FSC improves insurance rules for disabled people

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FSC improves insurance rules for disabled people

The Financial Services Commission on Monday unveiled steps to improve welfare for people with disabilities.

Under the measures, people with disabilities will not be required to report their disability to insurance firms when they buy insurance products, the FSC said in a statement.

Insurance firms will be banned from receiving higher premiums for people with disabilities, while the government will give more tax breaks for insurance products for people with disabilities, the FSC said.

From Monday, insurance firms began selling insurance products that cover electric, manual wheelchairs and scooters for people with disabilities.

So far, there has been no insurance coverage for electric or manual wheelchairs in Korea. So, if a person with a disability hits someone or is injured while driving an electric wheelchair, the person will suffer financial repercussions.

From July, people with disabilities will be able to have credit cards or bank accounts without submitting handwritten documents, the FSC said.

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