FSC imposes sanctions on Shin Kong Life Insurance
The FSC recently imposed sanctions on Shin Kong Life Insurance after discovering during a routine examination of the company's business operations that Shin Kong Life had violated the "Financial Holding Company Act" and the "Insurance Act" in its conduct of transactions with interested parties and substantively interested parties, and in its handling of reimbursements. Acting in accordance with Article 60 of the "Financial Holding Company Act" and Article 171-1, Paragraph 4 of the "Insurance Act," the FSC handed the company administrative fines totaling NT$2.6 million. Also, acting in accordance with Article 149, Paragraph 1 of the same Act, the FSC issued the company two official reprimands and instructed the company to hold the responsible persons accountable.
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- Update： 2021-09-11