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FSC amends Article 8 of "Regulations Governing Cross-selling Among a Financial Holding Company's Subsidiaries"

2022-06-07
Under the amendment to the "Regulations Governing Cross-selling Among a Financial Holding Company's Subsidiaries" adopted on 26 February 2021, the FSC provided that when banks and securities firms that concurrently engage in trust business related to insurance claims trust, the insurance subsidiaries under the same financial holding company may solicit or act as processing agents for the trust product. When insurance solicitors engage in cross-selling only of insurance claims trusts, the trust legislation, business scope, and contractual provisions that they need to understand are limited to the kind of trusts and have nothing to do with other types of trust business; in light of this fact, the FSC has more recently agreed to reduce the number of hours of training that insurance solicitors are required to complete. This easing of training requirements will facilitate the efforts of insurers to develop their insurance trust business. Toward that end, the FSC has announced the amendment to the Article 8 of the aforementioned Regulations. The amended provisions require fewer hours of pre-job and on-the-job training, and ease requirements regarding training organizations.
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  • Update: 2022-06-07
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