Amendments of Some Articles of Regulations Governing Public Disclosure of Information by Life Insurance Enterprises and Non-life Insurance Enterprises
2016-08-01
In order to help the public better access to financial information of insurance companies and other important information, the FSC introduced amendments of some articles of the Regulations to align with paragraph 5 of Article 163 of the Insurance Act that allows banks to operate insurance agent business concurrently, the regulatory documentation requirements for insurance products, paragraph 4 of Article 12 of the Guidelines for Handling Assessment of Assets, Loans Overdue, Receivable on Demand and Bad Debts by Insurance Enterprises that requires disclosure of writing off non-performing loans and non-accrual loans, and paragraph 5 of Article 4 of Regulations Governing Appointed Actuaries and External Reviewing Actuaries of Insurance Companies that requires submission of an explanation regarding the conditions of dismissing or terminating the contract with appointed actuaries.
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2017-01-15