Amendments to the Regulations Governing the Implementation of Internal Control and Audit System and Business Solicitation System of Insurance Agent Companies and Insurance Broker Companies
2019-04-01
Considering the capacity of smaller insurance agent companies and insurance broker companies to cover their legal compliance costs, the FSC announced the amendments to the aforementioned Regulations on March 4, 2019 to meet the principle of proportionality of supervision and align with Paragraph 3 of Article 165 of the Insurance Act which was amended on January 16, 2019. The amendments included that insurance agent companies and insurance broker companies that are public companies or those with annual operating revenue of more than NT$300 million shall establish internal control and audit systems as well as business solicitation system and procedures in the following year.
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Update：
2019-06-26