Regulatory Alerts2025-09-25
Added
Financial Supervisory Commission Penalty Decision Against Global Life Insurance Co., Ltd. for Internal Control Deficiencies
The Financial Supervisory Commission imposed a NT$3 million fine on Global Life Insurance Co., Ltd. for failing to establish internal control procedures requiring prior approval for directors' business trips. The regulator found that the company lacked mechanisms to verify the necessity and business relevance of executive travel, citing seven unapproved overseas real estate inspections by the chairman and vice-chairman between 2021 and 2022. This penalty enforces compliance with the Insurance Law and the Implementation Measures for Internal Control and Audit Systems of Insurance Companies.
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