‘ENVISION PROJECT’: Nan Shan Life chairman Du Ying-tzyong, who was responsible for the project, was banned from being chairman or a board member for two years

Taipei Times
Date: Sep 18, 2019
By: Kao Shih-ching  /  Staff reporter

The Financial Supervisory Commission yesterday fined Nan Shan Life Insurance Co (南山人壽) NT$30 million (US$966,651) for its failure to solve the problems of its “Envision Project” information techonolgy system, the highest-ever fine levied in a single case.

The system has caused problems with about 152,000 policies sold by the company, Insurance Bureau Director-General Shih Chiung-hwa (施瓊華) told a news conference in New Taipei City, with some policies automatically being suspended or halted.

Nan Shan Life has contacted about 150,000 affected policyholders and has promised the commission that it would compensate its clients as soon as possible, Shih said.

Even so, the commission has barred the company from selling any new investment-linked policy (ILP) products until it has fixed the problems and has passed an examination by an independent third party, Shih said.    [FULL  STORY]