FSC imposes sanctions on Fargolry Life Insurance Co.
2020-03-24
In a routine examination of Fargolry Life Insurance''s business operations in 2018, the FSC discovered that the insurer had violated the Insurance Act and the Money Laundering Control Act in: (a) its implementation of legal compliance system reviews and its conduct of special audits; (b) its management and evaluation of brokerage and agency channels; (c) its control of insurance solicitation disputes; (d) its handling of underwriting and policy conservation procedures for interestsensitive life insurance products purchased by institutions; and (e) its anti-money laundering operations. The FSC therefore imposed a fine of NT$3.5 million and issued 6 reprimands against the company in accordance with Article 149, Paragraph 1 and Article 171-1, Paragraph 4 and 5 of the “Insurance Act,” and Article 7, Paragraph 5 of the “Money Laundering Control Act”.
Visitor:
851
Update:
2020-07-03