Legal Compliance

In response to the growingly strict financial regulations of the competent authority in Taiwan, we established the "Compliance Risk Management and Supervision Framework" and conducts compliance risk assessments every year. We assess the existing risks, control results, and residual risk of each department using the "compliance risk assessment procedures and methods,“ and examine the management measures and operating procedures of high risk departments based on assessment results, in order to improve control results and assist monitoring and integration through the "regulatory change management system." 

We established standardized examination procedures to understand the progress and implementation of action plans related to internal regulations and systems of departments in response to regulatory changes. The compliance unit participates in the planning of new products and services and immediately provides complete compliance opinions, rapidly responding and effectively managing compliance risks. We conduct compliance inspections on an annual basis, track improvements, and arrange related training. We also established management mechanisms for fines that were imposed on peers in the industry, and conduct sampling self-inspections to lower the probability of similar deficiencies.

IFRS 17 takes effect in 2023 and will be applied in Taiwan in 2026. We will also become aligned with the Insurance Capital Standard (ICS) at the same time. We established a dedicated department to prepare for the changes brought by IFRS 17 in advance. The department integrates actuary, accounting, finance, and IT teams to understand the latest changes to international standards, and also cooperates with the implementation of the competent authority's transition plan. The department formulates strategies for products, investments, and asset and liability management to mitigate the impact and achieve a smooth transition.