The Financial Supervisory Commission (FSC) imposed fines totaling NT$334 million (US$12.06 million) on financial companies last year, a record, mainly due to a series of thefts by customer-relations staff, commission data showed.
It was the second consecutive year that such fines surpassed NT$300 million, after NT$326 million in 2020, the data showed.
The Banking Bureau last year imposed NT$112.9 million in fines, up 29 percent from a year earlier as it punished several banks for contraventions of the Banking Act (銀行法), breaches that were exposed after customer-relations staff stole money from clients, the data showed.
The FSC in July fined Taishin International Bank
The Financial Supervisory Commission (FSC) yesterday said that it would review US-based health service provider Cigna Corp’s sale of its life insurance business to US insurer Chubb Ltd to safeguard Cigna’s local employees and clients.
Cigna Corp’s local unit, Cigna Taiwan Life Assurance Co Ltd (國際康健人壽), had 340,000 policyholders and 902 employees as of the end of June, and its total assets were NT$40.7 billion (US$1.45 billion) as of the end of August, the commission said yesterday.
Cigna Taiwan had operated a stable business since it was launched in 1989 and it distributed cash dividends regularly, it said.
Chubb on Thursday announced that
New Fubon, Chubb policies cover side effects from COVID-19 vaccinations
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission yesterday gave Fubon Insurance Co (富邦產險) and Chubb Corp Taiwan (美商安達產險台灣) its approval to sell from today insurance policies that provide coverage to people experiencing serious side effects from COVID-19 vaccines.
Chubb’s product would pay compensation if a policyholder experiences side effects that require hospitalization or a stay in an intensive care unit (ICU), or if they die within 90 days of taking a COVID-19 vaccination, the commission said.
Fubon Insurance’s product has a shorter protection period, providing coverage for policyholders requiring treatment due to side effects within 14 days of being given a COVID-19 shot, the commission said.
Insurance policies target travelers in the Palau bubble taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.