Item 8.01 Other Events.
On April 29, 2021, Rays Technology Co., Ltd. ("Rays"), a majority-owned
subsidiary of China United Insurance Services, Inc. (the "Company"), received a
Decision Letter dated April 27, 2021 from the Financial Supervisory Commission
(Taiwan) (the "FSC") stating that Rays was fined NTD900,000 (equivalent to
approximately $32,233 USD) (the "Fine") by the FSC for violating Article 167-1
Section 3 of the Insurance Act of Taiwan (the "Act"). The FSC found that from
2019 to 2021 Rays used its website "Triple-I" and its point system thereon to
facilitate certain insurance sales and charged the points from certain
participating insurance salespersons on the Triple-I point system once clients
purchased insurance products from those insurance salespersons. The FSC found
that Rays' operations through the Triple-I website constituted insurance
brokerage services but Rays did not have the proper insurance brokerage license
while operating the Triple-I website. Rays will adjust its business model in
order to comply with current laws and regulations.
The Company and Rays plan to pay the Fine on or prior to the prescribed payment
due date according to the Decision Letter and will decide whether to appeal this
Decision Letter.
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CHINA UNITED INSURANCE SERVICE, INC. 