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FSC imposes sanctions on Far Glory Life Insurance Co.

The FSC discovered that Far Glory Life Insurance was handling its real estate investments in violation of Article 146-2, Paragraph 1 of the "Insurance Act," which requires that such real estate can be put to immediate and profitable use. The FSC required correction within a specified period, but the real estate had still not been put to immediate use after the specified period had elapsed, which constituted a violation of Article 146-2, Paragraph 1 of the "Insurance Act." The FSC, acting in accordance with Article 168, Paragraph 5, Subparagraph 3 and Article 172-2, Paragraph 1 of the "Insurance Act," imposed administrative fines totaling NT$2 million upon Far Glory Life. In addition, the FSC also issued the company an official reprimand in accordance with Article 149, Paragraph 1 of the same Act.
Visitor: 1483   Update: 2021-09-11