Regulatory Alerts2025-05-15
Added
Fine Imposed on Ming Tai Property & Casualty Insurance Co., Ltd. for Violations of the Insurance Act
The Financial Supervisory Commission imposed a total fine of NT$9 million on Ming Tai Property & Casualty Insurance Co., Ltd. for systemic failures in internal controls and actuarial reserving practices. The penalties address specific violations including delayed and understated claim estimates, ineffective internal audit mechanisms, and late reporting of material events. These infractions resulted in significant underestimation of claim reserves and distorted the company's financial reporting for the years 2023 and 2024.
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