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FSC imposes sanctions on Hotai Insurance Co.

During the off-site supervision and on-site inspection, the FSC found that Hotai Insurance Co. had failed to establish firewalls between the company and its affiliated enterprises and obeyed decisions made by its parent company without observing its internal standards, thus severely violating the principles of corporate governance and the three pillars of internal control. Besides, serious internal control deficiencies with respect to its monitoring and control of personnel appointments, premium collection, and issuance of insurance policies were found as well. Such deficiencies are violations of the “Insurance Act.” Accordingly, the FSC handed the company administrative fines totaling NT$11.4 million and ordered the company file an integrated corrective action plan within 3 months addressing problems in its internal controls, legal  compliance, and internal audits. The FSC also ordered the company to punish the personnel responsible for the violations.
Visitor: 374   Update: 2021-03-31