China:Regulator urges insurers to offer coronavirus-related products

China's top banking and insurance regulator will enhance supervision on insurance services amid the Wuhan coronavirus (2019-nCoV) outbreak, encouraging life insurance companies to offer products mitigating the impact of the outbreak.

Health insurers are encouraged to extend accident and health insurance plans to cover the novel coronavirus infection, reported Xinhua News Agency quoting the CBIRC.

The Commission says that it supports life insurance companies removing limits on waiting periods, deductibles and designated hospitals for policyholders infected with the disease if risks are manageable.

The CBIRC will also strengthen supervision over insurance companies, prohibiting behaviours such as imposing extra charges for extended coverage, using the epidemic situation to hype insurance plans and enticing policyholders to discontinue existing plans and switching to new products.

The regulator says too that life insurance companies should set up a "green channel" to prioritise claims for clients affected by the epidemic, simplify claim payout procedures and provide support to clients via online payments and payments in advance.

Source: Asia Insurance Review