The announcement of CFH on behalf of CLI of
an injunction
Date of events
2022/08/19
To which item it meets
paragraph 39
Statement
1.Date of occurrence of the event:2022/08/19
2.Circumstances of the violation:In handling insurance business, Cathay
Life violated the relative Insurance Act.
3.Monetary amount of fines:None.
4.Status of the injunction by the respective competent authority:
FSC cited Article 30, Paragraph 1 of Regulations Governing Pre-sale
Procedures for Insurance Products adopted pursuant to Article 144,
paragraph 1 of the Insurance Act to suspend sales of 2 products
(國泰人壽益美雙盈利率變動型美元終身壽險(定期給付型) and
國泰人壽鑫美利101利率變動型美元終身壽險(定期給付型)).
5.Intended improvement measures:
Cathay Life Insurance will take improving actions according to the
content of chastisement,and strengthen internal control.
6.Effect on the Company's business operations:None.
7.Any other matters that need to be specified:None.
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Cathay Financial Holding Co. Ltd. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 09:43:05 UTC.
Cathay Financial Holding Co Ltd is a Taiwan-based financial holding company principally engaged in the investment and the management of investment business. The Company operates through five business segments. The Banking Business segment is mainly engaged in the banking, foreign exchange, guarantee, foreign exchange investment, trust and offshore financial businesses. The Life Insurance Business segment is principally engaged in the sales of traditional, investment and interest rate variable annuities and various insurance products, as well as provision of financial planning services. The Property Insurance Business segment is mainly engaged in the fire insurance, marine insurance, land and air insurance, guarantee insurance and reinsurance. The Securities Business segment is mainly engaged in the securities brokerage, self-employed and underwriting businesses, as well as provision of related financial services. The Others segment is mainly engaged in other assets and others.