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5. An insurance enterprise shall obtain certification of information security management systems (ISO27001) and personal information management system (PIMS) for the Business.
The qualification requirements for an insurance enterprise to apply for conducting online insurance business are as follows:
(1) The enterprise is sound in both finance and business operations and has the capability of conducting online insurance business, and its ratio of adjusted net capital to risk-based capital in the most recent year conforms to the adequacy ratio set forth
in Paragraph 1, Article 143-4 of the Insurance Act.
(2) The enterprise has not been subject to major sanctions and penalties imposed by the competent authority in the most recent year, or if it has, concrete improvement actions have been taken to remedy the violation and recognized by the competent authority.
(3) The enterprise was ranked in the top eighty percent in the past year in terms of the results of the Treating Customers Fairly Principle evaluation of non-life or life insurance companies. The preceding provision does not apply to a non-life company or a
life company that could provide reasonable explanation (for not ranking in the top eighty percent) and such explanation is approved by the competent authority.
“Major sanctions and penalties” in Subparagraph 2 of the preceding paragraph means major disciplinary actions specified in Article 2 of the Regulations Governing Public Disclosure by the Financial Supervisory Commission of Material Enforcement Actions for Violations
of Financial Legislation.
A digital insurance company that has been established for less than one year and applies to conduct online insurance business shall not be subject to the qualification requirements regarding capital adequacy ratio and Treating Customers Fairly Principle evaluation
results set forth in Paragraph 2. |