The Financial Supervisory Commission yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$7.2 million (US$252,233) for embezzlement and other irregularities, as the regulator seeks to bolster corporate governance.
The penalty, the third that the Taipei-based insurer has received this year, was imposed after routine inspections found that Shin Kong insurance agents embezzled clients’ money and the company failed to conduct thorough probes, the commission said.
Shin Kong Life has been given three monetary penalties this year totaling NT$38.8 million, the commission said.
Photo: CNA
Thirty-two customers filed 46 complaints involving NT$26.63 million in premiums, it said.
Several forms were submitted by agents bearing the same addresses and telephone numbers for policyholders, with the data being from family members of the agents, it said.
Additionally, agents exaggerated coverage and promised fee refunds when pitching policies, it said.
Shin Kong did not investigate the complaints or penalize implicated agents before closing the cases, the commission said.
The insurer also failed to look into policies where the agents and loan brokers were the same people, which opens the door to unhealthy sources of income, it said.
Shin Kong Life has been asked to take disciplinary action against rogue sales agents and their supervisors, in proportion with their misdeeds, the commission said.
Fitch Ratings on Monday last week lauded the increased frequency and severity of sanctions imposed by the commission on domestic financial institutions, saying that the moves reflect the regulator’s determination to boost corporate governance of the sector.
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