Newsletter
NEW RULES FOR INSURERS' WEALTH MANAGEMENT BUSI-NESS
On 13 January 2006, the Financial Supervisory Commission announced the Matters for Atten-tion by Life Insurance Enterprises Conducting Wealth Management Business. According to these rules, a life insurer meeting certain condi-tions may conduct wealth management business after obtaining authorization from the regulatory authority. It must establish various business policies and operating procedures in accordance with the laws and regulations relating to the products and services that it provides, and such policies and procedures must be submitted to its board of directors (or in the case of the Taiwan branch of a foreign company, a person author-ized by its head office) for approval before it begins operations.