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Farglory Life Insurance Inc. was fined

When handling real estate investments, Farglory Life Insurance Inc. did not act in accordance with the sales plan it had reported, and was in violation of the requirements that real estate investment by an insurance enterprise shall be limited to real estate that can be used immediately and from which benefit may be derived in Paragraph 1, Article 146-2 of the Insurance Act. The FSC imposed a fine of NT$1 million on the insurer in accordance with Subparagraph 3, Paragraph 5, Article 168 of the Insurance Act. The FSC also issued a reprimand in accordance with Paragraph 1, Article 149 of the same act and ordered the company to dispose of or lease out the real estate involved in the case within one year to meet the aforementioned requirements.
Visitor: 6720   Update: 2019-08-14
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