More specifically, details on physical disabilities related to the eyes, nose, ears, speech, chewing functions, mental capacities and nerve system were required. In addition, insurance subscribers were only able to obtain coverage by informing companies of disabilities stemming from harm or deformations in their legs, arms, hands, feet and spine. (Image credit: Kobiz Media/Korea Bizwire)
SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies.
According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any existing disabilities before being able to be covered by the insurance plan will be axed. The provision stated that notification of any disabilities was a “duty” before any insurance policy could be signed.
More specifically, details on physical disabilities related to the eyes, nose, ears, speech, chewing functions, mental capacities and nerve system were required. In addition, insurance subscribers were only able to obtain coverage by informing companies of disabilities stemming from harm or deformations in their legs, arms, hands, feet and spine.
However, despite the new measure, both disabled and non-disabled insurance seekers must still notify companies of any previous medical treatment that took place three months to five years prior.
The Financial Supervisory Service is hopeful that the new measure will put an end to the controversy surrounding the allegations of discrimination against disabled individuals, having been previously forced to disclose their disabilities when signing insurance contracts.
Ashley Song (ashley@koreabizwire.com)
