-seeking enterprises for insuring the following foreign insurance products:
(1) Marine and Commercial Aviation Insurance: including the goods being transported, transportation instruments for transporting the goods, and any liability arising therefrom.
(2) International Transport Cargo Insurance.
2. The Ruling took effect on the issue date.