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Important Measures

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Amendment to the "Regulations Governing the Supervision of Insurance Solicitors"

To better protect the interests of insurance solicitors, and to coordinate with a Civil Code amendment that will eventually lower the age of majority, the FSC in December 2020 amended the aforementioned Regulations as follows: (a) The minimum age requirement for insurance solicitors has been lowered to the age of majority, and the “revocation of registration” penalty originally set out in Paragraph 1 of Article 19 has been deleted. (b) The pre-amendment Regulations provide that "where a solicitor has been suspended from solicitation activities accumulatively for two years or longer during the effective period of the registration, his or her solicitor registration shall be revoked." In the amended version, "during the effective period of the registration" has been changed to "within any five-year period." (c) The effect of revocation of a solicitor's registration is now limited to the same type of insurance business. (d) A solicitor whose registration has been revoked was formerly prohibited from registering gain for at least three years, but this prohibition has been eliminated.
Visitor: 773   Update: 2021-01-18