Sanction Decision on Mercuries Life Insurance Co., Ltd.
2019-09-25
Mercuries Life Insurance Co., Ltd. in its discretionary investment service for utilizing and managing assets in investment-linked insurance account, is found deficient in its internal control system for periodic review of funds from investment-linked products that are managed by outside service providers, rendering its internal control system ineffective and violating Subparagraph 1, Paragraph 1, Article 5 of the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises. Hence the FSC imposes a fine of NT$600,000 in accordance with Paragraph 4, Article 171-1 of the Insurance Act. For further information please refer to the website of the Insurance Bureau in Chinese version.
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Update:
2020-10-27