Newsletter
Newly Amended Articles 30 and Article 41 of Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises
The Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises (the "Regulations") was first issued on December 20, 2001, and after nine amendments, the latest amendment was issued on August 5, 2019.
Considering that the Chief Compliance Officer of an insurance enterprise shall be familiar with relevant insurance laws and regulations and shall be proficient in the practice of insurance industry, and to focus on legal compliance, Article 30 of the Regulations is therefore amended. The Chief Compliance Officer, except for serving in other positions concurrently without conflicts of interest, shall be a full-time position and shall not concurrently hold other internal positions. In addition, as the amendment is related to the adjustment of the Chief Compliance Officer position and in order for the insurance industry to implement the amendment, the effective date of this amendment is December 31, 2020. (Amendment to Articles 30 and 41 of the Regulations)