On Jan 20, 2015, the Legislative Yuan passed three readings to enact amendments to the Insurance Act. Major amendments include :(1) A Bank could directly engage in both the insurance agency business and the insurance broker business. (2) When an insured’s death is made known to an insurer by a beneficiary, the insurer shall inform the other beneficiaries of the insured’s death. (3) Setting forth the required information for public disclosure by insurers. (4) Clarifying the definition of RBC rating and possible supervision measures. (5) Increasing the amount ofthe fine for violating internal controls and internal audit rules. 

Scarlett Tang