Financial Supervisory Commission expands micro-insurance coverage, benefiting 468,000 new immigrants

The Financial Supervisory Commission (FSC) has been promoting micro-insurance since 2009, aiming to provide basic insurance coverage to economically disadvantaged or specific groups at affordable annual premiums. The FSC announced today (14th) the amendment of the "Regulations Governing the Handling of Micro-insurance by Insurance Enterprises," expanding the scope of eligible applicants to include new immigrants, benefiting approximately 468,000 people. The FSC stated that the focus of this amendment is to expand the coverage of micro-insurance by including those who meet the relevant provisions of the New Immigrants Basic Law, allowing both the individuals and their family members to access micro-insurance. The FSC further explained that according to statistics from the National Immigration Agency, as of the end of June this year, there are 468,000 people who have become new immigrants through marriage and qualify under this amendment. The FSC emphasized that including these new immigrants in the scope of micro-insurance coverage is primarily intended to align with the purpose of promoting micro-insurance: allowing economically disadvantaged or specific groups to enjoy basic insurance protection with affordable premiums, while encouraging insurance companies to fulfill their social responsibilities, ensuring that all levels of society can enjoy the protection provided by insurance, and achieving the policy goal of financial inclusion. Deputy Director-General of the Insurance Bureau, Tsai Huo-yen, stated: "(Original audio) In the past, if new immigrants met the criteria for low-income status, they could join micro-insurance under other economic conditions. To expand the protective umbrella of micro-insurance, we have specifically added the group of new immigrants who have become so through marriage as a distinct category this time." According to Insurance Bureau statistics, as of the end of June this year, a total of 1.939 million people have purchased micro-insurance, with 701,000 currently covered. Total premium income reached NT$60.48 million, both higher than the same period last year. Currently, 15 life insurance companies and 13 property insurance companies offer micro-insurance, with a total of NT$570 million in claims paid since its inception in 2009.