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Hontai Life Insurance Co., Ltd. was fined

2019-03-05
When investing in real estate, Hontai Life Insurance Co., Ltd. did not follow the sales plan it submitted, and it was in violation of the regulations that investments in real estate shall be limited to that can be used immediately and from which benefit may be derived in accordance with Paragraph 1 of Article 146-2 of the Insurance Act. The FSC thus imposed a fine of NT$1 million on the company in accordance with Subparagraph 3 of Paragraph 5 of Article 168 of the Insurance Act and, in accordance with the preface to Paragraph 1 of Article 149 of the same Act, the FSC ordered the company to lease out or sell the real estate involved in this case within one year to meet the requirement.
 
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  • Update: 2019-04-23
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