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Sales of insurance policies at 7-Eleven illegal: Insurance Bureau

Sales of insurance policies at 7-Eleven illegal: Insurance Bureau

Taipei, Jan. 4 (CNA) Newly launched sales of insurance policies through ibon vending machines at 7-Eleven convenience stores around Taiwan is illegal, the Insurance Bureau said Friday. Sales of insurance products must be made by licensed agents, said Tzeng Yu-chiung, the bureau's director-general. According to media reports, 7-Eleven stores recently began selling car and motorcycle insurance policies issued by Fubon Insurance after setting up an insurance brokerage company with a capitalization of NT$15 million. The convenience store chain is planning to cooperate with other insurance companies and expand its range of products to travel and home fire insurance in the future, the reports said. (By Miranda Hsu and Y.F. Low)