FSC statistics show that from 1 January to 8 October 2020, among the various types of firms that received fines for deficiencies set out in financial examination reports or discovered in the course of routine supervisory work, only insurance brokerages and insurance agencies received more fines than that in the same period of 2019. As for types of fines, life and non-life insurers were fined mainly for affecting consumer interests and for shortcomings in internal controls or corporate governance, while insurance brokerages and insurance agencies were fined mainly for failure to properly confirm the suitability of insurance products for the buyers, failure to establish effective internal controls, and serious compliance or consumer protection shortcomings. Where shortcomings were minor, the FSC simply issued official reprimands or imposed no sanction at all, according to the principle of proportionality. In its supervisory work, the FSC’s key focus is not on how heavy its fines are or whether the revenues genrated by its fines meets any budgetary target. The main focus is whether firms that receive fines can correct shortcomings as quickly as possible so as to uphold the interests of customers, maintain orderly financial markets, and get insurers to change their behavior. The FSC calls upon insurers to appreciate the importance of internal controls, and to act accordingly, thereby comporting with the spirit of corporate governance and maintaining the professional image of insurers.