The following is a digest of some local media reports on this topic (Jan. 8,2010): United Daily News: The amendment forbids any payments at all in the event of the death of an insured child less than 15 years of age.
It requires that if a minor is insured for accidental death
and dies before 15 years of age, the insurer shall return the premium plus interest accrued.Under the existing law, the beneficiary can receive up to NT$2 million (US$62,700) in funeral expenses for an insured minor aged 14 or under, or those diagnosed as suffering from a mental disorder who die before the age of 14.
The amendment was written to reduce ethical risks to children at the urging of C.V. Chen, a local attorney and president of the Republic of China Red Cross Society.
Although there is no provision for death benefits to the beneficiary of the policy in the event of the death of an insured child, the funeral payout can still be an attractive enough incentive for parents to murder their children, said Chen, while explaining his motive to push forward the law revision.
Hailing the passage of the revision as a manifestation of society caring about children's human rights, Chen said it is the results of concerted efforts of the Legislative Yuan, the administrative sectors and media outlets.
Liberty Times: With the amendment not to retroactively apply to insurance policies sold prior to the amendment, about 520,000 insured minors will be not affected by the amendment.
Regarding accidental death insurance for insured who are mentally challenged, the amendment provides that in addition to funeral expenses, all other death benefits are void.
The amount of funeral expenses is limited to 50 percent (which currently is NT$555,000) of the deductible amount set forth in the Estate and Gift Tax Law. There have been numerous cases of murder for the purpose of claiming life insurance benefits, according to data provided by police authorities and insurance businesses.
As an example, Chen Jui-chin was sentenced to death in 2004 for a record fifth time for killing three sons and two wives for about NT$18 million in insurance payments between 1985 and 1998.
China Times: The amendment will not be retroactive, which minimizes the impact on insurance companies.
The amendment states clearly that a policy holder must be 15 or above before death benefits can be received in the event of the policyholder's death.
In future, if a policyholder under 15 dies, the only benefits that can be collected are the original premium fees plus interest.
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