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FSC imposes administrative fine on Fubon Life Insurance Co.

During a recent review of the methods used by Fubon Life Insurance to disburse payments for business promotion expenses and reimbursement, the FSC discovered that the company was not in compliance with its own internal rules governing accounting or its internal control procedures for general administrative matters. This clear violation of internal rules constituted a violation of Article 5, Paragraph 1, Subparagraph 8 of the "Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises," which were issued by the FSC on the authority of Article 148-3, Paragraph 1 of the "Insurance Act." The FSC, acting in accordance with Article 171-1, Paragraph 4 of the "Insurance Act," handed Fubon Life an administrative fine of NT$3 million.
Visitor: 1577   Update: 2021-09-11