Sanction Decision on Hua Nan Bank
2019-09-16
Hua Nan Bank and Hua Nan Insurance Agency Co. merged by Hua Nan Bank are found deficient in their life insurance solicitation operation where KYC was not performed properly or when a large-sum premium was not paid by the party to the insurance contract, the company did not take action to understand the purpose and nature of business relationship between the applicant and premium payor. Hence the FSC orders the company to take corrective action within one month and fines the company NT$200,000 in accordance with Article 167-2 of the Insurance Act on September 16, 2019. For further information please refer to the website of the Insurance Bureau in Chinese version.
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Update:
2020-10-27