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Article 2 |
With regard to the simple life insurance managed by Chunghwa Post Co., Ltd. (hereinafter called Chunghwa Post), the Ministry of Transportation and Communications (MOTC) shall be its competent regulatory agency, and the Finacial Supervisory Commission, Executive Yuan(FSC) will supervise its business operations.
With regard to the simple life insurance business of other insurance firms, the competent regulatory agency shall be the FSC, and Article 4 and Articles 6 to 26 hereof shall apply.
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Article 5 |
The MOTC and FSC shall jointly set the maximum and minimum insured amounts for postal simple life insurance as well as the limit for the total insured amount for which an individual may be covered.
In the event that the insured amount exceeds the upper limit as set in the preceding paragraph, the excess portion of the contract shall be deemed null and void and the premium paid for the excess portion shall be refunded without interest.
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Article 7 |
Non-ROC citizens are not eligible to be insured.
In the case that a simple life insurance contract insures a minor under 14 years of age or a mentally incapacitated person, the maximum death benefit payable may not exceed the cost for funeral expenses as set by the FSC.
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Article 31 |
The MOTC and the FSC shall jointly formulate the terms and conditions of insurance policies, the rates of premiums and other related information, as well as the procedures taken before a sale, qualifications of persons-in-charge, actuaries, underwriters and claims adjusters, employment and certification, management of insurance agents and all other related matters of the postal simple life insurance business.
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Article 32 |
Unless otherwise stipulated, Articles 137, 137-1, 138-1, 139, 141, 144, 145, subparagraphs 4 and 6 of paragraph 1 as well as paragraphs 4 and 5 of Article 146, Articles 146-5, 146-6, 147, paragraphs 2 to 7 of Article 149, Article 149-1 to Article 162, Articles 166, 167, Articles 168 to 174, Article 176 and the regulations regarding the supervision of insurance agents, brokers and adjusters in Article 177 of the Insurance Act shall not apply to postal simple life insurance.
Five years after the establishment of Chunghwa Post, paragraphs 1 to 3 of Article 143-4 shall apply to postal simple life insurance.
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Article 34 |
When the FSC, in accordance with Article 148 of the Insurance Act, dispatches its own inspector or consigns an appropriate agency or experienced professionals to inspect Chunghwa Post's business and financial status, or instructs Chunghwa Post to provide a report on its operation within certain time, the person-in-charge or any employees of Chunghwa Post shall be subject to a fine of NT$500,000 to NT$2,500,000 in the event that any of them is found to be remiss in any of the following ways:
1. Any of them shuns, impedes, or refuses attempts at inspection.
2. Any of them conceals, damages or destroys account books related to its business or financial status.
3. Any of them refuses to answer without appropriate cause or purposefully provides false information when inspectors ask about their duties.
4. Any of them fails to meet the deadline for submitting a financial statement, list of assets or other related information, or submits false or incomplete reports, or fails to make payment for an inspection/audit within the given time limit.
When the FSC, in accordance with paragraph 4 of Article 148 of the Insurance Act, dispatches inspectors to inspect Chunghwa Post's affiliated businesses or other financial institutions, any of them who fails to provide a financial statement, accounting books, documents or other related transaction information shall be subject to a fine of NT$500,000 to NT$2,500,000.
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Article 36 |
Should Chunghwa Post fail to meet the deadline or refuse to contribute for the Safety Fund, the FSC may, depending the seriousness of the case, levy a fine of NT$240, 000 to NT$1,200,000.
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Article 38 |
In the event that Chunghwa Post should violate paragraph 1 of Article 148-2 of the Insurance Act by failing to provide the document of explanation for reference, or the document of explanation provided fails to provide the information required or contains misrepresentations, Chunghwa Post shall be subject to a fine of NT$300,000 to NT$1,500,000.
In the event that Chunghwa Post violates paragraph 2 of Article 148-2 of the Insurance Act by failing to make a report to the FSC or failing to take the initiative to make an open explanation before the deadline, or the report provided to the FSC or the open explanation runs counter to fact, Chunghwa Post shall be subject to a fine of NT$150,000 to NT$750,000.
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Article 40 |
The administrative punishments under this Act hereof are administered by the FSC, and the MOTC shall be kept duly informed.
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Article 41 |
（Deleted）
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Article 42 |
Subject to approval by Executive Yuan, the MOTC and the FSC shall jointly formulate postal simple life insurance's policy forms; terms and conditions for policy execution, change, reinstatement, termination and policy loans; settlement, premium rates, types of reserves, reserve deposits, and the calculation of reserves; as well as rules regarding other matters.
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Article 43 |
The date of enforcement for this Act shall be at the directive of the Executive Yuan.
The amendments to this Law, revised on April 28, 2006, shall take effect on the date of promulgation.
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