The Financial Supervisory Commission yesterday fined Allianz President Life Insurance (統ㄧ安聯人壽) a total of NT$13.2 million (US$401,118), the highest ever fine for a single insurer, for the company's failures in legal compliance and corporate governance.
Last September, President Allianz was also fined about NT$9 million for non-compliance, including for unilateral change of policy terms and insufficient reserves for compensation.
The commission imposed the penalty for several cases that were in breach of compliance found during a financial inspection, as well as breaches in the company's voluntary reporting, Huang Tien-mu (
Allianz announced last month it would acquire Uni-President's 47 percent stake in the company for around NT$1.7 billion, turning the joint venture into the German insurer's wholly owned subsidiary in Taiwan, named Allianz Life Taiwan.
Meanwhile, the commission also fined another foreign insurance firm, Tokio Marine Newa Insurance Ko, for NT$1.2 million for illegal sale of unapproved policies.
The financial watchdog also penalized Global Life Insurance (國寶人壽) NT$3.6 million for unlawful investment, and Taian Insurance Co (泰安產物保險) was fined NT$3.6 million for the illegitimate sale of unapproved policies.
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