BEIJING, Feb. 4 (Xinhua) -- China's top banking and insurance regulator will enhance supervision on insurance services amid the coronavirus outbreak, encouraging life insurance companies to include the novel virus in offerings.
Health insurers are encouraged to expand liabilities of accident and health insurance plans to cover the novel coronavirus infection, according to the China Banking and Insurance Regulatory Commission.
The commission supports life insurance companies to remove limits on waiting periods, deductibles and designated hospitals for policyholders infected with the disease if risks are manageable.
Life insurance companies should set up a "green channel" to prioritize claims for clients affected by the epidemic, simplify the procedures of settlement to the maximum and provide in-time financial support to clients via online payments and payments in advance.
The commission will also strengthen supervision on insurance companies, prohibiting behaviors such as imposing extra charges for liability expansion and using the epidemic situation to hype up insurance plans and entice policyholders to discontinue existing plans and buy new products.
Health insurers are encouraged to expand liabilities of accident and health insurance plans to cover the novel coronavirus infection, according to the China Banking and Insurance Regulatory Commission.
The commission supports life insurance companies to remove limits on waiting periods, deductibles and designated hospitals for policyholders infected with the disease if risks are manageable.
Life insurance companies should set up a "green channel" to prioritize claims for clients affected by the epidemic, simplify the procedures of settlement to the maximum and provide in-time financial support to clients via online payments and payments in advance.
The commission will also strengthen supervision on insurance companies, prohibiting behaviors such as imposing extra charges for liability expansion and using the epidemic situation to hype up insurance plans and entice policyholders to discontinue existing plans and buy new products.
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