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Mass Mutual Mercuries fined NT$2.4m

The Financial Supervisory Com-mission yesterday fined Mass Mutual Mercuries Life Ltd (三商美邦人壽) NT$2.4 million (US$72,600) for inappropriate product marketing and improper management.

The commission found that Mass Mutual Mercuries had "significant shortcomings in its marketing practices of insurance products, as well as in its internal management" during its latest financial inspection, it said in a statement posted on its Web site.

The commission said that while the total sum insured in two insurance policies sold by the company had exceeded the maximum insurance it could take, the company's underwriting directors still gave them the greenlight.

The commission demanded Mass Mutual Mercuries remove the underwriting directors in charge of selling the products and close one distribution outlet that had sold the insurance policies.

The insurer will also be banned from setting up new outlets over the next six months, it said.

Separately, the commission yesterday approved a merger between International Investment Trust Ltd (國際投信) and Mega Investment Trust Corp (兆豐國際投信).

Both investment trust firms are subsidiaries of Mega Financial Holding Co (兆豐金控). International Investment Trust will be the surviving entity after the merger on Sept. 17, with a paid-in capital of NT$591 million, the commission said in a separate statement.
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