Nan Shan Life Insurance Company, Ltd. was fined
2019-09-17
When carrying out a project inspection of Nan Shan Life’s “Envision Program” and in light of many serious problems caused when the Program went online, the FSC discovered serious deficiencies in supervision, management and internal control of the Program, which were in violation of the Insurance Act and also giving rise to concerns about the sound operation of the company. The FSC thus imposed a fine of NT$30 million on Nan Shan Life and issued 5 reprimands in accordance with the Insurance Act. The company was ordered to cease issuing investment-linked insurance product new contracts until the information system for investment-linked insurance products has been improved as well as checked and verified by a third-party professional institution recognized by the FSC and granted approval from the FSC. The company was ordered to reduce the salary of former Chief Auditor ○○, Yang by 30% for 1 year and bar her from serving as Chief Auditor again for 3 years; the company was also ordered to halt the positions of chairman and director of Nan Shan’s Chairman ○○, Du for 2 years and was prohibited to pay or give any form of remuneration or benefiting during this period.
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Update：
2020-10-27