New Open Platform Strengthens Transparency of Insurance Information

The Financial Supervisory Commission has moved to strengthen the openness of insurance information by commissioning the Taiwan Insurance Institute (TII) to set up an Open Platform for Insurance Industry Information. The new platform, which began operating on July 31, can be accessed at this website: http://www.tii.org.tw/fcontent/information/information01.asp.

The TII points out that the Open Platform uses information from the insurance annual as well as the information that is publicly disclosed on the websites of the different insurance companies in accordance with the stipulations of the “Regulations Governing Public Disclosure of Information by Enterprises Engaging in Insurance of the Person” and “Regulations Governing Public Disclosure of Information by Non-life Insurance Companies.” The TII selects the information of most concern to consumers and divides it into two categories, financial information and business information; it also excerpts financial and business statistical information frequently used in the insurance industry, such as balance sheets and profit statements.

In addition, the TII has set up Taiwan’s first inquiry system containing complete information on insurance law, dubbed the Insurance Laws and Regulations Database (website: http://law.tii.org.tw/fn/onews.asp). The TII is also working to realize the goal of providing bilingual insurance laws and regulations by installing an English version of the insurance law inquiry system.

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