Insurers to expedite Taiwan blast claims

Insurers to expedite Taiwan blast claims
A general view shows the damaged road after the gas explosions in southern kaohsiung on August 1, 2014.

KAOHSIUNG, Taiwan - In light of the series of gas explosions in Kaohsiung's Cianjhen District late Thursday evening, the Financial Supervisory Commission (FSC) yesterday announced that it has instructed carriers to provide expedited insurance claims to all individuals and businesses impacted by the disaster.

In addition, the FSC stated that current circumstances meet the requirements of the Bankers' Association's self-regulatory guidelines, and that assistance to businesses in the afflicted area must be provided immediately. The regulator stated that domestic businesses and individuals may apply for assistance at the Ministry of Economic Affairs.

Once approved, businesses and individuals may seek extensions and renegotiated terms on existing loans with their banks. Assistance measures also call for banks to give special consideration in the assessment of afflicted clients' credit ratings, and provide additional loans to fund recovery from the disaster.

The FSC yesterday also instructed the non-life and life insurance associations to establish task forces to monitor the event closely as more details of the cause of the blasts emerge, and take an active role in assessing the extant of property damages to buildings, automobiles, and injuries and loss of life sustained by insurance policy holders.

The regulator noted that market trading among financial institutions in the Kaohsiung area were unaffected throughout yesterday's session.

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