Taiwan regulator amends regulations of public disclosure of information for insurers

The commission said this is for the sake of consistency in its financial supervision.

The Financial Supervisory Commission of Taiwan has amended regulations governing public disclosure of information for both life and non-life insurers.

The amendments pertain to insurers' implementation of corporate governance requirements, achievement of sustainability goals, improvement of cyber security management, and performance in the area of ethical corporate management. 

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The amendments are:

• Enhance information disclosure on corporate governance: Newly added provisions require an insurer to adopt a diversity policy of the board of directors' members and to describe the company's diversity policy in its publicly filed statements and the state of that policy's implementation.
• Enhance information disclosure regarding environment and society: In order to coordinate with international development trends and to achieve the goal of sustainable development, provisions referring to a company's "performance in fulfilment of its corporate social responsibility" have been amended as "performance in promoting sustainable development."
• Enhance information disclosure regarding cyber security management: A company must describe its cyber security framework, policies, and concrete management programs, and must disclose losses suffered due to significant cyber security incidents, the possible impacts therefrom, and measures being or to be taken.
• Enhance information disclosure regarding implementation of ethical corporate management: A company must describe its policy and action plan for ethical corporate management, the state of its implementation of ethical business practices, and the operation of its whistleblower procedure.

The FSC said they made these amendments "for the sake of consistency in its financial supervision".