Newspaper article China Post

TLG Insurance Fined NT$4.8 Million for Violating Insurance Act

Newspaper article China Post

TLG Insurance Fined NT$4.8 Million for Violating Insurance Act

Article excerpt

(ProQuest: [...] denotes non-USASCII text omitted)

TAIPEI, Taiwan--TLG Insurance Co. ([...]) has been fined NT$4.8 million following five major violations of the Insurance Act, the Financial Supervisory Commission (FSC, [...]) said on Tuesday.

One violation constitutes improper price competition; as a result, the company was barred from selling car as well as fire insurance for one month.

Jenny Lee ([...]), director-general of the FSC's Insurance Bureau, said TLG failed to offer insurance rates based on the previously agreed price table.

On the company's fire insurance product, there is a violation on the minimum rate.

Also, the company has not followed the regulation to report its bad debts, and has consequently overstated its asset holding, the FSC said.

An insurance enterprise shall establish internal control and auditing systems, the FSC said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.