The FSC recently imposed an administrative fine of NT$1.2 million on Far Glory Life Insurance after it came to light that: (a) a Far Glory solicitor had used improper methods and sales tactics in soliciting products, and had failed to fill out a solicitor report even after knowingly allowing customers to make premium payments for newly purchased products by surrendering previously purchased policies or taking out policy loans against them; and (b) the company had failed to carry out proper due diligence to verify the accuracy of customers’ self-reported income and wealth, and had failed to use such information to evaluate whether insured amounts and premiums were commensurate with applicants’ income, wealth, and employment situation. These deficiencies showed that Far Glory’s solicitation and underwriting practices were not compliant with insurance legislation.