TAI FSC Internal Control of Insurers


On Feb. 20, TAI FSC proposed to incorporate ESG information.


  • TAI FSC, TAI Justice proposed to amend articles 5, 19 and 41 of Regulations governing implementation of internal control and auditing system of insurance enterprises.
  • Follows TAI FSC Aug. 2023 issued roadmap to aligning IFRS ESG standards, #178458.
  • Also follows TAI FSC issued action plan for sustainable development, see #167744.
  • Amendments
  • Insurers shall include management of ESG information in internal control operations.
  • Include the management of ESG information in inspections and internal audit report.
  • The amendments are expected to be effective from Jan. 14, 2025.
  • Effectiveness
  • Consultation is open for public opinions which shall be submitted by Apr. 22, 2024.
  • May 2024 Amendments Published
  • On May 7, 2024, TAI FSC, TAI Justice issued order finalizing changes to the regulations.
  • The amendments will be effective from Jan. 1, 2025.

Regulators TAI FSC; TAI Justice
Entity Types Ins
Reference RF FSC No. 11304913991, 5/7/2024; CP, RF FSC No. 11304904252, PR 2/20/2024; ESG
Functions Audit; Compliance; Environment; Exams; Financial; Legal; Reporting; Risk; Treasury
Countries Taiwan
Category
State
Products Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
Regions AP
Rule Type Final
Rule Date 2/20/2024
Effective Date 1/1/2025
Rule Id 201773
Linked to Rule :178458
Reg. Last Update 5/7/2024
Report Section International

Last substantive update on 05/10/2024