To accommodate Paragraph 5 of Article 163 of the Insurance Act that a bank may operate concurrently either the insurance agent business or insurance broker business upon approval of the competent authority, the Financial Supervisory Commission (FSC) issued the amended Regulations Governing Insurance Brokers (“Brokers Regulations”) and Regulations Governing Insurance Agents (“Agents Regulations”), per letter Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567071 on 18 June 2015. The main points are as follows.
- Banks concurrently operating insurance broker business or agent business shall allocate dedicated working capital for such purpose.
A bank concurrently operating insurance broker business or agent business shall allocate minimum NT$30 million as dedicated working capital for such purpose.
- Insurance brokers shall conduct phone interviews when soliciting specific insurance products.
For the purposes of protecting the rights and interests of consumers and ensuring insurance brokers discharge duties diligently and competently, the insurance brokerage company and the bank shall conduct a phone interview when soliciting Investment-linked Insurance Products and Foreign-currency Denominated Non-investment-linked Life Insurance Products. The percentage of such phone interviews shall be not less than 5% according to the letter Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567077. Further, the insurance brokers shall ensure that the phone interviews will be conducted dutifully.