Financial Supervisory Commission Penalty Decision Against Global Life Insurance Co., Ltd. for Internal Control Deficiencies

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The missing items listed in the General Business Inspection Report (No. 112I018) conducted on Global Life Insurance Co., Ltd. constitute violations of relevant provisions of the Insurance Law. Pursuant to Article 171-1, Paragraph 4 of the Insurance Law, a fine of New Taiwan Dollars (NTD) 3 million is imposed.

2025-09-25

Financial Supervisory Commission Penalty Decision

Addressee: As indicated in the original and copy

Date of Issue: September 25, 2025 (Republic of China Year 114)

Document Number: Jin Guan Bao Shou Zi No. 11404937382

Penalized Party: Global Life Insurance Co., Ltd.

Unified Business Number: Omitted

Address: Omitted

Name of Representative or Manager: Lin OO

Address: Omitted

Subject: Regarding the inspection opinion (3)(4) missing items listed in the General Business Inspection Report (No. 112I018) conducted on your company, it is determined that there are violations of relevant provisions of the Insurance Law. Pursuant to Article 171-1, Paragraph 4 of the Insurance Law, a fine of New Taiwan Dollars (hereinafter referred to as "the same") 3 million is imposed.

Facts: Although your company has established the "Director Travel Expense Declaration Operation Measures" to reimburse directors' travel expenses, it failed to establish internal control procedures requiring prior application and approval for the purpose, itinerary, and business relevance of directors' business trips. This deficiency hinders the confirmation of the necessity and rationality of visits, as well as the connection between directors' business trips and company business. For example, the then-Chairman and Vice-Chairman made a total of seven trips abroad to inspect real estate between 2021 and 2022. Upon review of the travel expense reports submitted when applying for reimbursement, the itinerary section only mentioned the visited parties or real estate inspection areas. The submitted pre-planned real estate inspection materials did not show internal evaluation trails, and there were no records in relevant internal company meetings or memoranda regarding investment plans for real estate in countries visited by company executives or plans for executives to travel abroad for inspection.

Reasons and Legal Basis:

1. According to Article 5, Paragraph 1, Item 8 of the "Implementation Measures for Internal Control and Audit Systems of Insurance Companies," promulgated under the authorization of Article 148-3, Paragraph 1 of the Insurance Law, insurance companies shall, based on business nature and scale and in accordance with the principle of internal segregation of duties, establish handling procedures for at least the following control operations, and shall review and revise them in a timely manner: "8. Control operations regarding accounting, general affairs, resources, human resources management, and other various businesses."

2. The aforementioned facts indicate that your company indeed failed to establish an internal control system requiring prior application and company approval for directors' business trips. This resulted in the Chairman and Vice-Chairman applying for reimbursement of expenses for multiple overseas business trips without providing supporting data for pre-planned real estate inspections, and without applicable internal regulations. This situation is detrimental to the company's assurance of the actual use of budgets and the rationality, legitimacy, and business relevance of directors' travel expenses. Since internal operational norms are crucial for the sound operation of insurance companies, your company's failure to establish complete internal norms indicates significant loopholes in the internal control system. This constitutes a violation of Article 5, Paragraph 1, Item 8 of the "Implementation Measures for Internal Control and Audit Systems of Insurance Companies," promulgated under the authorization of Article 148-3, Paragraph 1 of the Insurance Law. Pursuant to Article 171-1, Paragraph 4 of the Insurance Law, a fine of NTD 3 million is imposed.

Payment Method:

1. Payment Deadline: Payment shall be made within 10 days from the day following the service of this decision.
2. Please follow the instructions attached to the payment slip by the Insurance Bureau of this Commission for payment.

Precautions:

1. If the penalized party disagrees with this decision, they shall, within 30 days from the day following the service of this decision, prepare an appeal petition in accordance with Article 58, Paragraph 1 of the Administrative Appeal Act and submit it to the Administrative Yuan via this Commission (18th Floor, No. 7, Section 2, Xianmin Avenue, Banqiao District, New Taipei City) to file an administrative appeal. However, pursuant to Article 93, Paragraph 1 of the Administrative Appeal Act, unless otherwise provided by law, filing an administrative appeal does not suspend the execution of this decision. The penalized party must still pay the fine.
2. If the penalized party fails to pay the fine within the payment period specified in this decision, the case shall be transferred to the various branches of the Executive Yuan Administrative Enforcement Agency under the Ministry of Justice for administrative enforcement, pursuant to the proviso of Article 4, Paragraph 1 of the Administrative Enforcement Act.

Original: Global Life Insurance Co., Ltd. (Representative: Ms. Lin OO)

Copy: This Commission's Inspection Bureau, Insurance Bureau

Page Views: 16662

Last Updated: 2025-09-30

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