Country Manufacturer Obligations Distributor Obligations Range of products Penalties Taiwan The Regulations Governing Pre-sale procedures for Insurance Products requires The Financial Consumer Insurance for The regulator can that during product development an insurance enterprise must (amongst other Protection Act imposes an manufacturer impose a fine for things) must focus on insurance product design, devoting concrete attention to individual suitability obligation obligations breaches. such matters as due professional care, due care of a good administrator, target on financial services Distributor market and safeguarding the consumer interests. enterprises that distribute obligations for products and services (Art 9). The insurance enterprise must also convene at least half-yearly meetings to all financial This includes requiring an review matters such as safeguarding consumer interests, and make necessary products and internal product review adjustments and amendments. There is also a regulator pre-approval regime for services. committee. insurance products.
Country Manufacturer Obligations Distributor Obligations Range of products Penalties Taiwan The Regulations Governing Pre-sale procedures for Insurance Products requires that during product development an insurance enterprise must (amongst other things) must focus on insurance product design, devoting concrete attention to such matters as due professional care, due care of a good administrator, target market and safeguarding the consumer interests. The insurance enterprise must also convene at least half-yearly meetings to review matters such as safeguarding consumer interests, and make necessary adjustments and amendments. There is also a regulator pre-approval regime for insurance products. The Financial Consumer Protection Act imposes an individual suitability obligation on financial services enterprises that distribute products and services (Art 9). This includes requiring an internal product review committee. Insurance for manufacturer obligations Distributor obligations for all financial products and services. The regulator can impose a fine for breaches.
C2016-054_Design-and-distribution-obligations.docx