Important Measures
FSC amends the “Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises”
2020-09-09
To improve insurers’ legal compliance, the FSC on 20 August 2020 issued an amendment to Articles 30 and 41 of the aforementioned Regulations. Key points of the amendments include the following:
1.A head office chief compliance officer must hold only this one position and shall not take any concurrent positions other than those which are specifically allowed and do not pose any conflict of interest (i.e. the head office chief compliance officer of an insurance enterprise having assets of NT$1 trillion or more may act concurrently as the supervisor of the AML/CFT compliance unit, and the head office chief compliance officer of any other insurance enterprise may act concurrently as the supervisor of the legal affairs unit or the AML/CFT compliance unit).
2.The phrase “shall not take any concurrent positions” means positions at other profit-seeking enterprises (including other members of the same corporate group), and the phrase “must hold only this one position” does not exclude the possibility of concurrently holding another position outside of working hours at a non-profit organization that poses no conflict of interest.
This amendment may require adjustments involving head office chief compliance officers, and will therefore not be implemented until 31 December 2020.
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- Update: 2020-09-09