Regulations for Establishment and Administration of Insurance Enterprises Article 29-1

An insurance company that provides a certain proportion of innovative insurance products or services through the use of financial technology or digital technology is defined as a digital insurance company.The term “innovative insurance products or services” as referred to in the preceding paragraph means insurance products or services that make use of financial technology or digital technology, have significant differences from existing insurance products or services, and are capable of effectively enhancing service efficiency, reducing costs, improving consumer interests, enhancing consumer experience, or promoting inclusive finance.The calculation standard for the proportion specified in Paragraph 1 shall be determined by the competent authority with reference to market development conditions.Innovative insurance products or services of digital insurance companies, once approved for sale, trial, or innovative experimentation by the competent authority, shall not, within a certain period from the date of approval, be applied for or offered by other insurance companies without the consent of the competent authority.The period referred to in the preceding paragraph shall be limited to one year. However, a digital insurance company may, by providing reasonable justification, apply to the competent authority for an extension of six months, limited to one extension only.The documents to be submitted and the review procedures for the approvals referred to in Paragraph 4 shall be separately prescribed by the competent authority.