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Sanction Decision on Allianz Taiwan Life Insurance Co., Ltd.

Allianz Taiwan Life Insurance Co., Ltd. fails to verify whether information on the source of premiums stated in solicitor’s report attached to a new policy is true in its customer risk profile assessment for investment-linked insurance products, corporate customer application cases, review of applications for changing the applicant of high-premium products from a corporation to an individual, and applications for purchase of a new policy after obtaining a policy loan, and there are cases where the solicitor fails to duly enter information on the source of premium in solicitor’s report. All those practices do not comply with the provisions of the Insurance Act. Moreover, the company is found non-complying with anti-money laundering regulations in its watch list filtering operation and identification of beneficial owners of corporate customers. Hence the FSC imposes a fine of NT$4,000,000 on the company for the aforementioned deficiencies in accordance with the Insurance Act and the Money Laundering Control Act. In addition, the company is found deficient in the calculation of market risk value, money laundering and terrorist financing risk assessment operation, follow-up and review of consumer dispute cases, information security operation and follow-up and control of deviation of return on assets from declared interest rates, which may impede sound operation of the company. Hence the FSC issues 5 official reprimands in accordance with Paragraph 1, Article 149 of the Insurance Act. For further information please refer to the website of the Insurance Bureau in Chinese version.
Visitor: 4510   Update: 2020-10-27