Farglory Life Insurance Inc. was found to be in violation of Insurance Act when handling legal compliance business and was fined NT$2.4 million and given four reprimands under Paragraph 4, Article 171-1 of the same Act
2018-05-22
When handling legal compliance business, Farglory Life Insurance Inc’s legal compliance unit was found to have major shortcomings with regard compliance, including only collecting the summaries and handling situation reported by each business unit and failing to analyze the cases and put forward suggestions for improvement, failing to confirm whether overseas investment operations and management rules had been updated in line with related regulations and not following-up and supervising revision of internal operating regulations by the responsible departments in accordance with changes in regulations. The company was in violation of Paragraph 2, Article 30-1 and Subparagraph 2, Paragraph 3, Article 32 of the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises authorized by Paragraph 1, Article 148-3 of the Insurance Act and was thus fined NT$2.4 million and given four reprimands under Paragraph 1, Article 149 of the Insurance Act.
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Update:
2018-07-12