Newsletter
Newly Issued Directions for Supervision Information Filing Deficiencies Related to Operation of Insurance Enterprises
The Financial Supervisory Commission ("FSC") issued the Directions for Supervision Information Filing Deficiencies Related to Operation of Insurance Enterprises ("Directions"), per the letter Ref. No. Jin-Guan-Bao-Cai-Zi No. 10904922661 dated July 6, 2020. The Directions shall become effective on October 1, 2020. The main stipulations are as follows:
1. Source of Law and Purpose
According to Article 148-1 of the Insurance Act, an insurance enterprise shall make a truthful filing, within a specified time limit, all the required information. Any insurance enterprise which fails to make a truthful filing or fails to make such filing in time may be punished by FSC for violations deemed severe. The Directions are specifically stipulated in order to increase the accuracy and timeliness of the filing of supervision information by an insurance enterprise and to establish objective standards for the FSC's punishment of such violation.
2. Scope of the record of violation points
The Directions' scope of the record of violation points is based on the monthly report, all kinds of annual reports, business statistics, verified filing information, and other materials filed and submitted regularly as stipulated by the FSC in accordance with Article 148-1 of the Insurance Act. The Directions' scope of the record of violation points covers the following types of filing deficiency:
(1) Delay in filing or information missing
(2) Error in filing or mismatch of information
a. Filing error which has been corrected or mismatch of information found during system examination.
b. Filing error which has been corrected or mismatch of information found by the FSC inspection bureau, FSC insurance bureau, Taiwan Insurance Institute, or Taiwan Insurance Guaranty Fund.
c. Filing error which has been corrected or mismatch of information found in field examination, including any examination opinion and on-site improvement recommendations.
Newly revised filing items, categories and inspection rules or error in filing or mismatch of information found within half a year of the launch of a new system will not be included in the record.