Regulatory Alerts2025-02-20
Added
Taiwan Life Insurance Co., Ltd. Fined for Violations of Insurance Act Internal Control Regulations
The Financial Supervisory Commission fined Taiwan Life Insurance Co., Ltd. a total of NT$7.2 million for severe deficiencies in its internal control and audit systems. The penalties were imposed due to the company's failure to implement proper segregation of duties in claims processing, lack of verification in payment operations, and failure to report a major fraud incident as required by law. The fine was calculated based on specific violations of the Implementation Measures for Internal Control and Audit Systems of Insurance Companies.
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