Fubon Life fined for inadequate documentationAugust 6 2018 by InsuranceAsia News Staff
Poor documentation of company business practices has resulted in Fubon Life Insurance being punished by the industry regulator, the Financial Supervisory Commission (FSC), with fines of NT$12.6 million (US$410,664) against the insurer.
The violations were discovered during an inspection toward the end of 2016.
Fubon allegedly committed internal control violations when it failed to provide email records pertaining to trading of foreign stocks with the use of a discretionary account.
The FSC said Fubon responded that it had deleted the files when asked to give related email records from 2010 to 2012.
Because Fubon was unable to offer good reasons as to why the files were deleted, the regulator acted on the basis that Fubonr may have tried to destroy or hide information deliberately, that related to such investments.
- January 21
China has recommitted to opening up its market to foreign insurers.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.