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FSC sanctions TransGlobe Life Insurance

During a full-scope examination of TransGlobe Life Insurance (TGL), the FSC discovered the following deficiencies: (1) solicitors, when filling out application documents, failed to provide accurate information (such as the source of funds used by customers for premium payments), and the company failed to establish a mechanism for monitoring and control of such information; and (2) in handling information system equipment purchases, in handling insurance purchases by corporate applicants, in assessing the risk attributes of customers seeking investment-linked insurance products, in handling the hiring of private fund advisers, and in identifying the beneficial owners of corporate customers, TGL failed to properly implement related internal control operations. These deficiencies were deemed likely to be legal violations or detrimental to sound operation of the company. The FSC, acting in accordance with the “Insurance Act” and the “Money Laundering Control Act,” handed TGL an administrative fine of NT$4.7 million and issued 6 official reprimands.
Visitor: 5977   Update: 2021-04-01